Managing your employee benefits cost and risk
If your business operates in two or more countries, we can help you implement multinational pooling to combine the employee benefits contracts of your subsidiaries around the world into a centralised account, to potentially obtain a dividend and unlock the power of risk-spreading.
Lauren McManus
Lead International Consultant
Operating internationally brings its own set of complex challenges
Operating a global business can be a challenge, no less because of the complex admin and range of benefits considerations from country to country.
Without specialist help, you may be vulnerable to:
- Financial losses due to ineffective cash management
- Less effective risk management and overall control of your international employee benefits programme
- Inefficient use of your available cash resources
Complete support with your employee benefits strategy
Our specialists can help you pool your global benefits plans to benefit from enhanced underwriting terms, better plan design, risk spreading, and cost savings (through potential pooling dividends)
NFP are able to:
- Give you access to plan features and pricing reserved for larger organisations
- Conduct a comprehensive global benefits pooling feasibility study
- Offer packages that allow you to compete with your larger competitors for the best local talent
What are the cost benefits to multinational pooling?
There are no additional charges or loadings applied to the premiums paid for the employee benefits. Although a dividend is not guaranteed as it is subject to the claims experience, which cannot be predicted, when adding a local employee benefits plan into a pool is a consideration the network will provide an illustration to indicate the potential dividend. The pool may also provide a higher level of free cover or guaranteed issue than that offered locally, removing the need for some or all of the required medical underwriting.
Damien Weston
International Sales Consultant
How does multinational pooling work?
Employee benefits in a pool are insured by the members of the network as normal, so there is no change to the local terms and conditions of the insurance policies. Each year, the insurers provide the network with information on the premiums and claims paid, plus the expenses they and the network incurred, which are then combined together into an account. This account is used to establish if there is a surplus, commonly known as a ‘dividend’, which is then paid back to the company.
Matthew Shaw
International Sales Consultant
Cutting through the complexity of global benefits management
A range of solutions to help you build an international employee benefits strategy that delivers value for your people
New country start-ups
Supporting your organisation as it expands internationally
Global benefits management
Helping you stay on top of running plans in multiple countries
Auditing and benchmarking
Ensuring quality and consistency in your global locations
NFP's guide to international employee benefits
With more benefits, reward and HR professionals taking on multinational responsibilities, our team of experienced international benefits consultants have created this guide to share their insight into the key aspects of running a successful international benefits programme.
In the comprehensive guide, you'll learn:
- What to consider when designing your global benefits strategy
- How to identify the right benefits and provider(s) to deliver them
- How to efficiently run your global benefits programme
- How to review and maintain oversight of your programme
Request a call back from one of our global benefit specialists
To discuss your requirements, fill out the form below and our team will be in touch.