AUTUMN 2022 NEWSLETTER
Welcome to the Autumn 2022 Issue of Excellect People
In this issue find out what your SME clients may think about employees benefits and let us help bust a few “Myths”. And, why is Private Medical Insurance such an important and popular employee benefit at the moment. Meet our latest team member Sally Osmond, and see what you think of our new Excellect Team photo (taken before Sally arrived!!)
WHAT DO SME BUSINESSES THINK ABOUT BENEFITS?
Recently our Sales and Partnership team have been online delivering a number of webinars on the subject of “Making Sense of Employee Benefits in 2022”. These have been attended by SME businesses across the UK and it has been great to receive such positive feedback about how useful they have found the sessions. One part focuses on employee benefit “Myths” and we talk about:
Q. Is my business too small to offer benefits? – A. No!! Benefits available from 3 employees
Q. Can I afford to offer benefits? – A. Yes – starting costs are from £1 per employee per month
Q. Where do I start? – A. Let us talk you through your options – we don’t charge for consultations and there is no obligation
Q. Why use a Broker? – A. If you decided to take a DIY approach it would take a lot of your time and you may not have access to all providers and products. Plus, the quotes you obtain would be exactly the same as a broker would get. But a broker can explain everything, advise you on the best provider and products to meet your needs as well as helping you throughout the year with joiners/leavers etc. At Excellect there is no fee for our service
Q. Can I really compete with large companies? – A. Yes, you can. The most common benefits offered by large companies e.g. death in service, income protection, health insurance etc are all accessible from 3 employees+.
What has been so interesting from the webinars is that the client feedback has confirmed they did believe some of these “Myths” and that their eyes have been opened. We have received so many enquiries and it’s been great to show SMEs that we can help them make sense of cost-effective benefits for their business.
WELCOME TO SALLY OSMOND
Meet Sally Osmond – the newest member of the team!! Here she talks to Jess Sage about her first few weeks at Excellect.
Jess: Hi Sally, can you tell us a bit about what you did before coming to work at Excellect?
Sally: Hi Jess, I have spent most of my working life in financial services. My first role was at Clerical Medical Department in their bonds department. Then, as my career progressed, I wanted to obtain my professional qualifications in the industry. I must have got addicted to exams as after I became a fully Diploma Qualified adviser, I’ve also studied employee benefit related subjects such as Healthcare and Protection. I just love increasing my knowledge and there’s another exam on the horizon in 2023 which should take me towards my Certificate in Insurance qualification. I’ve been a Personal Financial Adviser in recent years, but I’ve always loved working with businesses which has led me back to benefits.
Jess: And can you tell us about your role at Excellect please?
Sally: I am an Employee Benefits Consultant which means that I’m one of the first people at Excellect that a referred client gets to talk to. It’s so interesting talking to them about their business, and once I understand their challenges, I can explain how employee benefits can help. Then, when we have organised quotes for them and prepared our recommendations, it’s me who explains the finer detail of everything to them ahead of setting things up. As I only joined Excellect back in July I’m currently building relationships and working on growing my network and connections. I’m also looking at BNI chapters in my surrounding area so that I can start to meet new people - but it’s daunting as I’ve never actually done networking before!!
Jess: What do you like to do when you are not working?
Sally: I live with my husband and outside of work I enjoy keeping fit by attending classes at my local gym as well as walking the dog.
Jess: What is your favourite thing about Excellect?
Sally: I love the friendly team, but my favourite thing is the flexibility! Working at Excellect and having flexible working hours is perfect for me as it means I can spend time with my Grandson Raphael which I thoroughly enjoy. He’s only 2 and he’s very lively!!
THE POPULARITY OF PRIVATE MEDICAL INSURANCE
The Health Editor of the Daily Telegraph recently reported on official statistics, advising that there are currently a record 6.8m people on NHS waiting lists in England, which converts out to a staggering one in eight of the population. Many are waiting for tests on whether they have cancer, a hugely anxious wait for anyone in that position. In February 2022, the then Health Secretary Sajid Javid talked about the government aims that by March 2023 people should wait no more than 62 days between an urgent referral for suspected cancer and the start of treatment. This target already exists but is not curently being met.
Good health is valued by all, and no one wants to be on that waiting list. Additionally, health issues that prevent someone from working may also have a knock-on effect on their income and their ability to meet their financial commitments. So, since the pandemic many have realised their own vulnerability and have made the decision to take out their own Private Medical Insurance (PMI) policies.
Our industry reports on how much younger people are now taking out cover for the very first time. At Excellect we also act as a whole of market broker for personal PMI cover and that is also what we have seen. The following chart shows that we have seen a seismic shift in the age profile of individual health insurance purchasers, specifically in the 31 – 40 age brackets.
Combined with the general shortage of job candidates, employers are faced with trying to do all they can to attract the talent they need for their businesses to succeed. They are having to work hard to even get people to interviews. In these hugely competitive times, offering PMI as an employee benefit (particularly when you know it is something most will value) can be an incredible differentiator. And, should the worst happen and an employee needs treatment, having PMI in place can make sure that they receive their treatment and get back to work as soon as they can. A massive benefit for all.
MEET THE EXCELLECT TEAM
In the summer the Excellect Team put on their best togs for a “photo shoot”. All of the pictures (*taken by Simon Camper Photographer) now appear on our website. But we thought it would be nice to let you see who you and your clients are talking to every day when they speak to the team. Don’t worry we don’t let the octopus in the shiny party hat answer the phone!!
THE EXCELLECT BENEFITS WHEEL
“Everyone Benefits – through personality, professionalism and passion. Employees are at the heart of every successful business
– you are at the heart of ours.”