Group Risk Benchmarking
/Plan For Life provides a customised service to superannuation fund administrators and trustees for comparing Group Life and Salary Continuance Insurance policies.
Group Risk Benchmarking evaluates multiple insurance policies, based on product features and premium rates, to assist superannuation fund administrators and trustees when considering the replacement of an existing policy or setting up a new one.
The analysis is based on examining group insurance policy ‘competitiveness’ from the perspective of the optimum level of benefit to insured lives. Having the most competitive rates and attractive product features does not necessarily make the product the ‘best’, as there may be some offsetting negative aspects, such as restriction of automatic cover levels or limitations on travel. In making comparisons it may also be more beneficial to consider whether separate insurers should be used for Life Cover and Salary Continuance insurance.
Additional important features of potential life insurers benchmarked include: (a) comparative financial and administrative strengths in supporting the Group Life policy, and (b) the track record in the acquisition and retention of clients.
The key benefits of Group Risk Benchmarking include:
Insurance Tenders – support for Group Life and Salary Continuance Insurance tendering process
Insurance Annual Reviews – support for review and recommendations to the Trustee regarding insurance policies’ terms and conditions, interpretation, amendments, enhancements and insurers’ strengths.
