In this week's blog: what would it mean to have just one set of consultants for your pension and your health and risk products? Steve Butler's tale of insurance woe could make you rethink your pension and benefits offering:
In my household, we have one dog, two cats, two cars…. Plus myself, my wife and seven children.
It is an insurance nightmare. (Probably not what you thought I was going to say, right?!)
Household insurance…. Pet insurance… Life insurance…..
Each one of those policies is with a separate company, with different renewal dates.
It’s all very difficult and time-consuming to keep track of. Half the time I can’t remember which policy is with which company, let alone how to contact them.
As for car insurance, I had the inconvenience of moving away from our original provider when my children hit their late teens, because it wouldn’t cover learner drivers.
Since then, I seem to spend a large chunk of my time adding and removing learner drivers from various policies. It’s a miracle I get my job done.
Well, that’s the way it used to be, anyway.
Recently I made a small but important change, which has saved me both time and money. And there’s a lesson here for your company, too.
Quite simply, I moved every insurance product to one provider.
There is now one policy. One phone number. Only one person I need to speak to.
It’s a massive relief!
The convenience is fantastic. We have certainly made savings. And everything is so much easier to keep track of.
Now, if you are director of HR or benefits, you might be able to relate.
It’s possible that you use pension and benefits consultants from two different companies.
If so, it’s probably a hassle.
It means two sets of people to deal with, doubling the time and effort you have to put in…
And if not doubling the fees, then certainly increasing them.
Also, while you might be happy with both services, neither team has full overview of your pensions-and-benefits package.
Neither of them are considering how both these offerings work together, to deliver the very best value to your staff – and to your company.
What would it mean to have just one set of consultants for your pension and your health and risk products – like I now have just one insurance company?
Not only would it be more convenient for you to have everything under one umbrella - dealing with just one key contact and organising just one set of meetings…..
And not only could your company potentially make significant cost savings….
The outcomes you deliver would be better, as well, because you could take a more holistic, joined-up approach.
If that’s a result you would like to see, have a look at how we can help you.
As I announced last week, we have just launched a new health and risk benefits division, which helps companies like yours understand how effective and appropriate your workforce benefits are – and then make any adjustments necessary to provide the right mix for your staff.
This service is an extension of our existing DC pension governance service.
So from now on, we can help you with both pensions and benefits – all under one roof.
If you save even a fraction of the time I saved by bringing all my insurance products under one roof, you will be doing very well 😊