The insured benefits that you offer are an important part of the employee rewards package. They are also a major cost factor. Getting the right offers to be able to provide your staff with the benefits they need at a good price is crucial, but not always easy. With demographic and legal challenges, as well as the persistent low interest environment, this exercise becomes even harder.
Typically, companies would put up a tender for their insured benefits, including factors such as cost, services needed, quality level and additional services offered. From our perspective, some additional items should be covered, but are sometimes overlooked: conversion rate, the structure of the foundation, interest rates, online tools and other technology.
A second opinion offers you true transparency and comparability. Your consultant might…
... underestimate the cost of changing providers.
... miss coverage gaps in the benefits package.
... recommend the provider which pays the highest commission – this can lead to a lack of transparency and independence.
... not have invited enough providers to tender and thus cannot provide a broad market comparison.
... not have enough expertise in the area of insured benefits.
... not consider all available alternatives to a pension fund solution.
... not consider the general impact on your P&L.
With our second opinion, we can help you independently evaluate your insured benefits package to ensure you are not missing out. Our service includes:
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