Group Insurance allows employers to provide insurance plans for their staff, including options for Income Protection Insurance (most common), Life Insurance and TPD (Total & Permanent Disability) Insurance.
Employers pay the insurance premiums through a central plan, and staff are covered for the term of their employment, or until a predefined date.
Group Insurance is available for employers with as few as 15 staff, up to large enterprise companies. Premiums are based on the number of staff and the workforce profile.
Group Insurance can represent an attractive benefit for staff, helping employers to hire and retain key personnel. Many plans also offer special features and incentives which encourage your workforce to stay healthy and active.
When incidents occur, Group Insurance helps provide stability in the workplace. The in-built rehabilitation and management options in many Group Insurance plans help your staff return to work quicker, reducing downtime and long-term absence.
Group Insurance plans also commonly have advantages over individual insurance policies:
- Group pricing premiums are generally cheaper than individual insurance premiums
- Policies may be available to individuals who would be declined or have higher premiums under retail insurance policies.
However, certain Group Insurance policies contain potential pitfalls in their terms and conditions, and expertise is required to avoid these.
There are a large range of available Group Insurance products from many different Insurers, and the pricing, benefits and pitfalls of these products differ considerably. Detailed negotiation is needed to secure the best deals, while ongoing administration and claims management can consume significant time if not handled efficiently.
Econ Insurance Services can help you with some or all of the following:
- Determine which benefits you want to offer staff
- Find the best plans, considering price, features and insurer reputation
- Negotiate with insurers to secure optimal pricing
- Design information and communications for staff to increase awareness of the benefit
- Provide ongoing advice and support to staff as questions arise
- Provide ongoing regulatory and compliance advice for employers
- Continually monitor the market for better plans
- Support claim handling and resolution when incidents arise.
We offer our strategic advice and tender services using a transparent fee-based schedule, which takes into account the size of your workforce, the specific services requested, and the term of ongoing support. This is in addition to the insurance premiums paid to the insurer, from which we will receive a commission for our product placement, review and claims handling services.
