10 years ago we stood back and took a look at the way in which Group Protection benefits were being managed. Outdated and time-consuming processes were leaving employers frustrated, with a lack of certainty.
We knew there had to be a better way.
Our main concern was data; back then and still today. Typically employee membership data is only collected annually. Leaving employers burdened with the unenviable task of pulling together this information for their workforce, from scratch, every year. This can lead to mistakes where employees are incorrectly reported or missed off entirely.
For some employers, the task proved so hard that rather than supply new data, they would be forced to apply an assumed 3% salary increase to data submitted in previous years.
Whichever way we looked at it, the group risk industry was operating a high-risk model, with a potentially huge liability of uninsured risks due to data errors, omissions and assumptions. No-one had stepped up to support the Employer community and resolve these challenges. So we set about fixing the problem.
Armed with a solid understanding of the Employee Benefits market, in 2010, Nicky Dunderdale joined the team at Punter Southall Health & Protection to lead the development of Elysium. In January 2013, recognising the potential Elysium had for our industry, Nicky and her team set-up shop as our new, stand-alone technology business, Psyon (or Risk Policy Administration as we were known then).
The response to Elysium was overwhelmingly positive and Employers could quickly see the efficiencies that they could achieve by administering their benefits through this platform.
Fast forward 6 years and we’re now working with 2 leading UK Advisers, 10 Insurers and over 260 Employers to simplify and improve the way that Group Protection insurance policies are administered and managed.
But, we didn’t stop there…
In 2013, we added a team of digital benefits experts to develop our Flexible Benefits platform; Psyon Flex. The platform provides employers with truly bespoke and creative ways to let their employees choose the benefits that are right for them.
In 2015, we recognised the need for data analytics to help drive and manage evidence-based employee strategies in the HR and Benefits world. Employers were struggling to get their hands on meaningful analytics which help them to drive effective change within their organisations.
Anna Spender joined the leadership team at Psyon in 2016 to build our new Insights practice, encompassing our Actuarial, Data Analytics and Wellbeing teams.
Anna is working to change the face of data analytics and wellbeing, drawing on her extensive actuarial expertise in life and health insurance to help Employers demystify their data and unleash its potential – answering that important ‘so what?’. This unique analytics approach also underpins our Wellbeing consultancy; using data-driven insights to create measurable wellbeing strategies for Employers.
We have ambitious plans. Working with Employers, Advisers Insurers, Reinsurers and Service Providers, we continue to listen to the market’s evolving needs and create and develop our technology to drive positive change for all.
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