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Risk Benefits

The employee benefits industry can be extremely competitive with providers constantly jostling for a larger share of the market place. As a result of this, unit rates are frequently changing. This ongoing evolution can result in considerable premium savings being made by simply carrying out regular reviews of your policies. Barnett Waddingham offers a comprehensive service in this field including reviews of the market, renewals of policies, the processing of claims and ongoing administration of policies. In addition, we can provide advice and assistance with the creation of flexible benefits packages.

Our insurance service

We provide advice on the following types of insurance:

Group Life Assurance
Group Income Protection
Group Private Medical Insurance
Group Critical Illness Insurance
Group Dental Insurance

We can also facilitate Trustee Indemnity Insurance through a third party arrangement.

If a review is required, our 'key services' package consists of the following:

Assistance with data and policy specification preparation for initial quotations
Organisation of quotations from the current provider and 3 others
Comprehensive report detailing our recommendations and the specification of cover
Assistance with final data preparation if necessary
Implementation of policy including assistance with documentation
Full review of the policy schedule from the provider before sending it onwards to the client.

Normally we charge a fixed fee for our service depending on the size of the policy and your requirements. Please note that we reserve the right to charge an additional fee in the event of significant problems with the membership data or policy specification. Should this be the case we would notify you prior to undertaking the additional work.

We can also provide more detailed services if required. These include:

Organisation of quotations from up to 6 suitable providers in the market
Final summary of the insurance cover once the policy has been implemented
Drafting an announcement to members.

Our fees for these services would vary depending on which services you require and the complexity of your policy.

Smaller policies

In cases where fewer lives are to be covered, the cost of a full market review can be disproportionate to any potential savings in premium costs.

For employers who wish to provide Group Life Assurance, Group Income Protection or Group Critical Illness benefits for groups of less than 100 employees, you can take advantage of our small employer arrangement offered by a leading provider to provide favourable terms for policies of this size without the associated costs of undertaking a full market review. Assisting with the preparation of membership data and the relevant documentation would also be included within our fee.

Any employer taking out a Group Income Protection policy through this arrangement would automatically be eligible to receive advice on legal, tax and employee issues through the insurer's advisory service as well as medical advice from their consultancy facility.

Policy renewals

We are happy to renew policies if requested. This would include a review of the membership data, sending it to the provider(s) and assisting with document administration.