Legal & General release details of their Early Notification Bonus payout made on their Group Income Protection policies. Since 2006 Legal & General have paid out over £1.5 million as part of their unique bonus scheme, which rewards companies that insure 250 or more employees, with a 5% cash back on their Group Income Protection premiums for early notification of absence. Legal & General are the only insurer to offer this incentive.
Early notification of absence can make a siginifcant difference to both an employee’s health and the health of the business. Early intervention with treatment means that employees are likely to recover more quickly and so able to return to work and contribute to the productivity of the company much sooner.
Legal & General’s Group Income Protection proposition Workplace Recovery, provides specialist and independent return to work treatment and support where it’s appropriate. This has proven to be particularly successful when applied early for the treatment of stress related conditions using Cognitive Behavioural Therapy (CBT) and fast track physiotherapy for musculoskeletal problems.
Diane Buckley, Managing Director, Group Protection at Legal & General said,
“As experts in this field, we know that early intervention with the appropriate treatment makes a very significant difference. With our Workplace Recovery, on average more than two out of three long term absent employees are able to return to work within the deferred period. The treatments we offer as part of our proposition means that our customers are able to bypass the usual NHS waiting lists and often avoid claims against private medical insurance. Our experience tells us that the longer someone is off work the more difficult it is for them to return. Early notification results in a win-win situation for both employers, employees and ourselves as an insurer, as fewer claims means we can maintain competitive premiums and continue to provide excellence in the expertise and services we offer to our customers.”