Plan Design
A well-designed insurance plan can greatly assist in meeting the human resource objectives of an organisation and provide a valued benefit to staff. Indeed the cost of group insurance plans is so low, and their benefits are so valuable, that it is difficult for an organisation to optimise its remuneration spend without one.
National Benefits is the leading consultancy in the design of insurance plans for the workplace. We can design an employee insurance plan for your organisation which will place it at the competitive edge of its industry. By benchmarking benefit levels to those of other organisations which compete in the same pool for staff, and formulating a benefit design which exactly corresponds with your organisation's needs, you can ensure that this important part of your compensation offering is not left trailing in the marketplace.
Design Specification
The formulation of a design for an employee insurance plan is the result of careful research and an understanding of what the organisation is attempting to achieve. It means identifying the specific types of benefit which are most valued by staff, whether by staff survey, focus groups or other means.
It also means identifying the specific types of benefits which are of most value to the organisation, not simply from a human resource perspective, but from financial and operational viewpoints. For example, a plan which includes an income protection benefit can be designed so as to reduce an organisations' contingent liability for sick leave, and a well-conceived health insurance plan can improve staff wellness overall and accelerate an employee's return to work following illness or injury.
The ultimate benefit design which is formulated for an organisation's insurance plan is embodied within a detailed design specification. That design specification forms the basis of the documentation required for a competitive market tender.
Unique Design
National Benefits has formulated innovative benefit designs for organisational insurance plans which are unique in the marketplace. These benefit designs overcome the principal disadvantages of traditional group insurance policies such as overlaps in cover, lack of proportion between benefit levels and insufficient regard to an organisation's financial imperatives. Policies which are based on these benefit designs can be underwritten by any group insurer, and are available only through National Benefits Consulting.
Further Information
If you feel that your organisation could benefit from an independent review of its existing group insurance arrangements, or if you are considering implementing a new employee insurance plan, please contact us.
If you are not sure of whether a review is appropriate in your circumstances, or if you would like some indication of the prospective benefits of a review, then we can assess your existing arrangements and advise you of the best course of action.