Our client, an oil and gas company, wanted to expand their remuneration package beyond the standard Private Medical Insurance (PMI), Income Protection and Critical Illness benefits. They wanted to provide more health and lifestyle benefits — benefits that all of their employees would appreciate, not just the unlucky ones.
As well as this objective, they were aware that they had a complex PMI set up. They weren’t confident that they had the most cost effective and suitable PMI coverage for all their employees, domestic and international.
They were frustrated with their current broker and wanted to work with a company that could potentially save on costs and that was also the best fit culturally.
- We reviewed their current domestic and international PMI policies and moved certain groups of employees to ensure they were on the most suitable and cost effective policy.
- We equalised and re-negotiated the level of PMI excess that employees would have to pay.
- We implemented a health cash plan for the employees and their families. A health cash plan is a small insurance package that allows members to claim back costs for certain health and lifestyle bills, such as dental and optical.
- We introduced Benefit Hub® an online interactive platform that their employees could access to receive information about their benefits.
- We introduced a discount shopping portal and a discounted gym membership offering.
- Our work re-organising the membership of the two PMI policies and renewing the provider contract saved our client 42% of their annual PMI premium.
- We were able to introduce the new health and lifestyle benefits at no additional cost to the company due to our work re-negotiating their existing benefits premiums.
The company now has benefits in place that can be used by all of their employees and have confidence that their PMI schemes are equitable for all of their employees.
They have asked us to deliver financial wellness solutions, one example being an employee communication about financial planning for their retirement.