The concept is to offer clients a modular approach for the five coverages, with improvements in underwriting and pricing across all lines meaning that the products are competitive in each of their respective markets. The real added value comes through simplified and coordinated sales, underwriting and administration processes for multiple coverages which avoid unnecessary duplication of information and help to deliver a faster service and superior product to both employers and expatriates.
An important and demanding workforce
While expatriate employees in most companies are often only a small percentage of the overall headcount, the individuals involved are invariably highly skilled and well paid, and demand a bespoke benefits package commensurate with this. Given the risks and administrative complexities that go hand-in-hand with working in different regions of the world, it is easy to see why the provision of benefits for expatriates presents complex challenges for HR managers, insurers, and consultants alike.
Co-ordinated activity and local flavour to improve products and match needs
Coverages are available from a minimum of five lives in a multi-currency format, with market-leading levels of free cover and maximum benefits quoted in Euros and converted into US dollars, British pounds, or Swiss francs at an appropriate exchange rate.
Employers taking multiple coverages benefit from simplified administration processes and potentially higher free cover limits. Each module incorporates a degree of local flavour, so employers will have a choice of different forms of benefit and can select from a range of disability definitions and investment options to tailor the product to their own needs.
Whilst the coverages are specifically designed for the expatriate market, there is also the flexibility to place small groups of local nationals in a scheme (subject to the respect of local regulations), and the health, life and disability coverages can be included in a Swiss Life multinational pool.
Removing administrative inefficiencies
Having a single application form approach to simplify the scheme enrolment process will make it easier and quicker for employees to obtain the cover and services they require, whilst employers will benefit from having a single contact point within Swiss Life to which queries can be directed. All coverages will be supported by web-enabled resources which allow employees to access scheme details, forms and services on-line, thereby reducing the ongoing burden of administration on all parties.
Experienced providers delivering creative solutions
Swiss Life in France has a long-established pedigree in expatriate health and assistance insurance, and Swiss Life in Luxembourg specialises in the retirement, death and disability covers. With the transnational team Corporate Solutions of Swiss Life providing consulting, marketing and coordinating support we have been able to harness specialist expertise within our organisation to deliver a high quality one-stop-shop solution.
With the launch of Swiss Life Expat Select, Swiss Life aims to be the first company offering market-leading solutions across all five lines of cover that are capable of competing in the market on a stand-alone basis in their respective classes.
We are convinced that this new plan represents a significant development in the delivery of expatriate employee benefits, as well as a major step forward in Swiss Life’s mission to provide top-quality employee benefit solutions worldwide. We look forward to discussing how Swiss Life Expat Select can help your company in the very near future.
