Risk Benefit Consulting

 

Cost effective, practical solutions

Looking after the wellbeing of employees and providing support their families is becoming a crucial activity for progressive employers. Increasingly the issue of employee absence is seen to be critical for companies of all sizes and the efficient use of existing or new programmes to assist in the management of this area of concern are being explored.

 

Often, the benefits provided when an employee is ill or dies are funded through insurance policies.  The sums involved can be significant, and so it is important to explore how benefit design and financing strategies can deliver practical solutions.

 

Understanding your objectives

By understanding our clients' requirements, we are able to deliver cost effective employee protection arrangements. Our specialists advise on the most appropriate products and services to provide benefits tailored to meet the needs of employers and to support their employees. In this sense, insurance may only be part of the overall solution, and we are able to explore issues such as self-funding in a variety of formats.

 

Opportunities

  • The insurance market for income protection and life assurance is highly competitive

  • Services are available to enable you to support employees during sickness absence

  • Fully understanding where potential risks exist enable you to manage and monitor these effectively

  • Offering and/or increasing member choice can increase member employee engagement.

Considerations

  • Welfare reform continues to have an effect and a review of your ill-health provision may be advantageous

  • The cost of insured death in service pension provision continues to rise and so restructuring may produce more cost-effective, tax efficient solutions

  • Ongoing changes to the tax rules governing pensions should prompt a review of death in service benefit provision more generally

  • As more people work beyond the traditional retirement age of 65, benefit plans should be reviewed to reflect the changing demographics of the workforce.

     

How you should respond

  • Fully understand what you have and what  you are trying to achieve

  • Consider whether this continues to be relevant and appropriate to your business

  • Explore areas for change

  • Understand areas of risk and cost

  • Design solutions

  • Implement

Our risk benefits consulting team provides specialist advice on the design, implementation and administration across a wide range of risk products and services.  For more information contact your Xafinity consultant.