Managing Employee Health and Benefits program is slowly evolving from a placement based structure to a service based structure. Most programs have become comprehensive in nature, which does not require much skills in designing a policy.
The focus is slowly shifting to analyzing the insurance program and ensuring that the arrangement will sustain over a period of time. Moving between insurance companies in a competitive market will be short term and the need to design a sustainable employee benefit program which will provide necessary and critical cover and at the same time, not be a losing proposition to the risk carrier, will become a necessity.
We have consciously limited our focus to corporates who are looking at Employee Benefits on a long term sustainable model, rather than trying to get the maximum benefits at unviable long term rates.
bharat RE is handling customers who are looking at the Employee Benefits program on a long term budgeting method rather than as a risk transfer. We, at bharat RE, are clear that the Employee Benefits business can be effectively managed only when it is looked at from the point of view of the insurance company managing the program.
bharat RE does not believe that finding insurance companies to place policies at almost half the premium of the average claims over the previous years is a market to be in.