What to look for in an insurance provider for your employees
Considering that job seekers often look at the benefits they’re being offered when applying for employment at a new company – group cover can help you attract and retain employees.
Investing in group schemes is an effective way of keeping your staff happy, increasing productivity, and more importantly, making sure the most skilled employees stay within the business. Although it is not compulsory, it is an incentive that can work to your advantage.
Truth be told; the last thing any business needs is for their best employees to leave because they are not offered benefits. So, now that you understand why you need insurance, here’s what you need to look out for when searching for a group insurance provider.
Relevancy
Relevancy is critical for any business which wants to succeed. When in search of a group scheme for your business, you need to know if the insurance company is relevant to your employees. Look at an employee’s age, ethnicity and personal needs. Keeping these three factors in mind will give you an idea of what is required from a group insurance provider.
Understanding your employees’ needs won’t only help you get the most suitable insurance, but it will contribute towards the success of your business. Once you understand what your employees need, you can find ways to help lower their burden with financial perks.
By giving your employees peace of mind, your efforts can increase workplace morale and productivity in the office. For example, every employee would appreciate a group scheme funeral cover. The passing of a loved one can cause financial and emotional strain, and although this is a personal issue, it can affect an employee’s working ability.
When you have a group funeral cover for your employees, you can help put their minds at ease during this challenging time. This will, in turn, make it easier for them to produce the quality of work your business expects them to deliver.
Innovative
Whenever you look for an insurance provider for your staff, you need to ask yourself whether they are forward-thinking. Innovation is important to any business, and every company should strive for this, even insurance companies. Like-minded, innovative insurance providers will ensure they offer insurance that fits your employees’ needs. For example:
- Are they taking note of previous customer complaints and making changes?
- Are they offering tailored packages that fit people’s needs and finances?
- What do they offer that’s different from their competitors?
- Are their processes fast and accessible?
It wouldn’t be a smart business move to use an insurance company which has been using the same methods for years. Today’s employees’ needs are different from what they were five years ago. So, you need to find an insurance company which understands that.
Flexibility
No two employees are the same. This is why an insurance company needs to have flexible packages. Each employee has their own needs; therefore, finding a cover that can offer tailored plans will be valuable to your employees. Many funeral group schemes in South Africa offer personalised experiences to each individual. For example, you should try and consider a group cover that allows a payout even for extended family members. Many employees are often the breadwinners for their extended families too. So, should an unforeseen event happen, they might have to be responsible for the funeral arrangements.
Do they offer a holistic approach?
Having access to an insurance company which offers a comprehensive package is a must. Even if you currently don’t have the budget for it, it is convenient for you to be in partnership with an insurer who can offer extended cover. This will ensure that you won’t need to look for another insurance company at a later stage, should you decide to add additional benefits.
If an employee is involved in an accident and can no longer work, the insurer will pay out your employee. This can be the way your business gives thanks to its employees for the hard work and time they have dedicated to your company. It will also be beneficial for your business. Having a disability cover will help you in instances where an employee gets injured, and you’re liable to pay. Your insurer will handle everything in a professional manner.
Final thoughts
Finding the perfect insurance provider for your employees may seem like a lengthy and daunting process. However, it does not need to be. As long as you ask yourself the relevant questions and understand your employees, there is no need for you to worry. Just take a step back and assess the situation your employees’ are in, and take it from there. At the end of the day, your business will reward you financially, which is what your company needs.