SlideShare una empresa de Scribd logo
1 de 4
Descargar para leer sin conexión
Employee Benefit Control Accounts




   Lowering cost and taking back control of
          your Employee Benefit packages
The Advantages of the Employee Benefit
                                                     Control Account with BAF
                                                     Over the last two decades, Employee Benefit packages have grown to include Medical,
                                                     Life and Accident/Disability insurance and have become accepted as “de facto” in
                                                     employment packages, particularly where businesses are aiming to attract and retain the
                                                     best talent. In a challenging economic environment and with no end in sight of these
                                                     recessionary times, many businesses are now questioning the viability of continuing to
                                                     provide such high cost benefits; especially those costs which rise above inflation year after
                                                     year.

                                                     However, the removal of staff benefits can have a negative impact on employee loyalty as
                                                     well as making a business less attractive compared to those that do offer such benefits as
                                                     part of an overall employment package. There is also real concern about the impact of
                                                     removing benefits such as medical insurance on long term staff absence and productivity.

BAF Support and Partners
                                                     So what’s the answer?
•   BAF’s insurance companies have been serving
    the needs of Caribbean business since 1920       Employee Benefit Control Accounts can provide a flexible and safe alternative to
                                                     traditional insurance for medium and larger sized companies – taking care of employee
•   Dedicated and knowledgeable local staff
                                                     well-being, whilst putting the control of costs and escalating premium payments back in
•   Streamlined and state of the art
                                                     the hands of the employer.
    administration capabilities
•   Highly rated reinsurance support, including      BAF is a specialist in the management of Employee Benefit Control Accounts. Together
    Munich Re                                        with our global network of partners we have designed a best in breed solution to manage
                                                     Employee Benefits, putting excellent employee service and employer cost reduction at the
•   Locally managed and scalable physician
                                                     heart of everything we do.
    networks
•   Lowest cost claims in the US utilizing the
    United Healthcare network
                                                     The advantages to the Employer
•   Access to e-Doc America, a leading physician         Real, long term savings over the cost of traditional corporate premiums (between 10-
    led portal for health and wellness information        25%).

    available 24/7.
                                                         Employer keeps any surplus if claims are lower than expected, rather than an insurer
•   Jointly designed and customized wellness              taking an extra profit.
    management programs
                                                         The employer, working with BAF, sets the rules of the scheme and what can be
                                                          covered and decides what to do with any surplus funds. i.e. cash payout, premium
                                                          holiday etc.

                                                         The employer, working with BAF, can design a superior and tailored managed care
                                                          platform designed for their employees and not the needs of a larger insurer with a
                                                          varying client base. This allows a more flexible approach to benefit provision as well
                                                          as providing the opportunity for custom-made benefit plan designs, claims
                                                          management and administration that ultimately delivers significantly better value to
                                                          your company’s employee benefit budget.




take back control of employee benefits
What does BAF provide?

•   Custom-made benefit schedules and policy
    wording
•   Service Level Agreement
•   Personalized Membership documentation
•   Claims administration; local and overseas
•   On line administration
•   Full reporting and analysis capabilities
                                                     All about control funding
•   Reinsurance support at Specific and /or
    Aggregate levels                                 Employer funding of employee benefits is really straightforward. In fact about 80% is
                                                     exactly the same as commercially available insurance. For example:
    Your HR department can look forward to
    spending less time dealing with the
                                                              Employees can be covered for existing and on-going medical conditions
    company’s employee benefits and your
    company can enjoy long term stability in cost.            Your company can choose to transfer the existing benefits into your own plan
                                                              The claims process is the same with bills being settled directly with the medical
                                                               provider
Did you know over 80% of                                      The reporting of group joiners and leavers is the same
                                                              Claim reporting and analysis is much improved as the company can see up to
companies funding employee
                                                               date picture in real time.
benefits in the USA utilize
alternative forms of funding as                      Insurance Protection
their key tools to control and
                                                     The good news is almost all companies that use a control account to fund employee
reduce cost?
                                                     benefits will operate at a surplus over a typical five-year period, but there will always be a
                                                     year when several catastrophic claims occur and claims exceed expectations.

                                                     For companies running a surplus balance carried forward from previous years the impact
                                                     of catastrophic claims can be absorbed.        In the early years of an arrangement, an
                                                     insurance stop loss policy can be purchased to limit the liability to a known maximum.

                                                     BAF has access to stop loss facilities with some of the world’s largest reinsurers.

                                                     And with careful management, a successful year doesn’t have to mean an extra profit for
                                                     the insurer. Your company can:

                                                     •    Hold surplus funds to reduce renewal costs
                                                     •    Use the surplus to buy additional benefits
                                                     •    Retain the surplus funds as a provision against a higher than average claims
                                                          experience in a future period
                                                     •    offer a contribution holiday or use to fund additional wellness or preventative
                                                          benefits




                                                                          take back control of employee benefits
The Advantages are:
      Custom-designed packages for your employees
      10-25% lower overall cost compared to commercial insurance
      Interest paid on surplus funds
      Company branded literature
      Highest quality service proposition for your staff
      State of the Art administration
      Web access for Group Administrators for up to the minute
       claims and policy information, 24 hours per day
      Web access for employees to policy and claims information
      Integrated company specific        wellness and preventative
       healthcare programs




Independence Drive
PO Box N-4815
Nassau, Bahamas
Tel: 242-461-1000
Fax: 242-361-2527
Mail: jborrino@mybafsolutions.com
Web: www.mybafsolutions.com

Más contenido relacionado

Último

ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfAdnet Communications
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent PreferencesGRAPE
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneurabcisahunter
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Matthews Bantsijang
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklosbeduinpower135
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.Arifa Saeed
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxsonamyadav7097
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismBrian Lin
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...mwangimwangi222
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfMichael Silva
 
Mphasis - Schwab Newsletter PDF - Sample 8707
Mphasis - Schwab Newsletter PDF - Sample 8707Mphasis - Schwab Newsletter PDF - Sample 8707
Mphasis - Schwab Newsletter PDF - Sample 8707harshan90
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.KumarJayaraman3
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...Antonis Zairis
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources PresentationAdnet Communications
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI360factors
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxPrecize Formely Leadoff
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 

Último (20)

ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent Preferences
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklos
 
Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdf
 
Mphasis - Schwab Newsletter PDF - Sample 8707
Mphasis - Schwab Newsletter PDF - Sample 8707Mphasis - Schwab Newsletter PDF - Sample 8707
Mphasis - Schwab Newsletter PDF - Sample 8707
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptx
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 

Baf employee benefit control account brochure

  • 1. Employee Benefit Control Accounts Lowering cost and taking back control of your Employee Benefit packages
  • 2. The Advantages of the Employee Benefit Control Account with BAF Over the last two decades, Employee Benefit packages have grown to include Medical, Life and Accident/Disability insurance and have become accepted as “de facto” in employment packages, particularly where businesses are aiming to attract and retain the best talent. In a challenging economic environment and with no end in sight of these recessionary times, many businesses are now questioning the viability of continuing to provide such high cost benefits; especially those costs which rise above inflation year after year. However, the removal of staff benefits can have a negative impact on employee loyalty as well as making a business less attractive compared to those that do offer such benefits as part of an overall employment package. There is also real concern about the impact of removing benefits such as medical insurance on long term staff absence and productivity. BAF Support and Partners So what’s the answer? • BAF’s insurance companies have been serving the needs of Caribbean business since 1920 Employee Benefit Control Accounts can provide a flexible and safe alternative to traditional insurance for medium and larger sized companies – taking care of employee • Dedicated and knowledgeable local staff well-being, whilst putting the control of costs and escalating premium payments back in • Streamlined and state of the art the hands of the employer. administration capabilities • Highly rated reinsurance support, including BAF is a specialist in the management of Employee Benefit Control Accounts. Together Munich Re with our global network of partners we have designed a best in breed solution to manage Employee Benefits, putting excellent employee service and employer cost reduction at the • Locally managed and scalable physician heart of everything we do. networks • Lowest cost claims in the US utilizing the United Healthcare network The advantages to the Employer • Access to e-Doc America, a leading physician  Real, long term savings over the cost of traditional corporate premiums (between 10- led portal for health and wellness information 25%). available 24/7.  Employer keeps any surplus if claims are lower than expected, rather than an insurer • Jointly designed and customized wellness taking an extra profit. management programs  The employer, working with BAF, sets the rules of the scheme and what can be covered and decides what to do with any surplus funds. i.e. cash payout, premium holiday etc.  The employer, working with BAF, can design a superior and tailored managed care platform designed for their employees and not the needs of a larger insurer with a varying client base. This allows a more flexible approach to benefit provision as well as providing the opportunity for custom-made benefit plan designs, claims management and administration that ultimately delivers significantly better value to your company’s employee benefit budget. take back control of employee benefits
  • 3. What does BAF provide? • Custom-made benefit schedules and policy wording • Service Level Agreement • Personalized Membership documentation • Claims administration; local and overseas • On line administration • Full reporting and analysis capabilities All about control funding • Reinsurance support at Specific and /or Aggregate levels Employer funding of employee benefits is really straightforward. In fact about 80% is exactly the same as commercially available insurance. For example: Your HR department can look forward to spending less time dealing with the  Employees can be covered for existing and on-going medical conditions company’s employee benefits and your company can enjoy long term stability in cost.  Your company can choose to transfer the existing benefits into your own plan  The claims process is the same with bills being settled directly with the medical provider Did you know over 80% of  The reporting of group joiners and leavers is the same  Claim reporting and analysis is much improved as the company can see up to companies funding employee date picture in real time. benefits in the USA utilize alternative forms of funding as Insurance Protection their key tools to control and The good news is almost all companies that use a control account to fund employee reduce cost? benefits will operate at a surplus over a typical five-year period, but there will always be a year when several catastrophic claims occur and claims exceed expectations. For companies running a surplus balance carried forward from previous years the impact of catastrophic claims can be absorbed. In the early years of an arrangement, an insurance stop loss policy can be purchased to limit the liability to a known maximum. BAF has access to stop loss facilities with some of the world’s largest reinsurers. And with careful management, a successful year doesn’t have to mean an extra profit for the insurer. Your company can: • Hold surplus funds to reduce renewal costs • Use the surplus to buy additional benefits • Retain the surplus funds as a provision against a higher than average claims experience in a future period • offer a contribution holiday or use to fund additional wellness or preventative benefits take back control of employee benefits
  • 4. The Advantages are:  Custom-designed packages for your employees  10-25% lower overall cost compared to commercial insurance  Interest paid on surplus funds  Company branded literature  Highest quality service proposition for your staff  State of the Art administration  Web access for Group Administrators for up to the minute claims and policy information, 24 hours per day  Web access for employees to policy and claims information  Integrated company specific wellness and preventative healthcare programs Independence Drive PO Box N-4815 Nassau, Bahamas Tel: 242-461-1000 Fax: 242-361-2527 Mail: jborrino@mybafsolutions.com Web: www.mybafsolutions.com