In light of the fact that 25.4% of employers ranked mental health and well-being as the most important benefit to offer employees in GlobalData’s 2023 UK SME Insurance Survey, Aspen’s most recent construction well-being proposition arrives at a crucial moment for the UK construction industry.
The release of the product coincides with a worrisome trend: according to data from the Office for National Statistics (ONS), the number of suicides in the construction industry in 2021 and 2022 was three times higher than the national industry average. Given this context, Aspen’s initiative emerges as a beacon of support, offering assistance to workers experiencing mental health issues in a field experiencing an increase in tragedies.
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GlobalData’s 2023 UK SME Insurance Survey highlights a need for mental health services, building on the ONS data that shows how critically the construction industry needs mental health support. Roughly 33.3% of SMEs in the construction industry have implemented platforms or apps for well-being, driven by the workforce’s demand for support. Incorporating mental and physical health services into insurance offerings not only satisfies this need but also establishes insurers as proactive supporters of their clients’ health in the construction sector, strengthening the relationship between clients and insurers.
Aspen’s proposal tackles the issues related to mental health in the construction industry. It consists of three online courses that address mental health regulations, stress awareness, and overall wellness and health. Furthermore, rehabilitation programs that include both physical and mental therapy are available to improve wellness and recovery. A confidential 24-hour helpline guarantees employees have access to a quick resource to talk about stress, anxiety, or other issues. This product has been incorporated into Aspen’s construction and casualty products in the UK. Aspen’s product meets a critical need in the industry and puts insurers at the forefront of positive change, while also offering employees tangible support. The launch is a proactive reaction to concerning data with the goal of lowering the likelihood of incidents among construction workers. Insurance companies should modify their products to demonstrate a dedication to employee welfare as they see the benefits of incorporating these services. Aspen is setting the standard in the construction sector; therefore, a comprehensive approach that goes beyond typical coverage is necessary for insurance in the construction industry going forward.
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