Generali PanEurope. Group Risk. Protecting your employees and their families

Transcription

1 Generali PanEurope Group Risk Protecting your employees and their families

2 WE DELIVER ON THE PROMISE We tie a long-term contract of mutual trust with our people, clients and stakeholders; all of our work is about improving the lives of our clients. We commit with discipline and integrity to bringing this promise to life and making an impact within a long lasting relationship. 1

3 Contents 1. What is Group Risk? 2. Our products and services 3. About Generali PanEurope 4. Income Protection claims process 5. Further information 2

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5 What is Group Risk? Group Risk is a key element of an employee benefits package and allows you to provide financial assistance to your employees and their families in the unfortunate event of accident, illness or death during their employment. Generali PanEurope is one of the leading providers of Group Risk plans in the Irish market. If you are designing a Group Risk plan for your company, there are a number of different options to consider. This brochure outlines the products and services offered by Generali PanEurope and how they might suit the needs of your company and employees. Benefits of Group Risk For your company Investing in the long-term welfare of your employees makes sense as a motivated and confident workforce can give you a real edge in a competitive market. Recruiting and retaining the best employees is a key business requirement and having an attractive benefits plan is a significant factor for top quality individuals when deciding where to pledge their future. Ensuring that employees and their families are well protected in the unfortunate event of accident, illness or death demonstrates empathy and understanding as well as a duty of care by a conscientious employer. For your employees A Group Risk plan and the financial support included can give an employee considerable peace of mind if they are unable to work due to an illness or injury. The Group Risk plan will provide an employee s family with financial assistance and security in the unfortunate event of the employee s death. Group Risk plans can offer access to rehabilitation and support services which helps with getting back to work. The cost of Group Risk benefits compared to overall salary is relatively inexpensive for employers to offer to their employees. The costs of providing cover can often be written off against corporation tax. A comprehensive Group Risk plan is a key component of your overall absence management strategy. Employers will also benefit from the efficiencies gained by supporting employees to return to the workplace in a timely manner. 4

6 Our products and services Group Risk Plans - Benefits at a glance The table below outlines the range of Group Risk benefits available from Generali PanEurope. Group Life Lump Sum Dependant s Pension on Death in Service Accidental Death and Dismemberment Group Income Protection Long Term Disability Total and Permanent Disability Limited Term Disability Supplementary Benefits Group Critical Illness A summary of the three main Group Risk benefits is provided below. We also offer additional benefits which can be built in to an employer s Group Life plan. a. Dependant s Pension on Death in Service Dependant's Pension on Death in Service is linked to Lump Sum coverage and provides a guaranteed regular income for an employee's spouse and/or children in the event of an employee's death. The Dependant s Pension on Death in Service can also be set to increase during the course of payment to provide some protection against future inflation. b. Accidental Death and Dismemberment is cover that ensures an employee s dependents will receive a lump sum payment should an employee die as a result of an accident. The benefit is usually based on a multiple of salary or a fixed sum and may be paid in addition to the Group Life benefit. If, during the course of their employment, an employee suffers an accidental dismemberment, or the loss of the use of a limb, the cover provides the employee with a lump sum payment to help alleviate any associated financial strain. Cover is not restricted to an accident during working hours but is provided all year round. Group Life This product is one of the most common benefits provided by employers. It pays a lump sum to the beneficiaries of an employee in the event of death. The benefit can be a multiple of salary or a fixed amount. 5

7 Group Income Protection There are a number of options to consider for any Group Income Protection plan: a. Long Term Disability benefit provides employees with a continued source of income if they are absent from work due to illness or accident. The benefit, which is usually expressed as a proportion of salary, becomes payable after a set period of time, usually 6 months. It is paid until the employee recovers, or, should the employee never be able to return to work, it may be paid until the earlier of retirement or death. b. Limited Term Disability means that the benefit payments are paid until the employee recovers or for a maximum period of time e.g. 2 or 5 years. c. Total and Permanent Disability pays a lump sum to an employee if they become totally, permanently and irreversibly disabled. d. Supplementary Benefits cover can be purchased to ensure that premiums and pension contributions are paid during disability. In the event of disability, cover can continue to pay Group Life premiums and/or the employer s and employee s pension contributions. Group Critical Illness With the escalating costs of healthcare, dealing with a serious illness can be financially draining. Critical Illness cover is a very effective protection against these costs as it pays a lump sum to an employee after satisfying the criteria of the range of specified illnesses. Flexible Benefit Plans The majority of corporate Group Risk benefits offered by Irish employers are compulsory for employees as the cost is paid by the employer, based on defined eligibility conditions. Generali PanEurope also offer flexibility and choice to employees on employer sponsored schemes. It allows employees to top up the benefits, to suit their own personal circumstances. 6

8 Generali PanEurope Head Office, Ireland 7

9 About Generali PanEurope Who are Generali PanEurope? Generali PanEurope are a wholly owned subsidiary of the Generali Group. The Generali Group is a leading global insurer that has the benefit of over 180 years experience in providing insurance and investment solutions in more than 60 markets worldwide. The Generali Group has been a provider of employee benefit products for over 50 years and has established one of the largest international employee benefit networks (GEB). Generali PanEurope has had a presence in Ireland since 1999 and brings the experience, expertise and strength of the Generali Group to our corporate clients. We are the only specialist Group Risk provider in the Irish market. In Generali PanEurope you will find a partner dedicated to working with you to address your unique needs and a company that has the expertise, strength and insight to help you achieve your business objectives. Why choose Generali PanEurope as your Group Risk provider? There are many reasons to choose Generali PanEurope as your Group Risk provider. In this section we have set out some of the key services provided. New Group Risk plans We have a clear process in place when new clients move to Generali PanEurope. Once we understand your Group Risk requirements, we will issue you with a quote which will advise of the annual premium based on the information provided. This quote will be provided to you or your financial advisor and will be valid for 3 months. If you accept the quote, you will need to complete an application form and provide details of all actively at work employees. We will engage with you and your financial advisor to quickly establish the plan. Free cover limits Group Risk plans typically include a free cover limit. This limit, which reflects scheme membership and salaries, is the level of benefit that Generali PanEurope will provide to an employee without the requirement for medical evidence. No worse terms The transfer of your Group Risk plan to Generali PanEurope will usually be provided on the basis of no worse terms compared to your previous Group Risk provider. Account Management Generali PanEurope provides a dedicated Account Executive, who works with the client to ensure the smooth running and efficiency of the plan. This includes liaison with the employer to ensure that the plan is maintained to meet their changing needs and arranging prompt payment of benefits in the event of a claim. Once and Done Underwriting Where underwriting is required, we will underwrite the member once and they will not require any further medical underwriting as a result of increases in benefits up to 6m Group Life and 460,000 Group Income Protection cover. Tele-underwriting All applicants can provide information about their health and medical history to an experienced health professional over the telephone. This service means that clients will no longer be required to complete a medical questionnaire and it also replaces the automatic requirement for a GP report. 8

10 Income Protection claims process Early Intervention Early Intervention is an important part of Generali PanEurope s approach to Income Protection claims management. Providing support at the earliest stages of illness or injury can have a very positive impact, reducing the time that an employee is absent from work. Where appropriate to the condition, after the first few weeks of an employee s absence, a medically trained rehabilitation consultant will be engaged to determine how we can best assist the employee in their recovery or return to work. Rehabilitation and Reintegration Programmes Where medical evidence suggests it may be possible to return to work, Generali PanEurope will discuss a Rehabilitation or Reintegration Programme with the employer which is designed to assist in an employee's return to work. The unique circumstances of each case will be considered and a bespoke programme will be proposed. A Rehabilitation Programme, for example, might recommend alternative treatment or therapy to assist the employee in their recovery. In the case of a Reintegration Programme, in some instances simple changes to the workplace environment could have a hugely positive effect on an employee s ability to return to work. Individually Tailored Claims Management Plans Working closely with the employer, Generali PanEurope promotes individually tailored Claims Management plans that are sympathetic to the unique circumstances of each individual claim. Tailored Claims Management plans are put in place based on: the unique circumstances of every claim the needs of the business and the needs of the claimant. 9

11 Further information Marian Conway Head of Employee Benefits Sales Generali House Navan Business Park Athlumney, Navan Co. Meath C15 CCW8, Ireland T +353 (0) Shane Martin Senior Account Executive Generali House Navan Business Park Athlumney, Navan Co. Meath C15 CCW8, Ireland T +353 (0) This brochure sets out important information in relation to the Generali PanEurope Employee Benefits product being offered by us and is intended to provide a brief overview only and does not replace the more detailed information provided in the Terms and Conditions document. We recommend that the client seeks professional advice with respect to their particular circumstances. 10

12 Generali PanEurope dac Generali House, Navan Business Park, Athlumney, Navan, Co. Meath C15 CCW8, Ireland T +353 (0) F +353 (0) eb@generali.ie generalipaneurope.ie 2305 GPE EB GROUP RISK BRO 05/16 Generali PanEurope dac is regulated by the Central Bank of Ireland. Generali PanEurope dac is a designated activity company registered in Ireland (Number ) with a registered office at Generali House, Navan Business Park, Athlumney, Navan, Co. Meath C15 CCW8, Ireland. Generali PanEurope dac is part of the Generali Group. The Generali Group has a listed number in the Italian Insurance Group Register of 026.