1 Employee Protect Insurance L O C K T O N C O M P A N I E S
2 LOCKTON AUSTRALIA HAS CREATED AN ALL IN ONE EMPLOYEE BENEFIT POLICY TO GIVE YOU AND YOUR EMPLOYEES PEACE OF MIND. Employee Protect is an All Risks employee benefits policy that can be tailored to meet your organisations worldwide insurance requirements and compliance obligations. The key benefits of this approach include: hhconsolidation of various employee policies hhpremium savings as a result of administrative efficiency & removal of coverage duplication hhcomprehensive and consistent protection for all employees hhno confusion for employer as to who, when and where people are covered hhremoval of gaps in cover where allowable by law hhsingle point of contact for employee accident & sickness related risk hhweb based claims management system The Employee Protect policy takes the stress out of juggling multiple employee policies; all the coverage you require is wrapped up in one powerful and simple policy. Cost efficient coverage to give you peace of mind that your employees will receive comprehensive and consistent coverage no matter where they are in the world.
3 Journey Gap Extra Territorial Personal Accident & Sickness Corporate Travel Worker s Compensation Top Up Accidental Death Inpatriate/Expatriate Lockton s Employee Protect policy is underwritten by ACE Insurance Limited (ACE). ACE Group is one of the world s largest multiline property and casualty insurers, with operations in 54 countries. ACE has been present in Australia for over 50 years and is a major provider of Expatriate, Inpatriate, Personal Accident & Business Travel insurance for a broad client base, including many of the country s largest companies. With five branches and 400 staff in Australia ACE has a wealth of local expertise back by its global reach and breadth of resources. More information can be found at Lockton and ACE have partnered in the creation of the Lockton Employee Protect Insurance product and have pooled their vast experience in the people insurance area to ensure that this policy provides a robust solution to what can sometimes be a complex and confusing area of insurance.
4 THE GENERAL INSURANCE MAZE A company s most vital asset is its people. In order to attract and retain high quality staff, it is important to have a broad employee benefits package. It is even more important to ensure that in the event of the sickness, accident or death of an employee, that the company is able to fulfil its legal and moral obligations in the most effective and responsive way The issue for most companies is that as businesses grow, the issues around employee benefits becomes more and more complex. Employees injured whilst travelling are treated differently to local employees. Expatriates are treated in yet another manner. There has previously been little choice to avoid duplication, with each policy being necessary to ensure full coverage. The Lockton Employee Protect policy alleviates duplication whilst, if necessary, enabling the fulfillment of global compliance requirements and enterprise bargaining agreements, while having a efficient claims and emergency evacuation process. Most organisations don t fully understand what they are purchasing and the duplication contained within multiple policies. Rather than purchasing products based on employee descriptions or where a particular incident occurs, Lockton have simplified an organisation s employee risks into 4 main categories: 1. Accidental Death and Disability / Weekly Benefits 2. Medical Expenses 3. Emergency Evacuation and Repatriation 4. Travel and Miscellaneous Expenses
7 COMPLIANCE The Trap for Multi-National Companies It is critical that any insurance program complies with the legal requirements in each country where the employer operates. This is equally true for employee benefits policies. The Lockton Employee Protect Policy underwriter, ACE, is a market leader in multinational insurance programs via its ACE GPSSM platform. Where appropriate, ACE is able to facilitate the issuance of local paper in each country ensuring that the policy is compliant on a worldwide basis. Insurance programs that do not fully comply with local laws of different countries are a major impediment to producing effective cover and can lead to serious penalties for the company. Insurance solutions can be structured to address specific requirements, the Employee Protect policy delivers solutions that are truly global. Lockton s Employee Protect policy can ensure full compliance for companies operating in almost all countries worldwide. Top Up Worker s Compensa on Corporate Travel Personal Accident Extra Death Accidental Territorial EMPLOYEE PROTECT INSURANCE & Sickness Journey Gap Inpatriate Expatriate
8 WHO ARE CSN? CSN are a dedicated third party administrator specialising in claims management including group insurance claims & emergency assistance. Their services are utilised by a range of major insurers & top corporate organisations globally.
9 EFFECTIVE CLAIMS AND ADMINISTRATION PROCESS FOR YOUR MOST VALUABLE ASSETS Lockton identified that whilst having a market leading employee benefits wording, it was equally as important to reduce administration burdens and simplify the claims process. The Lockton Employee Protect policy provides a complete service for organisations to manage their administrative requirements and an online portal that provides; Administration Website that is personalised to your business Access to your insurance plan information in real time Quick access to member information including enrolments and deletion of members High level security Claims Portal Easy to use and accessible worldwide Lodge claims online No claim forms, making it quick and easy to claim Fast turnaround from claim to payment Improves accuracy and avoids forgotten claims Track status of claims Online reporting of claims and tailored reports to help reduce work place injuries and time lost
10 FREQUENTLY ASKED QUESTIONS How will I know I m getting the same level of cover if I transfer from my current multi-policy arrangement to the single policy Lockton product? An experienced Lockton adviser will review the cover provided by your current suite of policies and ensure that the Lockton composite product offers at least the same or better coverage. We will complete a Gap Analysis to identify areas of cover that need attention and possible upgrade. We will also identify where there maybe duplications of cover. Elimination of these duplications should help create some premium savings. Will the levels of benefit and maximum limits be the same as we currently enjoy? During the initial consulting stage we will table all current levels of cover for the various benefits provided. The initial quotation will be based on these terms to provide a premium cost comparison. We will then analyze these benefit levels with you to ensure they are at current industry standard for the various categories of employment and where appropriate comply with contractual obligations. Can we adjust the coverage on renewal if our business circumstances change? The renewal of the policy will occur at the common renewal date of your general insurance programme, and the cover levels can be adjusted at renewal. New projects or business acquisitions can be included in the policy at the attachment point and a premium adjustment paid. Does it include a comprehensive life insurance cover? No. The policy provides Death by Accident cover, to the limit stated in the Policy Schedule. Additional Death by Illness cover can be provided separately by a life insurer. What events or conditions will be excluded from cover? Are the exclusions in the Lockton product any more onerous than those in our current covers? There are specific and general exclusions included in the policy wording. The policy wording has been based on the best features available in the many individual covers it will replace. The exclusions within the policy are no more onerous than those in your existing policies. How will claims be managed? ACE is the insurer for the product and is responsible for the payments of all claims. With respect to the Employee Protect product, ACE will use the services of Corporate Services Network (CSN), a dedicated provider of claims handling services, to manage claims on their behalf. CSN is recognized as an Australian industry leader in claims management and they have been used extensively by Lockton over the past 5 years. How will the operation of a single Employee Protect cover be less onerous for us administratively? The provision of a full range of employee benefit covers from a single policy reduces the possibility of benefit duplication. There will be only one policy wording to use for reference and only one policy to renew, with all queries handled by your Lockton adviser through to ACE as the single insurer. Can other employee benefits e.g. income protection with long term benefits (to age 65) for executives or a comprehensive Kidnap and Ransom cover be included? The policy wording and schedule outlines the nature and limits of all insurance benefits. Lockton are happy to undertake a review of the entire employee benefits program and design, market and administer additional covers to compliment the policy.
11 How do we obtain a quotation that will allow us to compare our current coverage with what is offered by the Lockton Employee Protect Policy? A Lockton consultant will assist you complete a proposal, which outlines all available cover options and relevant benefit limits. We will also review your current policies and ensure that the product provides coverage at least equal to your current arrangements. Will it satisfy our Enterprise Bargaining Agreement obligations? Most EBA contracts include a requirement for the contractor to provide basic income protection benefits for all employees involved on the project. This policy can provide weekly, accidental death & capital benefits that will satisfy the requirements of EBA s. The schedule can include a separate range of extra benefits for employees that are not subject to the EBA. Will we save on premium costs, and if so how is this achieved? There are two key areas that assist with premium savings; This policy prevents duplication of benefits and subsequently reduces premium by replacing a range of current insurance policies, many of which provided similar benefits. Lockton have established an insurance portfolio with ACE, the volume of which has allowed premium discounts to be negotiated, which are reflected in the standard rating structure. Will there be a premium adjustment at renewal for movements in employee numbers or changes in circumstances? On policy renewal Lockton will request a census of participating employees. This census will show movements of employees and an upgrade of travel frequency and expatriate numbers. An adjustment will be calculated and included in the renewal premium. All eligible employees who commence service during the insurance period will be covered immediately, subject to qualification criteria.
12 THE LIFE INSURANCE PUZZLE Many clients, particularly those who have business interests in foreign countries, have inadequate life insurance cover for their travelling and expatriated employees. The death benefit provided by most general insurance policies is not comprehensive. Corporate travel, expatriate and personal accident insurance policies typically only provide a benefit that is payable in the event of death by accident. These policies do not pay a benefit where the death is caused by illness, or simply death by natural causes. The Lockton Employee Protect policy provides a lump sum Accidental Death benefit. Lockton can expand coverage to Death by Any Cause protection by using a separate policy issued by a life insurance company. This will provide additional peace of mind, especially for employees working in areas prone to insect borne disease (e.g. Cerebral malaria) or other tropical diseases.
13 The Lockton approach to the Life Insurance market can: h hseek out life insurance policies that will compliment the Employee Protect Policy h hestablish a separate policy to cover tropical diseases h h Utilize the Lockton Global network to find a complete multi-national protection package
14 GLOB LOCKTON GLOBAL
15 SM SM AL SERVICE AROUND THE WORLD Strategic Service Partners Lockton has established the ability to service clients in over 100 countries. We have formed the world s largest non-owned insurance broking legal partnership to provide a global service delivery platform for our clients. Each Partner is a legal partner in Lockton Global and is a risk expert in their market. We speak your local language and understand your local culture. This is supported by bespoke global service standards for you. We work to global standards through clear and disciplined communication with all network brokers controlled. In particular we have Lockton owned offices and affiliates in North and South America, Australia, Africa, Europe and throughout Asia. DISCLAIMER: Any advice provided is general and does not take into account your personal objectives, financial situation or needs. Before acting on the advice, you should consider if it is appropriate to your objectives, financial situation or needs. Please refer to the product disclosure statement/policy wording for full details. Please consider the PDS before you decide whether to acquire or continue holding the product. This product is underwritten by ACE Insurance Limited (ACE) AFSL No , ABN
16 Our Mission To be the worldwide value and service leader in insurance brokerage and risk management Our Goal To be the best place to do business and to work Lockton Companies Australia Pty Ltd. ABN: / AFSL: PERTH (Head) OFFICE Level 1, 50 Subiaco Square Road, Subiaco, Western Australia 6008 PO Box 1673, SUBIACO, WA, 6904 ph. +61 (08) SYDNEY OFFICE Level 10, 48 Hunter Street, Sydney, New South Wales, 2000 GPO Box 552, SYDNEY, NSW, 2001 ph. +61 (02) MELBOURNE OFFICE Duttons Building, Suite 207 & 208, 9-11 Claremont Street, South Yarra, Victoria 3141 PO Box 812, SOUTH YARRA, VIC, 3141 ph. +61 (03)
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