By Frank Crapis, Head of Product, Pricing & Strategy, CommInsure
With changing work patterns, evolving employee benefits and regulatory change, an organisation’s corporate insurance offer to employees continues to be a critical tool that enables an employer to attract and retain talent as well as meet their duty of care responsibilities.
Managing cost, understanding complex policy terms and overseeing employee claims remains an ongoing challenge for employers in the day to day of these plans. When a corporate insurance offer is implemented effectively, the outcomes are tangible: costs are controlled, workplace trust is enhanced and employees’ claims experiences are improved. However, the key ingredient to success lies in the effectiveness of the partnership.
At CommInsure, we know corporate clients need an insurance partner who is easy to work with, who understands all businesses don’t operate the same way and can offer bespoke solutions.
We also know an insurance partner who is united across all disciplines can collaborate more effectively, often provide better service, ensure problems are solved quicker and, most importantly, focus on returning employees’ back to wellness and ultimately, employment.
There are three critical elements that underpin a good partnership model.
First, a good partnership needs to be easy. We know employers want to better understand their plan and have client solutions recommended when variables arise. As well as being accessible, you need account managers who have technical expertise, can deliver the right client solutions at the right time and can connect everyone in the value chain so “doing business” is easy and everyone is spending more time on outcomes and less time on process.
The second element is value. Value for money is simply a ticket to the game, however deriving value from insights and expertise is the game changer.
We leverage data, internal expertise and annual performance reviews to provide transparency around the employee benefit plan and how it is tracking. We also provide reporting and analytics via an online reporting tool with access to claims, underwriting and service level data. This allows further customisation and keeps the employer ahead of the game through insights such as illness versus injuries, trends within cohorts and leading or lagging indicators that prompt organisations to think about how they could change a practice or process in their workplace.
We also think the ability to issue employee benefits insurance under an outsourced trustee and administration arrangement is important because of the value it can bring in relation to potential taxation, reporting and administration benefits. Our corporate insurance offer is also suited for super funds who are enabled with tailoring a solution for their employer clients.
With an ageing workforce, our corporate insurance can be tailored to offer death cover to age 75 and disability benefits (income protection and TPD) to age 70. There is flexibility to choose from a range of premium saver or more comprehensive cover options such as 12 or 24 month employer approved leave without pay cover for those on short or longer extended periods, more generous TPD ‘own’ occupation definition for executive employees (non-super) and specific cover options can also be offered for different cohorts of employees, such as casuals or overseas workers.
Finally, the third element is reliability. Every company is different, including their approach and management of employees on claim, and standing behind our commitment is a principle that is deeply embedded across our organisation. The ability to talk directly to the person who is assessing the claim or to access rehabilitation support is critical and our corporate segment has its own dedicated claims case managers and rehabilitation consultants, with direct access for the intermediary, HR or line manager and claiming employee.
Our rehabilitation team review all income protection claims to ensure employees are well supported in their recovery. CommInsure’s award-winning Back to Wellness program, which places emphasis on wellness through a holistic and flexible plan developed in collaboration with the employee and their treating doctor, empowers the employee to take control of their own recovery. Each plan focuses on recovery milestones rather than claim forms.
There are a number of factors changing the dynamics of the corporate insurance offer: fiscal discipline, constant change within superannuation, changing employee demographics and the increasing importance of employee benefits as a mechanism to attract and retain talent are a few. What is certain is that all factors are changing the corporate insurance offer for the better.
Above all, the heart of a good corporate insurance relationship lies in the partnership – between the insurer, the company, the intermediary and the employee – and that partnership model needs to deliver on all fronts: ease of doing business, value and reliability.
We’re pleased to launch our new corporate insurance PDS and policy to the market and look forward to sharing more at our corporate insurance showcase later this month.
If you would like more information about our corporate insurance offer or about our forthcoming showcase event, please send your details through to [email protected] for our account management team to contact you.
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