During these uncertain times, now more than ever is the time to ensure you are not paying more than you should for employee benefits.
We recently worked with a client who had Group Life, Group Income Protection and Private Medical Insurance policies in place with another broker. Not only was that broker charging a hefty fee for managing these benefits, they also imposed additional fees for taking the clients calls.
We were able to present the client with a £74,000 saving by listening to their needs, carrying out a full market review and removing commission where possible. On top of this, we reduced the costs for managing their benefits resulting in a substantial overall cost saving for the client. A good day at the office!
So what should you be looking at when reviewing your benefits? Here are some ideas:
- Is commission included and if so, can it be removed? If you’re unsure, ask your broker for a breakdown of commission they have received.
- Consistently review the market with your existing terms to ensure the most competitive price
- Do your benefits suit your workforce– are they used and valued, do they attract and retain employees?
- Are any value added services duplicated? Could a standalone policy (an Employee Assistance Programmes for example) be removed if it is provided free under an already-insured policy?