Corporate life insurance will help retain key employees
The corporate segment of insurance is a key and priority segment in the work of insurance companies.
If an insurance company has a strong brand and has established itself as a reliable partner, then it can count on a constant demand for insurance and have a predictable percentage of renewals of insurance contracts, this is especially true for corporate contracts of accumulative or risk life insurance for employees of enterprises.
In the Ukrainian life insurance market, the situation showed a positive trend. Growth was shown by insurers that have their own sales networks and have a significant part of corporate insurance in their portfolio .
According to experts, the increase in corporate and retail segment premiums was due to the indexation of sums insured, expansion of coverage and exchange rate differences (devaluation followed by stabilization of the national currency).
Some insurers note an increase in insurance coverage for key persons at enterprises due to the improvement of the provided social package.
Recently, there has been an increasing tendency to increase insurance options in the social package for an employee of a particular industry.
An analysis of the life insurance segment shows that client companies tend to prolong concluded contracts, choose the optimal list of options, which in turn allows them to save money and get the necessary coverage.
Under the present conditions, the increase in insurance standards falls on the shoulders of the employer as a social concern. World experience, however, shows that, subject to the improvement of social standards at the enterprise, it is possible to manage the productivity of an employee, to motivate him in every possible way to improve production indicators.
It would not be superfluous to mention the increase in your reputation as an employer, in case of introducing or improving a social package for your employees.
First of all, you should pay attention to the modern requirements of job seekers. If earlier in the working conditions the demand for material compensation was at the head, today applicants are more concerned about the social package and pensions when working at this enterprise.
Risk accident insurance and life insurance, which are just entering our lives, largely inherit foreign experience.
Now insurance companies are introducing insurance for key employees even more than for ordinary employees.
Since, subject to the preservation of a normal working team, it is possible to restore material well-being, which, subject to the presence of “empty” machines and the absence of qualified workers, is highly debatable.
Corporate life insurance is being introduced primarily to increase the productivity of the staff. Among other things, such insurance can keep the right workers in their jobs.
In the conditions of the modern distribution of life insurance, it is necessary to tell future customers a lot about the benefits of a particular policy, about the need to accumulate funds.
The most important aspect is the awareness of the need for the widespread introduction of endowment insurance in the corporate segment and its implementation in practice.
The presence of a social package is an additional deterrent incentive for the employee at his workplace.
An important aspect of the introduction of a social package at an enterprise is the so-called effect of the golden handcuffs life insurance program, the essence of which is that the enterprise negotiates a funded program and social benefits for a person when applying for a job, and then gives him a choice – to continue his career in this company, or interruption of labor activity with proportional payment or lack thereof according to the contract.
Today in Ukraine, laws make it possible to manage this process at the level of the top management of the enterprise, and at the same time do not stipulate the terms of cooperation and options for applying such insurance incentives for employees.
Author: Nataly Kramer
