Expert Insights Series: Top insurance tips from the Employee Benefits expertsWhat are the key concerns for businesses managing their insurable Employee Benefits for the coming years? What do multinational businesses struggle with - and what can they offer that can entice the best candidates to their global roles?
We ask Balazs Kaposvari, insurance expert at ASN-WEB, to talk us through his top insights for 2022 and beyond - and give us his inside tips on how to make your Employee Benefits more efficient and attractive.
Which Employee Benefits should you add to sharpen your competitive edge?
It is normal for multinational organizations to offer a corporate insurance policy for employees who are expats. However, there are particular types of Employee Benefits that are not yet standard in the internationally-mobile employee market, especially for smaller organizations.
Top tip 1: Look further ahead
“An area still open for growth in the Employee Benefits space is international and European cross-border retirement plans,” says Kaposvari. “This is where we think the next frontier will be for employers looking to offer something extra for their Employee Benefits perks.”
International retirement plans are not commonly offered to mobile employees. Mercer’s Benefits Survey for Internationally Mobile Employees found that only 22% of the global companies it surveyed offered this benefit in 2017. However, it’s a growing trend - the previous survey put this number at 12%, indicating increasing interest.
Top tip 2: Tailor Employee Benefits (without the hassle)
“Many businesses have global insurance policies for their expatriates,” says Kaposvari, “but this isn’t always the most cost-efficient or sensible way to go about offering Employee Benefits.
“Increasingly, employees are looking for tailored packages, and this is particularly applicable to internationally mobile employees due to the diverse requirements and conditions in their host and home countries.”
According to Mercer’s survey, 85% of businesses who responded had one overarching policy for all benefits offered to their globetrotting employees. When they broke down the results, they found 76% had a global policy for company group health insurance, 60% had the same for life insurance benefits, 59% for disability benefits and 55% for retirement benefits.
“Offering a tailored package not only means you can entice employees with the best options, but also enables better compliance and reduces risk of gaps in coverage” Kaposvari explains.
Centralize or destabilize
Multinational businesses operate in a constantly evolving environment with multiple moving parts. Even with the best management in the world, the sheer number of factors that can affect the administration of Employee Benefits means that without the right support the cost of doing business becomes quickly untenable.
Top tip 3: Don’t risk destabilization
Multinational companies face many challenges,from administration to business costs, when looking to secure insurable benefits on a global scale and coordinating them across multiple juristictions.
These challenges include:
- Offering equitable packages to employees located in different parts of the world or moving from one jurisdiction to another
- The daunting cost of coordinating these packages
- Increasingly complicated compliance requirements
- Lack of control over their programs or packages available
- Lack of transparency
- Growing need for governance
“Businesses struggle to bring a sense of control and governance across the multiple types of insurable benefits they offer, the teams that work on them and the organizations that provide the insurance,” says Kaposvari. “Often, companies are working with decentralized teams that can’t communicate effectively with headquarters about current management or future plans or.
“This has a knock-on effect financially, and can be destabilizing when new legislation, procedures or packages are introduced - the system can’t cope.”
Top tip 4: Centralize and optimize with the right technology
Mercer’s survey found that 89% of survey respondents considered global governance as important for corporate group health insurance. For life insurance the share stood at 74%, for disability at 68% and for retirement benefits still at remarkable 65%. There is obviously a desire for a simpler way of viewing all the data required and making Employee Benefits programs more efficient - but finding the right support is where multinationals are struggling.
“It’s clear better systems need to be in place to help organizations achieve a global governance framework for their worldwide benefits” explains Kaposvari. “That’s why we developed ASN-WEB, to provide actionable advice and recommendations for clients generated and supported by a powerful data & analytics platform. ASN offers insights into worldwide plan features, cost structure and coverages by geography and legal entity at a level of detail unique in the industry.”
How ASN-WEB simplifies Employee Benefits management
The ASN WEB EB Dashboard was carefully designed using the many decades of expertise our team has in sourcing, coordinating and reporting on insurable Employee Benefits.
Our our platform as a Service (SaaS) solution is designed to:
- Offer insurance brokerage sourcing worldwide
- Help multinationals to keep on top of their legal requirements
- Set up and coordinate international EB data and insurance policies
- Support renewal and revision options
- Acquire data from across the business to create reports on centralized dashboards
- Evaluate data for easy claims and multinational pooling results
- Set up and run virtual pooling
- Optimize your Employee Benefits administration
Offer your potential international candidates tempting Employee Benefits and attract the best talent, while keeping your administrations centralized and sensible.
“The ASN WEB EB Dashboard has been formulated to reduce the burden on your internal staff and maximize your administrative potential,” says Kaposvari. “Instead of trying to juggle multiple international teams, legal requirements, insurance policies and more, ASN-WEB helps you to coordinate everything transparently and easily.”
This high-tech platform becomes your Employee Benefits consultant and administrator all at once, reducing administrative burden and financial costs.
The system’s user-friendly style and ability to optimize any global employee benefits programs are thanks to ASN’s decades of Employee Benefits consultancy, working with some of the world’s leading multinational businesses and insurance providers.
Our system uses a trusted partner network that includes over 40 countries. With our connections and software working hand in hand, we’re able to establish and manage all (virtual) multinational pools within one system. The comprehensive dashboard allows your business to see everything they need, all in one place and all at once.
Try it now to:
- Increase your control over your Employee Benefits-related costs
- Simplify your Employee Benefits plan management and administration
- Coordinate multinational pooling quickly and easily
- Get consistent and comparable reports for easy understanding
- Make trusted connections with reliable insurance providers