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The Benefits Expert Guide to Protecting Your Employers 

by Benefits Expert
11/02/2025
Benefits Expert Guide to Protecting Your Employees 2024
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Group wellbeing ranked top for employer ROI, but appeal is waning.

Wellbeing services delivered the highest return on investment (ROI) for employers for the third year in a row, according to exclusive research from Benefits Expert and Corporate Adviser Intelligence.

However, the appeal of these group benefits appears to be waning.

Researchers interviewed advisers, who are experts in recommending group risk benefits, to find out which benefits offered the best ROI for employers.

In 2021, 49 percent of expert advisers ranked group wellbeing services top for ROI during the cost of living crisis. But by 2023, while the benefit remained the most popular group option, wellbeing services were chosen by less than three in 10 for ROI, representing quite a drop in favour.

Rising up the rankings
Cash plans, on the other hand, have risen up the ROI rankings. 

The data revealed that the number of advisers rating cash plans as the top group benefit increased from 20 percent in 2022 to 23.5 per cent in 2023. This means cash plans have overtaken group private medical insurance (PMI).

The results suggest that the rising cost of PMI, which shows no signs of stopping, has tarnished its perceived value. 

Read Benefits Expert’s ‘Guide to Protecting Your Employers’ 

Economies of scale
Bulk purchasing means that employers can offer their workforce group income protection (GIP), group life insurance (GLI) and group critical illness (GCI) at a fraction of the price they would cost if workers bought them as individuals. However, the research found that the number of expert advisers citing these products for their ROI fell slightly in 2023 from the year before. 

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In spite of this, the markets for each of the three group risk benefits (GIP, GLI and GCI) had increased from 2022 to 2023, suggesting that employers see these benefits as invaluable and cost-effective, particularly post-Covid.

The number of employees covered by GIP increased in 2023, with AIG Life and Zurich seeing the biggest increases at 17.8 percent and 16.5 percent respectively. 

The market for GLI had also grown. Provider data showed that the number of employees covered had increased overall, however, some of the largest providers of GLI had seen more modest growth.

The largest provider, Canada Life, grew the number of employees it covered by 1.6 percent, although Unum saw growth of 16.1 percent. 

For GCI, there are now just four major insurers in the market following Aviva’s acquisition of AIG Life. there are Aviva, Unum, Canada Life and Legal & General.

Aviva, Unum and Canada Life saw rises in the number of employees covered for GCI, with Aviva reporting the strongest growth of 18.6 percent.

However, Legal & General saw the number of employees it covered with GCI fall by almost 1 percent, despite significant growth in the GLI and GIP markets.

For more on how to maximise the ROI of group benefits and services download our new ‘Guide to Protecting Your Employees’.

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Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

The regulars are Claire Churchard, editor of Benefits Expert; Carole Goldsmith, HR director at the Royal Horticultural Society, and Steve Herbert, consultant and rewards & benefits veteran.

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