Corporate Benefit Solutions

Transcription

1 Corporate Benefit Solutions

2 Doing Business with Infinity Infinity receives remuneration directly from our product providers. We do not charge a fee for initial consultations and will only apply charges with prior notice to, and approval from, our clients. Infinity Corporate Benefits Ltd is registered in the Republic of Seychelles. A global network of partners We carefully select and monitor each of our partner providers. Over the years, Infinity has built up a significant network of partners including some of the world s leading financial institutions. We work closely with our partners to ensure our clients have the best available solutions to meet their needs. Some of our professional partners and product providers 2

3 Table of contents Infinity s Service Pledge 4 Welcome to Infinity Group Benefits Solutions 5 Group Health Insurance 6 Group Life Insurance and Options 11 Group Pension Plans 12 Group Travel and Specialist Risk Insurance 14 Infinity Corporate Benefits Ltd Capital City Building 3rd Floor, Suite 8 Independence Avenue Victoria, Mahe Republic of Seychelles Company No infinitycorporatebenefits.com info@infinitycorporatebenefits.com 3

4 Infinity s Service Pledge Infinity is dedicated to providing the highest standards of customer care in the employee benefits industry. Our relationship doesn t end at finding the right product; it is the point where it begins. Our service pledge includes: Assisting fully with the initial set up of any benefits plan including a presentation to employees explaining the scheme and providing assistance with all document preparation Providing detailed briefing and assistance to your human resources or administration department on the processes involved in the operation of any group scheme Providing advice to employees on the claims process for any group insurance cover Providing a telephone number and address for all members to contact our dedicated client servicing team in the event of any problems or queries Providing, if required, the presentation of any benefits package to new employees Providing, if required in the case of medical claims, a service for outpatient claims submission enabling the claimant to collect and send a weekly batch of claims to our local office. We will then register the claim and courier to the insurance provider Handling negotiations for any renewals and providing the appropriate advice Undertaking regular reviews of the market to ensure you are receiving the best possible premium for your benefit packages At Infinity, we place the highest importance on long term relationships and providing excellent client care so you can be assured that whenever you need us, we will be there. 4

5 Welcome to Infinity Corporate Benefits If corporate employee benefits are a cost for businesses, why do most successful companies offer them as an integral part of their employee package? It s a good question and the answer is that an appealing benefits package offers tangible advantages to employers. These include: Increased productivity due to improvements in staff contentment and wellbeing An advantage over competitors when it comes to recruiting higher quality personnel Increased staff retention levels and a corresponding reduction in recruitment and training costs They also simply make for happier more loyal employees who feel their company is looking after their interests. However, Infinity understands that businesses need to control the cost of benefits provided to their staff so that they enhance rather than threaten profitability. It can be a delicate balance that we specialise in getting right so that we can deliver benefit solutions for both the employer and their staff. Every business is different so when it comes to benefit packages we do not provide copy and paste solutions. We operate across Asia and work with businesses of all types and sizes. We understand that companies requirements can change from country to country, business to business. That s why we have no preconceived plan or standard set benefits package, but tailor every solution to the individual needs of each business or business unit. We are also able to offer businesses choice. As one of the leading independent brokers in Asia, we have access to the entire international marketplace, meaning the companies we serve are not limited in their choice of product provider. Whether your business is looking for group life insurance, medical cover or establishing a pension scheme, we have access to a vast array of internationally recognised providers. This also helps our clients when it comes to pricing. Our freedom to look at every provider and our long standing relationships within the industry means we are always able to negotiate the best deal on your behalf. We understand the need to manage costs and guarantee to find the most cost effective solutions for your business. We can also assist with cost control by creating, where necessary, cost containment measures to ensure that your premiums do not escalate on a yearly basis. These measures will help your business to save money and allow your finance department to budget effectively every year. Providing group benefit plans can sometimes be complicated. Business units across Asia must take into account different national legislation as staff members are often employed from multiple countries. At Infinity, we are experienced in untangling the complexities and providing straightforward, flexible and portable solutions that will meet the needs of your business. To explore how Infinity Corporate Benefits can help your business, get in touch today. 5

6 Corporate Health Solutions Our experience has taught us of the enormous value employees place on medical insurance benefits. A good healthcare scheme not only gives employees the confidence that they will receive top quality medical care if required, but is a highly attractive employment benefit. As a result, a medical benefits package can have a major effect on a business s ability to attract and retain high calibre staff. Standards of healthcare vary from country to country as do costs. In most Asian countries, quality medical care can be expensive and a good group health insurance package offers the only practical way for a company to provide employees access to high quality medical assistance while at the same time keep close control over costs. As a leading international broker, Infinity is able to source health insurance packages from a range of globally recognised providers. By matching your requirements with the options available in the market, we are confident we can find you the highest quality group medical cover for the best possible price. Medical Benefits Core Benefits Hospitalisation All inpatient and accommodation costs, including cancer treatment Evacuation & Repatriation Emergency evacuation from current location to nearest centre of medical excellence Repatriation and/or burial of mortal remains Additional Cover Outpatient Cashless card facility available with most providers All doctors fees, specialist fees, prescribed drugs and day care surgical costs Physiotherapy, chiropractors, osteopaths, acupuncturists, homeopaths, chemotherapy, radiotherapy, dialysis Chinese medicine treatment Local ambulance charges Dental Emergency only, or routine/complex + emergency Optical cover Maternity Pre and Post natal with routine delivery/csection Complications of pregnancy Newborn cover Other Cover Congenital disorders and hereditary conditions cover Organ transplants Wellness check-ups Overall cover limits ranging from US$100,000 to unlimited Excess/deductible options Medical History Disregarded (MHD) For 10 or more employees to cover all preexisting conditions 6

7 Considerations when deciding on healthcare packages Portability This is the ability to transfer from a group scheme to an individual policy once employees leave. Some providers can offer this after 12 months continuous cover with no further underwriting and some will require some minimal underwriting. A few, however, have certain restrictions with a common one being that on the return to a home country, the policy may not be valid. While many providers will permit home country cover for a limited number of countries, some will not allow cover from countries that are deemed high risk. Again this is an area we can advise on. Transferring to another group scheme is usually straightforward and requires proof of being a member for at least 12 months on another group policy. You also need to be aware that some conditions are generically excluded; where this is the case, it is clearly stated in the membership guide. However, in most cases most conditions are covered. Without MHD terms, your policy will be fully underwritten and therefore some pre-existing conditions may not be covered. However, as long as you have a minimum of 10 employees on the scheme, MHD terms can be applied. Cover for pre-existing conditions can make a big difference in attracting employees or their dependents that may have pre-existing conditions. As a business you need to consider whether or not you want to help by continuing cover after a member of staff leaves your employment. Pre-existing Conditions The term commonly used on policies concerning pre-existing conditions is Medical History Disregarded (MHD). If requested, this can be included to cover all medical conditions for the group immediately upon joining. 7

8 Types of health plans Community rated health plans cover less than people and form part of a wider pool of health plans from the same provider; sharing the risk across a wider community. These are effective when there is an unexpectedly large claim. The claim is pooled and as a result, will not affect your premium at renewal. Infinity recommends that all small group plans should be community rated. The premiums are calculated on age and discounted according to the size of the group. Premiums for start-up businesses are initially high until they get to a sizable group. This is an important consideration for budgets in the early days. Experience rated plans cover policies of people or more. Premiums are generally based on the history of claims in previous years. If claims increase year on year then your premium will go up accordingly. If they are stable then they will stay the same and in some cases, with negotiation we can arrange for them to be reduced. The premiums are calculated on age and location, they are discounted according to the size of the group. Cost containment In cases where businesses are on experience rated plans and premium costs continue to rise, Infinity can assist them in introducing cost containment measures. This usually involves controlling the access to excessive outpatient claims. There are other options that can also be examined, such as the imposition of an excess or deductible for claims, or limits per condition. Co-insurance and/or utilising network clinics and hospitals to protect against overcharging are other potential cost control measures. Top Up Plans Top up plans are additional cover over and above your existing plan for employees who require a higher level of cover. For example, if you only offer a local plan, it is possible to introduce a top up for employees with international in-patient only. This offers higher benefits and limits including evacuation cover. Outpatient claims online Most providers offer the option of processing outpatient (OP) claims online. This is a very effective tool for reducing administration time when it comes to handling OP claims. Online claims dispense with the need to post claims for reimbursement. Employees can individually their claims, track them online and receive reimbursement directly into their bank account. Evacuation cover A crucial benefit offered by most international medical insurances, and one which is not always available through local alternatives, is evacuation cover. This cover will give employees the peace of mind that they, and their families, are able to receive the best possible care in any situation. It is common for employees to take the opportunity to travel whilst working overseas. If they fell ill or were involved in a serious accident in a remote area without adequate medical facilities, evacuation cover would afford the necessary emergency assistance to get them the required level of care. 8

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11 Corporate Insurance Solutions Group Term Life insurance Many businesses offer group term life (GTL) insurance cover to employees whilst in the employment of the company. This provides dependants with adequate protection in case of an employee s death. GTL can be packaged with the option of adding cover for total and permanent disability, short term disability or long term disability. Levels of cover may be fixed according to seniority or set as a multiple of salary. Total and permanent disability (TPD) plans Disability cover gives protection where an employee becomes totally and permanently disabled due to illness or injury and unable to work in the same capacity as before. There are some options available for partial disabilities where a percentage of the sum assured is payable. In the event of a claim, this cover is normally payable six months after the disabling event. Short term disability (STD) plans These policies are usually payable after a deferred period for a short time, generally to support total permanent disability cover. Policies will pay an income whilst the insured is unable to work due to illness or injury. Duration of cover is usually no more than two years and is usually set between 70-80% of salary. Long term disability (LTD) plans Long term disability plans are similar to the above, except payable over longer periods such as to retirement age, where total permanent disability cover does not qualify. 11

12 Corporate Pensions Solutions Our Services Infinity Corporate Benefits is able to help tailor a group pension plan to businesses of all sizes. Infinity will work on your behalf to identify the most suitable group pension plan to meet your requirements. When considering suitability, we review cost effectiveness, investment options, security, additional benefits, flexibility and administration. The pension plans we implement offer: Reduced administration Outsourcing of all reporting requirements Option for web based accounts and statements Model Portfolio investment risk options for each member Asset protection through an arranged trust Estate and succession planning opportunities Removal of any investment risk by the company Tax free growth & favourable tax treatment of benefits Currency options Statutory investor protection International portability and inter-employer portability Pension plan benefits Benefits The administration of a pension plan is minimal as the majority of work is undertaken by the pension provider. The bulk of the administration involves making deductions from payroll and transferring payment to the pension provider. Online web-based monitoring tools are available that allow both members of staff and the company to view contribution records, account balances and investment performance over the internet. The company can decide whether the pension plan is mandatory for certain levels of staff or choose to provide an optional scheme for eligible employees. The company can set a retirement age for eligibility to withdraw or simply allow withdrawal from the scheme upon leaving employment. Portability All the plans we set up provide total portability. Staff members can be located anywhere in the world and contributions can be allocated from most countries in the event of there being restrictions on contributions going offshore. 12

13 Simplicity The legislation pertaining to onshore pensions is voluminous, complicated and restrictive. The international plans we recommend are simple to understand, quick to implement and easy to administer. Contributions Your company can elect whether the schemes are contributory or non-contributory and have total flexibility in setting contribution levels. Minimum premium levels vary according to the provider. Premiums are generally variable as long as a clear schedule of payment breakdown for each member is provided. Schemes are primarily denominated in US Dollars, Euros or Sterling but it may be possible to provide other currencies if required. Contributions could be in one of the following formats: Any percentage from the employer only, allocated from payroll to pension plan An equal contribution from both employer and employee. For example 5% and 5% A minimum amount from the employee (5%) and a maximum amount from the employer (10%) An amount agreed as an End of Service Bonus (EOSB) when leaving or retiring. Vesting periods All employer-sponsored contributions are generally subject to a minimum vesting period. As an example, this could be set at one year and would mean that the employee would not have access to the employer s contributions unless they served a minimum of one year s employment. Vesting periods do not apply to contributions made by the members of staff themselves and are always available to withdraw upon leaving employment. Vesting periods are usually used to encourage an employee to remain for the duration of their contract which may be a factor in staff retention. Vesting periods can be set at whatever length of time the company deems appropriate. 13

14 Corporate Specialist and Risk Insurance All companies worldwide need certain types of specialist and risk insurance but sourcing these types of insurances can be difficult in some countries. Even once you have sourced them, you need to make sure you are getting the right advice and the appropriate insurance requirements for your business. As a broker, Infinity can assist companies with this type of decision as we have a number of different providers who specialise in these types of risk insurance. These are specialist insurances that protect companies against a range of risks and liabilities covering the following: Product liability insurance: Industrial All Risks Business Interruption Contractor All Risk Erection All Risks Advance Loss Risks Liability Insurance o Commercial General Liability o Legal Liability o Employer Liability o Public Liability o Excess & Umbrella Liability Professional Indemnity Insurance o Errors & Omissions insurance o Directors & Officers Insurance o Employment Practices Insurance Kidnap & Ransom Insurance: for employees travelling in high risk areas of the world Aviation Insurance: insuring assets to loss of licence Marine Insurance: professional negligence insurance 14

15 Corporate Travel Insurance In cases where companies have staff that spend a significant amount of their time travelling or where a business offers insurance to staff to cover travel back to their home countries, a group travel insurance scheme may be required. Travel delays, curtailment or cancellation present not only frustration, but also involve a financial cost in making alternative arrangements. Group travel insurance is a cost effective way in providing staff with the necessary protection. Group travel schemes can also provide cover for personal accident, medical expenses, personal baggage, legal expenses and personal liability. 15

16 infinitycorporatebenefits.com Infinity Corporate Benefits Ltd Capital City Building 3rd Floor, Suite 8 Independence Avenue Victoria, Mahe Republic of Seychelles Company No