Group IQ Edition 1.
A spotlight on group trauma.
Our first product spotlight below provides an overview designed to help you easily explain the benefits of group trauma insurance to your customers. The detailed explanations below are designed as a handy tool to make it clearer to your customers how group trauma insurance can provide critical financial support during challenging times.
What is it?
Group trauma insurance provides a lump-sum payment when an eligible employee is diagnosed with a serious medical condition or injury, as defined in the policy document. The benefit provides financial support when it is most needed, that can be used for any purpose.
What is it used for?
Common ways a trauma benefit may be used include:
- Payment of debts while an employee is incapacitated.
- To take time out and recover, including the ability to take a break with loved ones.
- To help pay for medical expenses.
- To support lifestyle changes, such as the need for home modifications or at home support during recovery.
Trauma benefits can provide an injection of financial support where there are no other insured benefits available, but it is also a fantastic product to work alongside existing medical insurance and income protection insurance.
- The benefit can supplement income protection insurance, which typically pays up to 75% of an employee’s salary, with an additional lump sum benefit.
- To support payment for medical treatment that may not be covered under a medical policy, including overseas treatment options, clinical trials or non-funded drugs.
- To pay for large one-off purchases outside of everyday income expenses and subsidised medical treatment– such as a new vehicle with modifications, or new fittings for the home.
For more information on business trauma products go to our Group trauma page.
Find out more.Data and insights - What does our group data show us about trauma products?
We dove into the Fidelity Life group claims experience for the period 1-July 2023 to 30-June 2024, to illustrate the most common causes of claim in our portfolio. While you might expect the group claims experience to be vastly different to the individual portfolio (as it is largely not individually underwritten), the results are similar in terms of claimed conditions.
| Top 3 claimed conditions – Group | Top 3 claimed conditions - Individual |
|---|---|
|
Cancer 68.42%
|
Cancer 61.8%
|
|
Cardiovascular 15.79%
|
Cardiovascular 19.35%
|
|
Neurological 13.16%
|
Neurological 13.98%
|
Did you know?
- Trauma benefits are highly valued by employees who suffer a major medical condition. Unlike life, TPD and long-term income protection claims, the employee may only need to take a short period of time from work while seeking the treatment they need. There is a strong opportunity for employers to support employees and drive positive return to work outcomes by utilising a group trauma benefit.
- You do not have to cease work to be eligible for a claim.
- To help with an employer’s budget, Fidelity Life’s group product is available as a standalone or accelerated benefit.
- Fidelity Life’s group trauma product offers trauma reinstatement as an additional policy feature. You can ask for this option to be included at the time of quote.
- We recently undertook a review of our automatic acceptance limits, resulting in an increase in limits for our trauma products.
Case for trauma – taking control of the cancer journey.
It comes as no surprise that cancer tops the list of claims conditions, with the Cancer Society confirming that 4 in every 10* New Zealanders are diagnosed with cancer before they’re 75, with cancer rates set to double by 2040. It is therefore essential for employers to be prepared to support staff through their cancer journey and be equipped to have conversations about cancer at work. A useful guide for employers to start having these conversations can be found here.
Group trauma is a way to support employees financially, when they are navigating their way through significant impacts on their lifestyle and ability to earn an income. Here at Fidelity Life, we are committed to providing additional support for those with a cancer diagnosis, to help navigate their way through the cancer journey.
For more information on our group trauma cover head over to our product page.
*Source: https://www.cancer.org.nz/about-us/latest-news/cancer-conversations-at-work/ - April 2024
More information on trauma cover.Tools and resources - extra support with Cancer Coach.
All group trauma customers have access to Cancer Coach, which is a service provided in partnership with global oncology and digital health firm, Osara Health. This service is available regardless of whether a trauma claim is submitted and/or accepted, at no additional cost.
Cancer Coach is designed to support employees through their cancer journey, taking control of their health and lifestyle response, a one-on-one 6-12-week virtual support and education program assisted by a qualified Osara Health representative.
Designed for all stages, cancer types and people, Cancer Coach uses a combination of expertise, empathy and technology, backed by the latest clinical research so participants feel empowered, supported, and informed about their health.
The service is tailored to meet the individual’s needs and goals and includes symptom tracking via an app, access to evidence-based educational resources and personalised advice on changes to lifestyle factors such as diet, exercise and sleep, to provide guidance on their cancer journey with care and support.
Find out more about Cancer Coach by Osara Health by clicking below or if you are interested in learning more about Cancer Coach and how to effectively communicate these services to customers, contact Anita Los’e.
More about Cancer Coach.
The benefit of trauma - real stories from New Zealanders.
When thinking about the importance of the right cover for when it matters most, there is nothing more relevant or powerful than that of a claim story. Meet Sam, who experienced a devastating accident that turned his life upside down. But with the right insurance he was able to continue to provide for his family.
This moving story is a great example of how the right insurance can make all the difference when you are faced with a personal injury or life event.
For more information about claims and real-life stories go to our website.
More about claims.
Share your stories.
Real-life claims or customer stories are powerful ways of conveying the huge difference group insurance can make to people’s lives when things don’t go according to plan.
We’re on the lookout for more of these stories and you’re in the best position to help us identify them. If you have a customer who’d be prepared to share their story with us, then please get in touch with our team.
Get to know your Fidelity Life group insurance team.
Our group life team provide comprehensive support for all group insurance-related queries. We are your point of contact for all things group and will always connect you to the right people within our business to support you, whether that be new business, underwriting or claims.
For general group insurance inquiries, please reach out to groupinsurance@fidelitylife.co.nz. One of our team members will get back to you promptly.
Get to know your group team.Know someone interested in group insurance?
If you think we can help colleagues you know in the group insurance space, simply copy this page url and send through to them to sign up.
Refer a colleague to Group IQ.