Following the recent release of the 4^th edition of the UK Business Risk Report, Marsh Commercial and Corporate CEO Alistair Fraser assembled a panel of experts to discuss the findings. They explored:

 

Watch the replay above or catch up on the key takeaways below.

John Kavanagh, Managing Director, Marsh Commercial.

1. New entrants and growth aspirations of insurers drive a competitive and dynamic environment.
2. Engaging early with your broker and high quality market submissions are key to success.
3. Consider what insurance you buy and why.
4. Understand what is driving claims performance.
5. Consider the longer term by assessing whether your insurance programme will support your upcoming objectives. Explore how can insurers support your investment in risk management.

Jon Wood, Head of Corporate Benefits, Mercer Marsh Benefits.

1. Employers who adapt their benefits to reflect different demographics, and effectively communicate them, will win the war on talent.
2. Review your benefits offering on a regular basis to challenge whether what you’re doing is still the right thing. Could you replace any benefits not being utilised by your workforce to invest into something else more beneficial to them?
3. Advances in technology are creating a significant opportunity for SMEs to increase engagement with employees and maximise the value of investments in their workforce.
4. Rewards and benefits packages that were previously only available to the biggest companies are increasingly available to SMEs.
5. Even the smallest businesses can now offer their employees rewards and benefits at an affordable price. This is achieved through improved accessibility, ease of use, and economies of scale.

Eric Alter, Risk and Cyber Engagement Leader, Marsh UK.

1. Cyber risk is a case of ‘when’ and not ‘if’ – it’s more connected than you think.
2. Review your cybersecurity policies, procedures and response mechanisms - including those of third-party providers.
3. Many cyber related breaches involve human error – regularly test and train your staff.
4. The emergence of voice and physical deepfakes is a new evolution to cybercrime. Consider controls such as passwords to avoid falling prey to a deepfake. Alternatively, challenge the party with questions to which they would only know the answer, or contact them directly to ensure the requested action is genuine.
5. Multi-factor authentication as a minimum is one of 12 key cybersecurity controls you should look to implement to improve cyber resilience

Emma Tullis, Regulatory Defence Consultant, Marsh UK.
Julianna Forsyth, Risk Consulting Leader, Marsh UK.
Jon Wood, Head of Corporate Benefits, Mercer Marsh Benefits.

1. The Health and Safety Executive (HSE) is now revenue generating, with inspectors targeted on Fee for Intervention (FFI) and fines. There is a common misconception that Personal prosecutions are solely for those with ‘director’ in their job title or listed on companies house. This is not the case and we urge you to review section 37 of the Health & Safety at Work Act 1974 as this could include senior managers, supervisors, and anyone with a ‘controlling mind’.
2. Consider health and safety competent person support, accredited training courses and a health and safety review as three smart ways to reduce health and safety costs.
3. Keep up to date records of all policies and procedures, ensuring they are accessible to all.
4. Stay abreast of possible changes to employment law under the new Government – external employment law experts may be a prudent investment.
5. The Finance Act 2024 removed the Lifetime Allowance (LTA) from the pensions tax system with effect from 6^th April 2024.²
6. It’s important for individuals to actively engage with their pensions. It’s crucial for them to assess whether they are on track to meet their retirement goals. Employers have a role to play in supporting positive outcomes for their members in retirement.

Sources

1 Marsh 2024 UK Business Risk Report
2 gov.uk