The improvement of offerings that companies such as Bupa have displayed in employee wellbeing highlights the increasing importance of health and wellness services in the workplace. According to GlobalData’s 2023 UK SME Insurance Survey, a considerable number of SMEs place a firm priority on mental and physical health and well-being, ranking them second and third most important overall, respectively, behind financial security.
The results of GlobalData’s 2022–2023 UK SME Insurance Surveys show that employers are becoming more aware of the importance of their staff’s physical and mental well-being. These are ranked somewhat closely behind the importance of financial security, which saw a 3.2 percentage-point increase from 2022. The increased awareness of wellbeing is demonstrated by the fact that in 2023, 23.9% of SMEs—up from 21.6% in 2022—ranked mental health and wellbeing as the most important aspect of employee support. Comparably, in 2023, 17.9% of SMEs prioritised physical health and wellbeing, up from 16.8% the year before. The difficulties posed by the Covid-19 pandemic and the shift to remote work have raised awareness of the importance of both physical and mental health, highlighting the need for health and wellbeing initiatives. Employers understand that supporting employee health not only benefits workers’ personal well-being but also improves the performance of the company as a whole by increasing production, lowering absenteeism, and fostering a positive work environment.
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In particular, digital health and wellness programmes provide a simple way for employees to engage in wellness activities and track their advancement. By launching the subscription service Bupa Well+, Bupa has taken a step towards meeting the needs of the workforce in terms of health and wellbeing. By giving employees access to mental health and physical therapy programmes, as well as digital consultations with medical professionals, this digital platform offers preventive healthcare solutions, enabling them to take charge of their health. Insurers can demonstrate their commitment to improving health outcomes and promoting employee well-being by creating customised health and well-being solutions.
The growing focus on employee well-being offers insurers a chance to expand their support offerings. Insurers can position themselves as dependable partners in fostering health and wellness in the workplace by tailoring their offerings to the needs of employees and their employers. Insurers are crucial in promoting positive results and fostering a culture of well-being within businesses as long as employers continue to place a high priority on the health and wellness of their employees. Additionally, offering a variety of programmes and services may draw in new clients due to the improvements this makes to operational productivity and employee well-being.
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