When was the last time your business reviewed the group risk benefits that you provide for your employees?
Why not let Chase de Vere do this review for you, the results may surprise you, especially during the present highly challenging economic environment.
The sort of savings we can realise via such an exercise makes accepting our invitation appealing, especially during the current era of soaring inflation.
For private medical insurance (PMI), which enables employees to jump the NHS queue by receiving private treatment, we have sometimes managed to achieve savings of 30% to 40% by switching providers.
Some of the most spectacular savings arise when a PMI scheme has demonstrated a poor claims experience, and the incumbent insurer has consequently implemented a severe premium hike. But other insurers may have less issue with the claims patterns or be more prepared to take a risk.
We have also been known to achieve savings of around 20% when switching group life schemes, income protection schemes (which pay a regular income if employees are unable to work due to long-term sickness or disability) and critical illness schemes (which pay out a lump sum if employees are diagnosed with one of a stated number of serious conditions.)
Unlike most other advisers in the corporate employee benefits space, who tend to deal only with a restricted number of providers, we can access the entire market.
So, whichever insurer you are currently with, we may be able to secure you a better deal. And, if you’ve been with them for several years, the savings we realise could be very significant.
Other potential benefits
Whilst the potential to slash premiums is normally the major attraction of such a review, there are other advantages as well.
We will conduct a compliance check and an audit of who’s covered and of eligibility conditions. And we may be able to reduce your administrative burden.
We can also ensure that you end up with the most appropriate overall cover arrangements for your workforce, as insurers are continually tweaking the core covers, free-cover limits and the added-value features on their schemes.
During the COVID-19 crisis employees have become increasingly used to enjoying added-value features like Virtual GP services, employee assistance programmes (EAPs) and online mental health support. But different schemes can offer different features, and some restrict access to employees whereas others extend it to family members.
The importance of providing the optimum benefits package should not be underestimated in the era of the ‘Great Resignation’, in which employees have emerged from lockdown with a new sense of entitlement after reappraising what they want from their careers and identifying the work-life balance and wellness tools they require.
Those who aren’t happy with their lot are increasingly likely to jump ship. Indeed, Microsoft’s 2022 Work Trend Index found that a staggering 43% of employed people surveyed said they were somewhat or extremely likely to consider changing employers this year.
To help prevent this happening, Chase de Vere can also provide benchmarking services to ensure that your benefits packages remain in line with those of your competitors.
If you would like to find out more about the reviews we offer, then please don’t hesitate to speak to your adviser.
Content correct at the time of writing and is intended for general information only and should not be construed as advice.