Lloyds Banking are understood to be considering selling the pensions and insurance business Scottish Widows. The Times also suggests the groups new CEO Antonio Horta-Osorio may also be looking to sell the banks' 60% share of St James' Place as part of his new strategy to refocus on the groups core banking services, to be revealed to investors at the end of June.
Scottish Widows is estimated to carry a price tag of £5-7 billion, while Lloyds may also be looking to also push the sale of fund manager Scottish Widows Investment Partnership. The company dates back to 1815 where it began as a mutual in Edinburgh, but it 2000 it became pat of the Lloyds TSB Marketing Group and in 2009 it joined the Lloyds Banking Group. Currently employing almost 3500 staff, they sell life assurance, pensions and health insurance alongside a large range of other products.
The most likely buyer is thought to be UK Insurance company Resolution Group, owners of Friends Provident, the UK arm of French insurer AXA, which offers small company health insurance, and Bupa's health assurance division.
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Thursday, 28 April 2011
Thursday, 31 March 2011
Insurance Company To Get Rid Of Corporate Health Plan Cancer Treatment Limits
A leading insurance company in the UK has announced this week that it will no longer be selling corporate health plans that include overall cost or time limits for cancer treatment.
In 2005/2006, cancer treatment costs increased considerably, mainly down to the introduction of new medications used to battle cancer. Many insurance companies used benefit caps and time limits in their corporate health plan to limit the financial impact on their client businesses.
Although this helped businesses financially, some patients who were claiming treatment on the corporate health plan could end up reaching their benefit limit at a critical part of their treatment meaning having to pay for the remainder of treatment themselves or changing it altogether.
The new change to these corporate health plans hope to be able to provide the best healthcare possible to employees who are in the middle of such a difficult time during treatment whilst still being able to provide a policy that is still affordable to businesses.
In 2005/2006, cancer treatment costs increased considerably, mainly down to the introduction of new medications used to battle cancer. Many insurance companies used benefit caps and time limits in their corporate health plan to limit the financial impact on their client businesses.
Although this helped businesses financially, some patients who were claiming treatment on the corporate health plan could end up reaching their benefit limit at a critical part of their treatment meaning having to pay for the remainder of treatment themselves or changing it altogether.
The new change to these corporate health plans hope to be able to provide the best healthcare possible to employees who are in the middle of such a difficult time during treatment whilst still being able to provide a policy that is still affordable to businesses.
Tuesday, 15 March 2011
The Price of Employee Health Benefits
A recent survey of employers conducted by Mercer has revealed that the costs for businesses in the UK providing benefits such as employee health insurance to workers has increased by nearly 5 per cent in the last year. These increased costs are the largest seen throughout Europe.
Inflation on medical services has been attributed with the blame on the price rise of employee health insurance plans in the UK. New advances in medical science and treatments have also contributed to the price hike. There are also a greater number of claims being processed by Insurers. Many people who would not always claim for everything are now trying to make the most of their premium in such difficult economical times.
The majority of employers in the UK do not ask for any employee contributions and therefore take the full brunt of these costs.
Inflation on medical services has been attributed with the blame on the price rise of employee health insurance plans in the UK. New advances in medical science and treatments have also contributed to the price hike. There are also a greater number of claims being processed by Insurers. Many people who would not always claim for everything are now trying to make the most of their premium in such difficult economical times.
The majority of employers in the UK do not ask for any employee contributions and therefore take the full brunt of these costs.
Monday, 14 March 2011
Small Firms and Maternity Leave
The current plan to exempt firms with less than 10 employees from the upcoming chance to maternity leave rights have been questioned by the Lib Dems. Conservative leaders plan to allow these firms the right to negotiate the length of paternal leave on an individual basis, which the Lib Dems claim would encroach on EU laws.
Businesses are currently obliged to offer women on maternity leave their original position if they have been off for less than 6 months or another position with the same pay and similar conditions if they are away for up to a year. From April, if a mother returns to work without having taken her full year's entitlement her partner can take up the remaining time for a maximum of 6 months.
Businesses are currently obliged to offer women on maternity leave their original position if they have been off for less than 6 months or another position with the same pay and similar conditions if they are away for up to a year. From April, if a mother returns to work without having taken her full year's entitlement her partner can take up the remaining time for a maximum of 6 months.
Monday, 7 March 2011
Businesses Encouraged To Check Insurance
A recent increase in prosecutions by the Heath and Safety Executive has prompted many businesses to thoroughly asses their Employer's Liability and other insurance policies.
Two notable prosecutions this year are the Vradford takeaway owner fined for failing to insure against work related illness or injury, and a Walsall metal forming company where a young worker lost parts of two fingers om his first day on the job.
Many insurance companies offer packages combining several essential policies such as Employer's Liability, Retail insurance or office insurance, however the HSE is actively encouraging businesses to couble check all their policies in order to protect themselves against future prosecution
Two notable prosecutions this year are the Vradford takeaway owner fined for failing to insure against work related illness or injury, and a Walsall metal forming company where a young worker lost parts of two fingers om his first day on the job.
Many insurance companies offer packages combining several essential policies such as Employer's Liability, Retail insurance or office insurance, however the HSE is actively encouraging businesses to couble check all their policies in order to protect themselves against future prosecution
Monday, 28 February 2011
Is Health Insurance worth it?
Having a corporate health insurance policy for a small business has both its upsides and its downsides, but when do the benefits outweigh the negatives.
It has to be said that good health insurance coverage for everybody in a place of work is obviously a good thing, but it is an added cost and nobody likes that, but perhaps the cost is covered by the benefits. The increase in the level of health would probably add to the productivity of your staff and therefor help in overheads. Healthier staff take less days off due to ilness also helping you get things done.
But on the downside, quite often the individual insurance companies do not give small business the flexibility needed compared to the big companies which have such big accounts that they need flexibility. All this means that you will have to check very carefully in the small print there are companies that do offer a surprising amount of flexibility, but you have to look for the right one for your needs.
So in all it does seem that if you are wishing to overcome the initial expenditure, in the long run a health insurance policy can pay off, through increased productivity and less time off, plus your employees might be that slight bit happier.
It has to be said that good health insurance coverage for everybody in a place of work is obviously a good thing, but it is an added cost and nobody likes that, but perhaps the cost is covered by the benefits. The increase in the level of health would probably add to the productivity of your staff and therefor help in overheads. Healthier staff take less days off due to ilness also helping you get things done.
But on the downside, quite often the individual insurance companies do not give small business the flexibility needed compared to the big companies which have such big accounts that they need flexibility. All this means that you will have to check very carefully in the small print there are companies that do offer a surprising amount of flexibility, but you have to look for the right one for your needs.
So in all it does seem that if you are wishing to overcome the initial expenditure, in the long run a health insurance policy can pay off, through increased productivity and less time off, plus your employees might be that slight bit happier.
Monday, 21 February 2011
Small Mercies
Throughout this entire trying time there has been little to be thankful for, especially in the sphere of small businesses. Moneis have been scarce, bank loans thin on the ground and the public at large are going through the type of austerity drive that would dry up even the most lucrative streams of income.
It is in this light that even the smallest of mercies comes as a blessing. Therefore at least the Bank of England has kept the interest rate at only 0.05% for more than a year, at least this can in some keep long term debts down while the companies have to re-adjust in the short term.
How long this state of affairs is likely to continue is more in the hands of those great economists, but in the mean time if spending is kept to a minimum, and all economies are to be maximised so that small business comes out the other side fitter and leaner than ever.
It is in this light that even the smallest of mercies comes as a blessing. Therefore at least the Bank of England has kept the interest rate at only 0.05% for more than a year, at least this can in some keep long term debts down while the companies have to re-adjust in the short term.
How long this state of affairs is likely to continue is more in the hands of those great economists, but in the mean time if spending is kept to a minimum, and all economies are to be maximised so that small business comes out the other side fitter and leaner than ever.
Tuesday, 15 February 2011
Small Business in the Big Society
What position has small business in this new-fangled "Big Society"? The big society is set to change the nature of the British landscape, for better or worse depending upon who you listen to. There will be change that is for certain. But what will be the effect upon small businesses. As it currently stands the small business community is already under pressure from the rather slow progress in the recovery, but this voluntary move might be just as bad.
In the big society, where most of the tasks are to be taken up by the voluntary sector by good-minded citizens, this all sounds absolutely fantastic, except that it overlooks the fact that many small businesses survive on public sector contracts, and that when they fulfill this role they also provide much needed local employment. Nor does cover the fact that answer the fact that only those able to volunteer will give their time.
When it comes to the overheads caused by companies in providing these services: wages, health and safety checks, company private health insurance, guarantees, it all goes to show that this may,in fact, impede the progress of small companies when this important part of the economy is in most need of a boost.
Yes, the "Big Society" may sound great on paper, but real life isn't drawn up on bits of paper.
In the big society, where most of the tasks are to be taken up by the voluntary sector by good-minded citizens, this all sounds absolutely fantastic, except that it overlooks the fact that many small businesses survive on public sector contracts, and that when they fulfill this role they also provide much needed local employment. Nor does cover the fact that answer the fact that only those able to volunteer will give their time.
When it comes to the overheads caused by companies in providing these services: wages, health and safety checks, company private health insurance, guarantees, it all goes to show that this may,in fact, impede the progress of small companies when this important part of the economy is in most need of a boost.
Yes, the "Big Society" may sound great on paper, but real life isn't drawn up on bits of paper.
Monday, 7 February 2011
The Benefits of Healthcare
A brand new initiative by the Forum for Private Business [FSB] has shown that there are some several benefits in employee health insurance for small businesses, and there are ways to get around the potentially prohibitive costs for companies that are just too small take take out a policy on their own.
The benefits of a healthy workforce are clear to almost everybody when they think about it. A healthier workforce is not only a happier workforce, but a healthy workforce is also more likely to be present, and when at work a more vigorous workforce.
Studies have shown, time after time, that a business healthcare plan brings healthier employees, and that the healthier the employee the more likely they will be able to return to work all the quicker, and all the fresher for their time off. And that a healthy happy workplace is a lot less likely to suffer from Monday morning 'sivkies' and we all know that this takes place.
And all this can be achieved by the smallest of businesses by organisations like the FSB offering discount if the insurance is taken out by the members through a collective insurance in the name of the umbrella organisation. Simple.
The benefits of a healthy workforce are clear to almost everybody when they think about it. A healthier workforce is not only a happier workforce, but a healthy workforce is also more likely to be present, and when at work a more vigorous workforce.
Studies have shown, time after time, that a business healthcare plan brings healthier employees, and that the healthier the employee the more likely they will be able to return to work all the quicker, and all the fresher for their time off. And that a healthy happy workplace is a lot less likely to suffer from Monday morning 'sivkies' and we all know that this takes place.
And all this can be achieved by the smallest of businesses by organisations like the FSB offering discount if the insurance is taken out by the members through a collective insurance in the name of the umbrella organisation. Simple.
Tuesday, 1 February 2011
Smoking Areas at Work
If you have (still) some smokers left in your place of work, you know that it is in the best interests of everybody that the whole place is smoke free. The law provides for much of this, but you still do not want the unsightly look of a huddle of people standing outside the front door smoking away.
But a certain amount of leeway is needed to be given to these poor mites, after all they are not breaking any laws, but they certainly are not helping themselves through their actions. If you must provide a location for the smokers to smoke then try to make it as out of sight as possible, this helps not to tempt those who themselves have given up, and it makes it that little bit more awkward for those who still pertain.
And of course there is the overall health of the the company, if certain members of your company are smokers, this brings down the health & well-being of the company. If you have health insurance for employees of the company then this might cause slight problems, as not everybody will be at the same standard of healthiness, and that might affect the costs, and that would be unfair on everybody else.
But a certain amount of leeway is needed to be given to these poor mites, after all they are not breaking any laws, but they certainly are not helping themselves through their actions. If you must provide a location for the smokers to smoke then try to make it as out of sight as possible, this helps not to tempt those who themselves have given up, and it makes it that little bit more awkward for those who still pertain.
And of course there is the overall health of the the company, if certain members of your company are smokers, this brings down the health & well-being of the company. If you have health insurance for employees of the company then this might cause slight problems, as not everybody will be at the same standard of healthiness, and that might affect the costs, and that would be unfair on everybody else.
Friday, 21 January 2011
The Cost of Health Insurance for SMEs
It is often stated that the cost of private health insurance for small to medium businesses is far to high to justify the expenditure when overheads are so tight. But this is to underestimate everything that healthcare provision adds to a company of any size.
Yes, in the short term health insurance is yet another overhead, and yes things can be tight for small and local businesses, but it is still a question of scale, and all businesses in the end face the same problems, just that sometimes it is slightly more acute the smaller the business if key members of staff are unable to work for reasons of illness or accident. Let us face the facts that the bigger the business, the larger the staff, the more chance of overlap in particular roles, therefore the easier it is for people to cover for absenses: large companies always have a corporate health plan, and if it makes sense for them it makes more sense for a smaller business that has necessarily more limited resources to draw upon.
A healthcare insurance policy not only covers the costs of medical treatment but also affords the employer the cost of employing temporary staff in the meantime, and besides, the insurance does not have to be that expensive if you have a thorough look around.
Yes, in the short term health insurance is yet another overhead, and yes things can be tight for small and local businesses, but it is still a question of scale, and all businesses in the end face the same problems, just that sometimes it is slightly more acute the smaller the business if key members of staff are unable to work for reasons of illness or accident. Let us face the facts that the bigger the business, the larger the staff, the more chance of overlap in particular roles, therefore the easier it is for people to cover for absenses: large companies always have a corporate health plan, and if it makes sense for them it makes more sense for a smaller business that has necessarily more limited resources to draw upon.
A healthcare insurance policy not only covers the costs of medical treatment but also affords the employer the cost of employing temporary staff in the meantime, and besides, the insurance does not have to be that expensive if you have a thorough look around.
Friday, 14 January 2011
2011 Healthcare Predictions
2011 could see costs in healthcare increase due to budget restructuring in the NHS by the coalition government. This is expected to have an huge impact on the whole healthcare sector.
Employers face extra costs including increased corporate health insurance premium rates, an increase in tax and a National Insurance cost increase.
Businesses will need to either stump up the extra costs or find new ways to help make costs more manageable. They could either switch to a healthcare provider that offers them a more affordable deal or offer a different premium to employees that may offer less benefits but might allow them to contribute to if any added benefits are needed.
Employers face extra costs including increased corporate health insurance premium rates, an increase in tax and a National Insurance cost increase.
Businesses will need to either stump up the extra costs or find new ways to help make costs more manageable. They could either switch to a healthcare provider that offers them a more affordable deal or offer a different premium to employees that may offer less benefits but might allow them to contribute to if any added benefits are needed.