Generali UK and global vision benefits leader VSP® Vision Care today announce their intent to help make essential Duty of Care and disease prevention services accessible to more employees, thanks to the insurer’s Wellbeing Investment Matching initiative.
In addition to ensuring great vision for members, eye exams from VSP eye care providers can help detect early signs of some of the biggest healthcare issues of our time, namely, chronic conditions like high blood pressure, high cholesterol and diabetes – allowing for improved outcomes, reduced absence and cost control.
Diabetic macular oedema, a common eye condition associated with diabetes, alone results in an annual cost to UK business of around £29.3 million due to sickness absence, according to data from The Work Foundation1. Projections suggest this could rise to over £62.7 million by 2025 fuelled by the increase in diabetes – from three million people to over five million people in the UK by 2025.
VSP joins a range of other specialist wellbeing service providers – including Mental Health at Work, Nuffield Health and Babylon – following last year’s launch of Wellbeing Investment Matching. This initiative was designed by Generali to help employers overcome the biggest hurdles to wellbeing implementation: namely funding and demonstrating return on investment (ROI).
“We are naturally delighted to partner with Generali and expand access to vision care for more people who would otherwise pay for these critical services out of pocket,” said Jeremy Chadwick, Managing Director EMEA at VSP Vision Care. “Annual eye examinations afford the opportunity for early detection of chronic diseases which can be better managed – and sometimes even prevented. In addition to improved outcomes for the individual, their employer benefits from reduced costs from lower absences and medical costs. “
Simon Thomas, Director – UK Employee Benefits, Generali, said: “It’s fantastic to welcome VSP alongside our growing range of Wellbeing Investment Matching partners. They offer a service that should form the bedrock of every employee benefit package. It offers a preventative approach to enhanced wellbeing, plus improved risk transfer. It’s extremely straightforward incorporating a portable cash allowance with family options that members can use as they wish across a global network of opticians, immediate access, no exclusions for pre-existing conditions, direct settlement and no need to rely on prescriptions.”
For further information on Generali UK’s wellbeing investment matching initiative and partners, plus a full overview of the insurer’s added-value wellbeing services, visit https://www.generali.co.uk/What-we-do/Employee-Benefits/Additional-Services/Wellbeing-Investment-Matching0.html
1 The impact of long term conditions on employment and the wider UK economy, The Work Foundation (Feb 2016)