• Do you know what your total employee benefits costs are? (i.e., social security, premium, fees, taxes, commissions, and losses in each country where you have operations)
• Do you have the same degree of control over your global employee benefits program as you do over your domestic programs?

If your client or prospect has answered no to either of these questions, they are not alone. Studies have shown that nearly 80% of “middle market” multinationals do not have a solid understanding of their local benefits programs. As a result, they often miss opportunities to reduce costs and improve benefits abroad.

A Benefits Assessment of a client’s or prospect’s overseas operations can be a very valuable sales tool in today’s market. But the “global” brokers typically do not provide clients with a detailed analysis of their local benefits program, nor do they conduct a detailed comparison with local trends, customs, benchmarks and regulations. Instead, when providing clients with local program information, these entities typically offer clients copies of local policy documents and summarize existing policies. This is rarely sufficient to ensure the most appropriate and cost effective solutions are being utilized.

Globex Partner Brokers are able to offer their clients and prospects a comprehensive Benefits Assessment in virtually any country across the globe. The fee can vary depending on group size, territories involved and any additional information requested by the client; and this expense is usually more than made up in program/cost improvements.

Globex Partner Brokers can view, download and print a sample Benefits Assessment in our password-protected web portal.

What is a Benefits Assessment?

It is:

• A local site visit by a qualified employee benefits professional
• An independent assessment of local needs, trends, customs and regulations
• A review of existing service providers (broker, market, TPA)
• A discussion with local management about current operations, likes and dislikes of the current employee benefits program
• A summary of current insurance arrangements
• Detailed benefits observations, benchmark analysis, recommendations and implications from a local and global standpoint
• A detailed cost analysis of all recommendations

It is not:

• Simply a review of local policies and coverages

Who can benefit from a Globex Benefits Assessment

• Clients who do not currently know or understand their local and global benefits programs, and have concerns about cost-effectiveness.
• Clients who have recently acquired or opened new operations internationally.
• Clients who want a “second opinion” of their existing coverages.

Who has benefited from a Globex Benefits Assessment

• Fortune 1000 company authorized Partner Broker/Globex to conduct Benefits Assessments in two territories. Total fee for Assessments was $31,000. Assessment results identified numerous flaws in program design and recommended several improvements to bring benefits program in line with local trends, customs and benchmarks. Partner Broker/Globex assisted client to implement the recommended improvements in each country, resulting in 35% reduction in employee turnover.
• Fortune 500 client (previously brokered by Aon) authorized Partner Broker/Globex to conduct Benefits Assessment for its UK operation. Assessment identified several areas where plan design was in noncompliance with recent changes in pension legislation, and provided detailed recommendations to overcome those issues. Partner Broker/Globex obtained permission to make all necessary changes to the program, which ultimately resulted in cost savings of approx. $20,000 annually.