As part of our Small Business Series, we wanted you to be fully equipped with all the information you need to run your business. Imad, Head of Employee Benefits has a wealth of experience making sure employees are protected from potential risk! Here he answers some questions which can help any business who is looking to attract or retain staff with added value benefits.
Do I have to provide health insurance for my staff?
As an employee retention tool, it’s recommended. Companies are being more and more creative on their way to satisfy their employees and reduce the turnover, and health insurance is certainly one of the most common benefits to start with. If you don’t, your competitors will.
How does group insurance work and is it necessary?
A group insurance offers several advantages. One of them is the discount of course. Another one is the flexibility of cancellation. Indeed, if one of your employee leaves, the policy can be easily cancelled which is not the case with an individual plan.
Do I need a big budget for Employee Benefits insurance?
Group plan are pretty flexible which means that we can always design the benefits to fit in the budget. However, note that offering too low benefits is not a viable solution and a good balance between cost and coverage remain is highly recommended. That’s where a specialised broker can advise you.
What trends can we expect to see for Group Health/Employee Benefits in 2020?
I am not sure if it will happen this year but definitely within the next couple of years the insurers will try through big data to customize and “individualize” the premium based on the members lifestyle. For example, smoker or not, consuming alcohol, exercising. For example, in South Korea some members can enjoy a discount based on the information collected by the insurer on their wearable.
If you are looking for any help, guidance or insurance cover, please contact Imad on [email protected] or +65 6439 8026