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Global Employee BenefitsThe Swiss Life Network PerspectivesDecember 2014

SL_Newsletter_DEZ14_V05.indd 1 11.12.14 23:30

Dear Reader

We are proud to be your trusted partner for all aspects of employee benefits, andas we come to the end of the year, Swiss Life and the Swiss Life Network wish toexpress our sincere thanks to all our clients and business partners for the supportand trust you have given us in 2014.

This edition contains several ideas on how we plan to partner with you in future.We are living in a world where new ways to act and new behaviours are becomingever more important; where old power structures are shifting towards newarrangements; old values are being replaced or complemented by new values;and technology is opening up previously unimagined opportunities. As a leadingglobal employee benefits platform, Swiss Life and the Swiss Life Network aredetermined to continue evolving to deal with the challenges all this brings.You can be sure, however, that as we reinvent our business model and activities,we will never lose our focus on our clients’ needs.

We look forward to remaining your partner of choice in the fast-changingemployee benefit world.

Yours sincerelyMargrit Schmid


Global Employee Benefits | December 2014

Feature StoryThe future starts now 4

Changes on the horizon 5The challenges and opportunities of generational differences 6A snapshot of global employee benefit trends 9Healthy workforce, healthy future 11

Partner NewsGermany: New Swiss Life Maximo occupational pension planoffers Swiss wealth management expertise 13South Africa: Tax changes are a double-edged sword 14

Do You KnowSwiss Life Partner Awards 2014 16

Swiss Life Network PartnersNetwork Partners 19

ImpressumPublisher Swiss Life Network, General-Guisan-Quai 40, P.O. Box, 8022 Zurich, Switzerland, T +41 43 284 37 97,F +41 43 284 39 97, [email protected] • Editor Swiss Life Network in cooperation with networkpartners, clients and Openline • Photos Swiss Life Network in cooperation with network partners and clientsPhoto Front SL_PC_Homeowners • Design and Print Swiss Life Marketing Support • Copyright Swiss Life NetworkReprint authorisation on agreement with the Publisher • The quarterly Global Employee Benefits Newsletter isavailable online: www.swisslife-network.com/newsletter


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The futurestarts now

Under the motto “The future starts now”, the Swiss Life NetworkConference and Client Day 2014 took place on September 23–25 in Zurich.140 participants from 32 multinational clients, 32 Network Partnersand 10 global brokers and consultants attended the conference.

There was plenty of inspiration from the speakersand participants during the numerous presentations,workshops, training sessions and networking opportu-nities.

Keynote speaker Charles Donkor of PwC, shared theirresearch and insights on the Millennial generation,which will soon become the largest component of theworkforce. His descriptions of the misconceptions be-tween different generations, and the challenges of at-tracting and integrating the new generation, clearlyresonated with the audience.

Simon Euringer of BMW shared a glimpse into thefuture of personal mobility integrated into vehi-cles. The advance of technology and its applicationis extremely powerful when coupled with the rightcustomer-focused priorities.

Four global brokers and consultants – Aon Hewitt,Mercer, Towers Watson and Willis – moderatedinteractive sessions with participants on retirement,wellbeing, expatriation and work-life balance – topicsthat are top of mind today.

In various workshops, Zoran Kolewski of ElectroluxAB, Tobias Junker of Lufthansa, Mariela Lack of SIKA,Bronwen Jones of Time Warner, and Swiss Life Net-work Partners Andrew Potterton of Unum, and PatrickMcGinn of Aetna US described their experiences, bestpractices and concerns with participants.

In this feature story, we will share some food forthought inspired by the presentations and discussionsheld at the conference.


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So how will Swiss Life and the Swiss Life Network part-ner with clients in future? Our strict focus on clientneeds will never change, but thanks to globalisation,ageing populations, financial pressures on healthcare,and new technologies, employee benefits cannot staythe same – for any of us. We know that to remain yourpartner we will have to reconsider how we do things.

Looking ahead, we expect to meet growing demandsfor more transparency in our solutions and services,and how these are distributed. The need to respond tocost pressures and provide greater efficiency will onlyincrease. Requests for more information, communica-tion and training materials for employees will becomestandard. And to cope with more diverse workforcesand new employment patterns, our solutions will haveto be able to respond flexibly to different needs andpreferences.

We have already been working on these topics for somewhile, so we are confident we can cope with the chal-lenges. However, our ambition is not to launch quickand fashionable solutions, but to continue to be along-term partner delivering sustainable added val-ue. In the areas of risk protection, retirement pensions,and comprehensive plans for mobile populations,we will continue delivering top-quality insurance so-lutions enhanced by appropriate non-insurance ele-ments. Flexibility, reliability and simplicity will steerall our activities.

Flexibility – with more and new modulesA high level of modularity has always been part of ourglobal solutions. From pooling modules to our flexi-ble solutions for mobile populations. Our pension so-lutions also offer great flexibility, with choices availableon the level of guarantee, financing options, types andlevels of benefits, and legal setup. In future, we will alsooffer additional non-insurance modules to deal withmatters “before insurance” (prevention) and “after in-

surance” (back-to-work programmes) – which are of-ten part of wellbeing programmes. In addition, we aredeveloping our pooling modules to adapt to less clas-sical tariff markets. Our global risk solutions in futurewill consist of classical and new pooling elements, en-hanced by specific umbrella-type solutions where ap-propriate.

Reliability – with extended partnerships and greaterefficiencyReliability will remain a key feature. We are committedto delivering on our promises: it’s in our Swiss DNA.So we will continue to be very clear about what we of-fer. As an insurer we will continue to provide guaran-tees at an appropriate price. If we receive requests foradvice that we cannot meet ourselves, we will ensurethat we have reliable partners to do so. Our reliabili-ty is also reflected in our financial solidity. We will con-tinue to improve our effectiveness and efficiency, whilemaintaining strict profitability criteria.

Simplicity – at all levelsFinally, we will work hard to further simplify how youdeal with us. We aim for easy and efficient proceduresalong with simple, easy-to-understand solutions. Wewill continue to use modern technologies to ensurethat you benefit financially from our efficiencies, aswell as from convenient features in our solutions, suchas web access and self-administration. In particular, wewill also expand and enhance our solutions for mobilepopulations, for whom simplicity is especially impor-tant.

As an organisation continuously striving to providebetter service and more added value for our clients andbusiness partners, we hope to remain in constant dia-logue with you, and to stay or become your partner ofchoice for employee benefits today and tomorrow.

Changes on the horizon

Swiss Life believes that anticipating, understanding, and matching ourclients’ changing needs is key to our business. We have maintained ourpioneering spirit since we first introduced pooling over 50 years ago.Going forward, we will continue to identify and pursue effective andefficient new ideas for global employee benefits.


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There is no exact definition of the Millennial genera-tion, also known as Generation Y (or the Facebook gen-eration). However, most people agree that this is thegroup that came of age at the turn of the millennium,along with the rise of technology and social networks.It is the first generation to be truly globally connected.

Facebook and Co. are more than just applicationsfor this generation. The Millennials grew up with tech-nology and multimedia; these are integral to theirlives. Globally connected via the internet and socialnetworks, Millennials share constantly and demandinstant feedback. They enjoy collaboration, and expecttransparency. They think hierarchies should be basedon ideas and knowledge, not position, and prefer tosolve problems using collective wisdom, via conversa-tions, instead of waiting for solutions to be delivered.They want to work for organisations that have a pos-itive impact on society, with a corporate culture thatflexibly meets their needs. In short, they are differentto other generations. (See the research data from PwC’sMillennials at Work – Reshaping the Workplace at the endof this article.)

Workplace integration can be hardGeorge Orwell said, “Each generation thinks it ismore intelligent than the previous and wiser than thenext.” The modern workplace has three main gener-

ations: baby boomers, generation X, and generationY (the Millennials). Their different work ethics, val-ues, and styles of interaction and communication canlead to friction, which is often added to by miscon-ceptions about each other. According to Charles Don-kor’s research, baby boomers feel that younger peopledo not have as strong a work ethic as they do, whilethe Millennials believe they have a good work ethic forwhich they receive too little credit.

These perceptions make it challenging for manage-ment to deal with new entrants. In a 2011 survey ofover one thousand global CEOs conducted by PwCand the World Economic Forum on the topic of keytalent challenges over the next three years, 54% ofrespondents cited worries about “recruiting and inte-grating younger employees”. CEOs responded similarlywhen asked the same question more recently. But whatdoes “integrating” mean?

According to Charles Donkor, who has extensiveexperience of managers in different companies, it of-ten means: “they should work like the rest of us”. Manymanagers think the Millennials need to “grow up” tofit better into the workplace. Pascal Carpentier, SeniorVice President of LVMH Inc. and Benefits Directorof LVMH Group concurs: “Today’s teams are increas-ingly diverse with many new Millennials entering the

The challenges and opportunitiesof generational differences

In roughly ten years, the baby boomers will be retiring and theworkforce will mainly comprise generations X and Y, plus thenext cohort. Inspired by a presentation entitled “A Look into theWorkforce of the Future” by Charles Donkor of PwC at theSwiss Life Network Client Day 2014, we look at the Millennialsand explore the differences between the generations. How isthis affecting the workplace and the business landscape? Andhow should insurance providers adapt in response?


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workforce. We must equip our leaders with the skillsto manage in this new environment and not approachthis generation in the same traditional way of manage-ment.”

Embracing difference helps attract and retain talentHowever, many business leaders and HR profession-als are just now realizing that they themselves have tochange, firstly by acknowledging generational differ-ences. The alternative is to risk alienating Millennials,who will go elsewhere, taking their fresh ideas, infor-mation-sharing skills, and innovative approaches withthem. Organisations that do understand and embracegenerational differences will find it easier to supportemployees to work better together, and thus attractand retain the best talent.

Charles Donkor stresses, however, that understandingand managing generational differences does not meansimply adapting the organisation to fit the style of thenew generation. There will always be different genera-tions sharing the workplace, and companies will ben-efit from introducing processes designed to bring outthe best in all age groups: the younger generation join-ing the organization, and the older generations thatwill be remaining at work for longer, for both legisla-tive and financial reasons.

Regardless of the approach, the key is to accept thatthere is constant change in the workplace, and eachgeneration has different needs regarding career pro-gression, work-life balance and employee benefits.Meeting these various needs is essential if we are seri-ous about creating a productive and happy workforce.

As Frank Arrindell, Benefits Analyst of IKEA Groupsays: “We may think we know it all right now, but therewill be more changes coming up, maybe even within afew years, and we need to make sure that we stay up todate on the latest developments and understand howpeople are thinking and feeling.”

Millennials are customers tooMillennials will also form an increasing share of thecustomer base for every business, and as insurers, wemust ask whether current employee benefit plan de-signs, and how we communicate with insureds and cli-ents, are adequate both now and for the future. Moreimportantly, Millennials will be growing into decision-making positions soon, and have the power to drivethe market. What is the best way to build relationshipswith them to ensure we meet their needs?

According to MetLife’s 2012 Study of Employee Bene-fit Trends, nearly 60% of companies have begun takingmeasures to understand what different generations ofemployees want from their company benefits. Severalrecent surveys reveal that Millennials think differentlyabout benefits compared with older generations at thesame age. Although the MetLife study is conducted inthe USA, many benefit strategies seem to be of similarimportance in both the USA and other countries. (Seemore research data from MetLife’s 2014 Study of Em-ployee Benefit Trends at the end of this article.)

Millennials appear more interested in voluntary ben-efits that they can pay for themselves. By designingproducts and features that match the needs of each agesegment, and framing the advantages of owning these

Traditionalists(1922–1943)

Baby Boomers(1944–1964)

Gen X(1965–1977)

Gen Y(1978–1992)

Work Ethic &values

· Hard Work· Adere to rules

· Workaholics· Question authority

· Self-reliance· Skeptical

· What’s next?· Entrepreneurial

Career 1 company –1 career path

1 company –X career paths

X companies –X career paths

Career web/lattice

Leadership Style Command &control

Consensual Challengeeach other

Leading from behind

Interactive Style Individual Team Player Entrepreneur Crowdsourcing

Communication Formal memo In person E-Mail Twitter

Feedback &Rewards

· No news =good news

· Satisfied in job

· Title recognition· Money

· How am I doing?· Meritocracy

· Whenever I want it· Cafeteria system

Work/Life balance Never the twainshall meet

Work to live Balance Hang loose


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benefits accordingly, their value will be more readi-ly apparent. The older workforce may appreciate fea-tures such as guaranteed insurance with no eligibilityrestrictions for pre-existing conditions, while youngerworkers often want portable benefits, as they expect tochange jobs more frequently.

Cafeteria plans are already well-established. These letemployees select benefits based on their needs. In somemarkets, employees can invest their retirement contri-butions in funds on the market. A simplified version,which automatically invests for employees based onage and risk profiles, is found in lifecycle funds.

The culture of the Millennial generation will also im-pact how the insurance sector works. According toCharles Donkor, Millennial clients prefer differentstyles and channels of communication: “This genera-tion has a unique digital culture and wants to be ad-dressed differently. An example is using applicationslike WhatsApp instead of emails to communicate. Ifwe use an outdated communication channel, we riskfailing to reach the right target group. Providers thatrecognise these traits and adapt early will have anadvantage.”

As for building and maintaining relationships, CharlesDonkor’s approach is simple but profound. “Theyare the same people, whether as employees or clients.Speak their language. What makes them different asemployees: their preference for conversation and col-laboration, multimedia communication, transparen-

cy, etc., is the same when they are clients. Work withthem to build a solution instead of just bringing thema plan. Use multimedia. Ask for feedback – and givefeedback. These are all important elements for build-ing relationships for the long term.”

Employers today are taking note of generational dif-ferences not only in the workplace, but also in theirapproach to benefits. As the number of Millennial em-ployees grows, the importance of this will increase.Good insurers recognise the employee benefit chal-lenges posed by different generations, and provideappropriate solutions and services to companies tomeet these. They are also working to build long-termrelationships with the Millennial generation, using thenew styles and channels of communication that themanagers of the future so clearly prefer.

About Charles DonkorCharles Donkor is a partner at Price WaterhouseCoopers. He leads the Human Capital Consultingpractice at PwC in Switzerland and Talent Manage-ment practice globally. His main areas of consultinginclude Workforce Management and Planning, HRStrategy and Transformation, Talent Management aswell as Cultural Change Management. He has close to20 years of experience working for multinationalconsulting firms.

PwC Millennials at Work – Reshaping the Workplace MetLife 2014 Study of Employee Benef it Trends

· 54% expect to have 2–5 employers in their career;25% expect more than 6.

· 95% say the work/life balance is important to them.

· 41% say they would rather communicate electronically thanface-to-face or over the telephone.

· 65% state that the most influential factor for them to accept ajob is the opportunity for personal development.

· 73% say that customisable benefits and non-financial rewardsare attractive to them.

· 51% say feedback should be given very frequently or continual-ly on the job.

· 38% prefer mainly regular working hours with some flexibleworking hours; 32% prefer mainly flexible working hours.

· 86% of generation Y particularly value having benefits personal-ized to meet their individual circumstances and age.

· 54% of generation Y strongly agree that they need more helpunderstanding how their benefits work and how these optionshelp meet their needs. The overall percentage is 37%.

· Younger workers find technology helpful when selecting and en-rolling in company benefits:43% of generation Y choose live chat, 50% choose mobile apps,48% choose social media, and 54% choose online tools. Allmuch higher than previous generations.

· 69% of generation Y prefer to review their benefits at home,where it’s easier to discuss choices with a spouse or partner.This shows that it is important to ensure that access to compa-ny benefit websites is available from outside the workplace, toenable convenient access to benefit information and tools thatemployees appreciate.


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A snapshot of global employeebenefit trends

During the Swiss Life Network Client Day 2014, we invited fourmajor international intermediaries to choose topics for discussionwith an audience of participants from multinational companiesand Swiss Life Network Partners. To get a clearer picture ofeveryone’s opinions, we also invited those present to vote on vari-ous questions. Here are some of the highlights of the session.

Flexibility - but not for freeThe retirement age is continuously being pushed high-er by legislation. People are working longer not onlybecause of the law, but also because they realize thatthey must save up more for retirement, particularly tocover their future lifestyle and healthcare needs. Over60% of participants at the session believed they wouldhave to live on their occupational pension and theirown savings, and that they would not receive enoughfrom the state.

Another topic of great concern was healthcare in oldage. Around 80% of participants believed that privatehealthcare would be necessary to cover timely access tomedical facilities, as well as long-term care.

In light of this, it was unsurprising to see “flexibility”chosen as one of the top elements for employee benefitplans. Some 66% of participants suggested that whenit came to employer attractiveness, “a very flexible em-ployee benefit plan” and “flexible working hours, on-site fitness centres, and childcare services” had thegreatest importance. Less than 4% chose career oppor-tunities.

Mark Cook of Towers Watson commented on the pop-ularity of flexibility: “There will be more flexibility inall areas of benefit provision, whether pre- or post- re-tirement. I think we’ll see full flexibility in life, medicaland pension coverages, both global and local.”

Flexibility was also a feature when it came to employeewellbeing. Of those present, 53% considered “flexiblework options, such as work hours, job-sharing, etc.” asthe best way to support employees’ work/life balanceand thus wellbeing.

When asked about the costs associated with flexibil-ity, Mark Cook commented: “There will be more em-ployee cost-sharing, that’s for sure. With new genera-tions joining the workforce, the cost-sharing concept,in other words, paying to get exactly what they need,is more desirable than a rigid ‘one-size-fits-all’ plan.”Alan Hewitt of Willis Global Solutions agreed: “Com-panies will most likely play a facilitator role in provid-ing additional benefits and wellbeing programmes,and employees will need to decide what benefits suitthem best – in this respect employees are generally will-ing to share in the cost for supplementary benefits thathave been negotiated by the employer offering betterterms. Flexibility comes with a price, but one that isgenerally deemed to be acceptable.”

More international mobility, but less traditionalexpatriationGlobal mobility was also a key topic. Compared withfive to ten years ago, when expats were often sent fromEurope or the US to other parts of the world, the cur-rent landscape of global mobility is far more diverse. Inresponse to the question: “No expats anymore, only lo-cal employees?” 60% of participants believed that the


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number of employees on international assignmentswould increase in future.

However, when asked what type of international as-signments will gain in importance, the top two choic-es were:· Global employees not tied to any particular homecountry, and

· Localisation, i.e. the integration of expatriated em-ployees into the compensation and benefit system ofthe host country in a “local plus” plan.

These were followed by regional assignments, andshort-term expatriation, typically for up to a year. Thetraditional four-to-five-year assignment for senior topmanagers with a family is already less prevalent today.

These new types of assignment are less expensive. Atthe same time, their gain in popularity is also due toa change in the reasons for international assignments.According to participants at the event, the top reasonfor sending qualified people on international assign-ment today is no longer mainly to develop business inemerging markets, but to transfer knowledge and tech-nical skills to local employees.

According to Simon Ball of Aon Hewitt: “Mobility willcontinue to be a hot topic as companies cannot be suc-cessful if they limit themselves locally, or even regional-ly. Expats are still highly valued employees, but they arecertainly not rewarded as heavily as five to ten years ago.There will be a lot more international mobility, howev-er with less expatriation, and different styles of mobili-ty, as companies work out the best ways to match theirstrategies, operations and management needs.”

Risk pooling will evolve rather than dieMultinational risk pooling, also known as interna-tional experience rating, is a technique developed morethan 50 years ago to help multinationals optimise thecosts of risk coverages outside their home countries.One of the initial benefits to multinationals was thepotential international dividend they could receive.Nowadays, with higher cost pressures, tougher pricecompetition, and insurance margins continuing toshrink, the question arises: will risk pooling come toan end soon?

On this point, 63% of all participants gave a firm “no”.Interestingly, over 80% of the multinationals thoughtnot, while on the provider side, it was a more evensplit (about half the insurers present thought that riskpooling would come to an end). This is probably be-cause multinationals are still enjoying the benefits of

international dividends, while providers are more di-rectly confronted by the associated costs.

When it came to the main advantages of pooling along-side the potential international dividend, 43% of par-ticipants chose the coordination support by a globalnetwork to solve their worldwide employee benefit is-sues. Second most valued was reporting on costs andclaims experience. However, over 20% of respondentsthought that the only advantage was financial.

How will pooling evolve, if it is not coming to an end?Opinion varied greatly on this question. Around 20%of participants thought it would be replaced by in-stant reporting on costs and claims, 12% thought itwould be replaced by captive solutions, 14% thoughtthere would be risk pooling at the regional level, while40% of participants thought it would stay as it is today.“One cannot draw a simple conclusion on how pool-ing will evolve,” said Jimmy Johansen of Mercer Inter-national Consulting Group. “The world of global em-ployee benefits is extremely diverse. There cannot beone solution that fits all. The future evolution of pool-ing will reflect this too.”

Although the participants’ opinions cannot be statisti-cally representative, we did achieve a snapshot of wherethey think global employee benefits are heading. Inshort: every element of employee benefits is evolving inresponse to the deepening of globalisation and to on-going demographic and economic changes. It is criti-cal for solution providers to continue to closely mon-itor the trends and changing needs of multinationals,and to proactively act on these.


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We began with Unum, the UK market leader for long-and short-term disability insurance, and the largestclaims payer, other than the government, to absent em-ployees. In the opinion of Andrew Potterton, Head ofProposition Development at Unum, absence is a keyreason why employers need to pay attention to preserv-ing and restoring their employees’ physical and men-tal health.

In the UK, there is a six-month waiting period betweenthe start of absence and when benefits begin. Statis-tics show that once the six-month mark is reached,the chance of employees returning to work is slim. Re-placing a contributing employee is costly, as absentee-ism, re-hiring and re-training can add up to roughlyGBP 30,000 per case. So it is essential to find ways toget absent employees back to work as soon as possible,and prevent absence in the first place.

Intervention and prevention lower costsAndrew Potterton describes several Unum programmesfor corporate clients. For example, four weeks after ab-sence starts, Unum’s vocational specialists become in-volved to ensure that the absent employee has some-one to turn to who can help them gradually return towork. As Andrew Potterton explains: “Early interven-tion has a lot of advantages for employers in terms ofpremium reduction.”

Prevention is another key area. Andrew Pottertonstresses the importance of management education

here, especially for line managers. Unum’s analysisshows that far too many claims for sick leave involve anemployer/employee relationship issue. The early signsof sickness are also frequently missed by line managers.Because of this, Unum has introduced free educationalprogrammes for corporate clients with income protec-tion policies, to increase managers’ awareness and getthem engaged early on. Areas of focus include absencemanagement, stress awareness, and helping employeesreturn to work after cancer diagnoses.

Through these programmes, Unum has also discov-ered that if there is a strong employer/employee rela-tionship and ongoing dialogue when employees havehealth issues, they are usually more resilient and tryto return to work earlier. Thus from a cost perspective,employers benefit greatly from focusing on the wellbe-ing and health management of their employees.

Focus on implementationPatrick McGinn, Head of Sales Americas at AetnaUnited States, has had similar experiences, especial-ly regarding strong employer/employee relationshipsand ongoing dialogue. Using its in-depth knowledgeof health analytics, Aetna brings its experience and in-novative wellbeing programmes to other parts of theworld, but always with careful adjustments.

“Absenteeism management and back-to-work pro-grammes lower healthcare costs and increase pro-ductivity in the long run. They are very valuable

Healthy workforce, healthy future

Wellbeing and health management have become hot topics recently.From a social responsibility perspective, of course companies shouldcare about their employees’ wellbeing. But is this simply a good thingfor society, or should companies take action for business reasons,such as reducing employee absenteeism and increasing employee en-gagement? If the latter, can we quantify the return on investment?We asked some Swiss Life Network Partners and clients for theirinput.


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programmes. However, we must pay attention to im-plementation,” stresses Patrick McGinn. “Differentparts of the world think and react differently. No mat-ter how good a programme is, if cultural habits and lo-cal practices are not respected and taken into accountin implementation, this will hinder its success.”

Employee engagement is vital“Is there a clear return on investment on wellbeing pro-grammes?” asks Bronwen Jones, VP Administration,at Time Warner. “I’m often asked this question, and Ihave to admit that it’s difficult to single out the impactof a wellbeing programme on health costs, as we’re alsodoing a lot of other things to reduce these. But we dosee amazing results from the programmes.”

Time Warner found that 95% of its healthcare costs inthe US were spent on fewer than 15% of the employ-ee population. Clearly they needed a programme thatfocused on this 15%. Inspired by a CNN programmeby Dr Sanjay Gupta featuring triathlon training, thecompany set up programmes to encourage employ-ees to participate in wellbeing activities. In 2012, TimeWarner provided 5,000 step counters for employees ata nominal price (USD 20 instead of USD 100). Thegoal was to encourage staff to increase their daily ac-tivity levels. The company also promoted a triathlon inMalibu, California, which employees had to pay to en-ter, but had a trainer and training programme provid-ed by the company.

In 2013, the same wellbeing programme was launchedin the UK. Employees were sceptical at first, but slow-ly started signing up. Fifty triathlon spots were filled,all the participants trained for and completed the tri-athlon, and one was even selected to fly to California toparticipate in the Malibu triathlon.

This generated numerous conversations within the or-ganisation. Employees even started communities for it.The positive experience spread, encouraging more peo-ple to participate in wellbeing activities. Within a year,the number of Time Warner employees using the stepcounter increased from 5,000 to 10,000. The HR de-partment wanted to introduce it globally, but did notwish to impose it. Senior management was highly sup-portive, however. A UK managing director travelled toAustralia to promote the activities. Whether due tothe support of very senior people, or just the power ofword of mouth, 100% of the employees took it up. To-day, thanks to word of mouth, wellbeing activities takeplace in seven countries: Australia, France, Germany,Italy, Spain, UK and the USA.

“The really positive thing here is employee engage-ment,” says Bronwen Jones. “It’s amazing. I couldn’thave imagined such strong involvement and sense of‘competition’. For example, we have a walking contestin each country. The UK beat the USA the first year itwas introduced, and Germany beat the UK this year.People talk about it on Facebook and other chan-nels, they’re prepared to talk on camera without be-ing asked, and the atmosphere is contagious. Peopledo change. In the beginning, the employees who par-ticipated in this programme were usually fit already.But people who have never done anything like thishave also started.”

A great example is an employee in London who lost 19kilos by participating. This is exactly the type of em-ployee that Time Warner wants to get involved. What’smore, employees feel that the company genuinely caresabout them, and are proud to have Time Warner as anemployer.

In Time Warner’s experience, although no figure is at-tached, there is an obvious increase in employee aware-ness, through word of mouth and watching the actionsof colleagues, of the benefits of wellbeing and partic-ipating in such programmes. It is neither static, norfinancial, nor mandated by the company. Instead, itis self-initiated, active, and influential, as employeesbuild a Time Warner community with a “fit” culture.

Wellbeing programmes workOne thing is clear: when companies set up wellbeingprogrammes this should not only be because they are agood thing, but also because they support other strat-egies, such as productivity, employee engagement andretention. This is vital in order to make them sustain-able and with the appropriate level of priority. A pro-ductive and engaged workforce is what every companywants. Wellbeing programmes are an important way tomake this happen.



Germany:New Swiss Life Maximo occupational pension planoffers Swiss wealth management expertise

profit safeguarding feature, for ex-ample. Swiss Life Maximo can onlyimprove its performance over time.Paid contributions and safeguard-ed profits are guaranteed.”

Employees opting for the Swiss LifeMaximo concept enjoy all the ad-vantages of an occupational pen-sion. They pay less tax and socialsecurity contributions when con-tributing via deferred compensa-tion, and can choose to receiveeither a lifelong pension or aone-time lump sum. Occupationaldisability coverage can be added asan option.

Swiss Life Maximo is available forcontributions of as little as EUR 30a month, to make this pensionproduct affordable to the largestpossible number of employees. Aminimum term of only two yearsmeans that older employees canalso join and enjoy the benefits ofthe occupational pension. Contri-butions can be employer-funded orpaid by the employee through de-ferred compensation. Mixed-fund-ed schemes are also available.

Swiss Life Asset Managers, theSwiss Life Group’s asset manage-ment division, is responsible formanaging the funds. With man-aged assets of CHF 155 billion,Swiss Life Asset Managers is thefourth-largest institutional assetmanager in Switzerland. Swiss LifeGermany provides the guarantees,drawing on its 150 years of experi-ence and expertise.

Swiss Life Germany has launchedan innovative bAV (occupationalpension) product offering compre-hensive guarantees plus significant-ly better yield opportunities thantraditional products. With SwissLife Maximo Direct Insurance,employees can now benefit fromSwiss asset management expertisefor their occupational pension plan.

Swiss Life Maximo enables insuredsto choose from a variety of invest-ment strategies depending on theirrisk profile. Furthermore, as a spe-cial advantage, profits can be lockedin on a regular basis, automaticallyif requested, without any action re-quired by the insured.

Insureds also benefit from profes-sional process management of theprofit safeguarding feature. Profitsare successively secured as the em-ployee approaches retirement, andif requested, the credit balance canbe transferred to an investmentstrategy with a lower percentageof shares. A gross contributionguarantee ensures that insuredsalways receive a payout equal totheir contributions, irrespective ofthe contract term.

“With Swiss Life Maximo, we wantto provide access to Swiss wealthbuilding for everyone,” says Thom-as A. Fornol, member of the Man-agement Board of Swiss Life Ger-many. “Our aim has been to developa fund-related product that savesinsureds from making mistakes.This is why we offer an optional

Thomas A. Fornol adds: “Swiss LifeMaximo is the first in a new prod-uct range featuring enhanced secu-rity, transparency and fairness. Westand out from the market by opti-mising assets individually and everytrading day, if required, for everysingle customer. Swiss Life Maximooffers an advanced, high-quality,Swiss-style pension scheme, whichis particularly valuable at a time ofcontinuing low interest rates.”

Numerous awards from indepen-dent institutions, including theInsurance Industry InnovationAward from assessment house Mor-gen & Morgen, and Cash maga-zine’s Financial Advisors Award,confirm the quality of Swiss LifeMaximo.

13Partner News

For more informationplease contactMs Marion Vintz, Swiss Life GermanyEmail: [email protected]: +4989381091872


14 Partner News

South Africa:Tax changes are a double-edged sword

out by South African income earn-ers. The overall death insurance gapwas ZAR 9.2 trillion, while that fordisability was ZAR 14.7 trillion.This means that South Africans areunder-insured by about 61% fordeath and 62% for disability.

The root of insufficient disabilitybenefits lies with the method em-ployers use to determine contribu-tions and benefit levels. Disabilityincome benefits are usually definedas 75% of pensionable or risk salary,which is typically 80% of total costto company salary. A disabilityclaimant will thus receive 60% (i.e.75% of 80%) of their total cost tocompany salary as disability in-come, with this amount currentlyfurther taxed as income. This re-placement ratio leads to payouts

From March 1, 2015, a change tothe Income Tax Act will alter the taxtreatment of income protectionpolicies in South Africa. Currently,premiums are tax-deductible, withincome benefits subject to incometax. Following the amendment,premiums will no longer be tax-deductible, but income benefits willbe free of tax.

For people currently insuredthrough income protection poli-cies, the taxation change will leadto higher levels of income in dis-ability, which will help to close theinsurance gap. A study commis-sioned by the Association for Sav-ings and Investment South Africa(Asisa) calculated the gap betweendeath and disability insuranceneeded and the actual cover taken

that are often insufficient to meetdisabled claimants’ needs, and maymean forced lifestyle changes.

With income benefits no longertaxed in the new fiscal year, disabil-ity claimants will receive more cashin hand than previously. For claim-ants with higher marginal tax rates,this amount will be far closer totheir pre-disability monthly in-come. The taxation change offersan opportunity for policyholders tomaintain their current cover levelsand become more adequately in-sured to meet their post-disabilityincome needs, with increased over-all financial wellness.

The flip side of the coinOn the other hand, higher replace-ment ratios may reduce the incen-

Insurance Replacement Ratio

100%

95%

90%

85%

80%

75%

70%

65%

60%

55%

50%5% 15% 35%25%

63%

63% 64% 65%63%

71%

80%

92%

%of

need

(net

pay)

met

Employee Tax Rate

Before 1 March 2015 After 1 March 2015



15Partner News

For more informationwww.momentum.co.zaMs Brice SalenceE-mail: [email protected]: +27219404378Mr Redwaan ZoutenbergE-mail: [email protected]: +27219404011

Proactive disability managementthrough an online portalIn light of these regulatory changesand in order for Momentum tomake the disability claims proce-dure and assessment process moretransparent and accessible to cli-ents, Momentum has launched an-other exciting innovation: the newWellness Care Centre. Since finan-cial wellness is important to Mo-mentum, claiming for disabilityshould be a simple, clear and easilymanaged process.

This comprehensive online re-source centre is available for poten-tial and existing disability claims.The aim is to assist brokers, em-ployers and employees to under-stand the income disability claimsprocess. Momentum’s WellnessCare Centre is made up of a multi-disciplinary team of professionals

tive for disability claimants to re-turn to work. It is expected thatthere will be more claims submit-ted and consequently more claimsapproved. The duration of incomeclaims is also likely to increase, par-ticularly for claim causes where thediagnosis regarding health and re-covery is less objective. These in-clude some leading claim causessuch as psychiatric and spinal prob-lems, and certain symptoms relat-ing to musculoskeletal conditions.

In these circumstances, an integrat-ed approach shared by the employ-er, employee, broker, insurer andmedical scheme will be invaluable.The ability of the insurer to engagedirectly with employees as soon as arisk is identified is key for effectiveintervention and the optimal man-agement of risk, claims and poten-tial fraud.

with medical, functional and un-derwriting skills. The team per-forms holistic disability claims as-sessment and management servicesin accordance with the provisionsand definitions of the policy, andlegislation such as the Labour Rela-tions Act, 1995, and EmploymentEquity Act, 1998.

Momentum believes in proactivedisability intervention, and offers aunique approach to rehabilitationthat extends from the interactionbetween specialists and claimants,through to reskilling, training andplacement. Practical interventionsmake managing sick leave, rehabili-tation, retraining and reskilling ofstaff as uncomplicated as possible.

We have an extensive network ofmarket-leading medical profession-als who are trained to provide ob-jective information and facilitatethe assessment and management ofthe claims process. Responding tothe regulatory change, Momentumwill continue to create a coopera-tive environment that supports theswift payment of valid claims andrehabilitation, and encouragesclaimants to return to work.


16

Kooperativa, Czech Republic

Kooperativa's “Perspektiva” insurance product was ranked 2nd

best in the market by both the Association of Czech Insurance

Brokers and the Golden Crown in 2014.

Irish Life, IrelandIrish Life received the Digital Media Awards – Best Innovationin Financial Services title.

Great-West Life, Canada

Great-West Life and its subsidiaries London Life and Canada

Life were named among Canada’s Top 100 Employers for

2015.

Momentum, South Africa

Momentum Employee Benefits won the PMR Diamond Arrow

award in the category Large Pension Fund Administrators

and Product Providers – Insurers (administering more than

150 000 Members).

Kotak Mahindra Old Mutual Life, IndiaKotak Mahindra Old Mutual Life received the Golden PeacockNational Training Award 2014 – Special Commendation.

Helsana, SwitzerlandHelsana won a BCP Best of Corporate Publishing award for

its new concept of publishing its annual report as a blog, with

the goal of achieving more transparency and reliability.

Danica Pension, SwedenDanica Pension was nominated one of three insurancecompanies in the category “Fund insurance company of theyear” by Sweden’s largest insurance broker, Söderberg &Partners.

Partner Awards 2014

In 2014, our Network Partners once again received numerousprestigious awards and citations for their top-quality employeebenefits solutions.

Swiss Life Network Partners win topawards for their high-quality services

Aetna, Singapore

Aetna Singapore was named the Health Insurance Awards

2014 – Best Group International PMI Provider.

Apollo Munich Health Insurance, IndiaApollo Munich Health Insurance won the Innovation of TheYear award 2014 from Asia Insurance Review for their product‘Energy’. It is the second time in a row the company has wonthis award.


17


Zwitserleven, Netherlands

VIVAT Insurance (parent company of Zwitserleven) scored

highest in the Eerlijk Verzekeringswijzer (Fair Insurance

Guide). VIVAT achieved the greatest improvements in its

investment policy and received better marks in no less than

fifteen of the twenty social issues.

Unum, UKUnum won the title Best Group Risk Provider at theWorkplace Savings & Benefits Awards, and Best Group CriticalIllness Provider at the Cover Magazine awards.

TransGlobe Life, TaiwanTransGlobe Life was the winner of the 2014 Golden Service

Awards from CommonWealth Magazine.

Swiss Life, GermanySwiss Life in Germany was cited for Excellent Competence inOccupational Retirement Provision by the Institute forPrevention and Financial Planning (Institut für Vorsorge undFinanzplanung).

Sun Life Hong Kong Limited, Hong Kong

Sun Life Hong Kong won the Best-in-Class: MPF Investor

Education Award from BENCHMARK, and Service Awards

2014 – MPF from Capital Weekly.

VidaCaixa, SpainVidaCaixa was awarded the highest rating by insurancebrokers, according to the 2013 annual report of ADECOSE(Spanish Association of Insurance Brokers).

Swiss Life, FranceThe Swiss Life product “SwissLife Retraite Article 83” inFrance received the Label d’excellence Guide Retraite Collectiveawarded by Les Dossiers de l’Epargne.

Swiss Life, SwitzerlandSwiss Life in Switzerland once again won the award for

Best Return on Investment of Occupational Pension Funds

published by the SonntagsZeitung (for the 9th time).

PT Avrist Assurance

PT Avrist Assurance was named 3rd Best Life Insurance

Company as voted by members of the Indonesian Insurance &

Reinsurance Brokers Association (Apparindo).

PFA Pension, DenmarkPFA Pension has won the Danish Direct Marketing Award

2014 for the best B2C campaign, and took third place at the

International Echo Awards 2014.

Partner Awards 2014

Ping An of China, ChinaPing An was named No.1 insurance brand by Millward Brown,at the WPP Corporate Governance Asia Awards run byCorporate Governance Asia.

Prudential Assurance, SingaporePrudential Assurance won the Quality Work-Life, Physical andWell-Being Award of the Singapore Human Resources Institute.


Season’s Greetings

Frohe Festtage

Meilleurs Vœux

Buone Feste

Boas festas

Felices Fiestas

Beste Wensen

Alles Guddes

Hyvää Joulua ja Onnellista Uutta Vuotta

Καλές ΓιορτέςС Новым Годом


19


Swiss Life Network Partners

Swiss Life Network Partners

Country Network Partner Website Contact E-Mail Telephone

Argentina Galicia Seguros S.A. www.galiciaseguros.com.ar Ms. Lucía ARMANDO [email protected] +54 11 411 48 12 9

Australia Hannover Life Re of Australasia www.hannoverlifere.com Ms. Kristine NUGENT [email protected] +61 2 925 16 91 1

Austria Wiener Städtische www.wienerstaedtische.at Ms. Monika RUDICH [email protected] +43 50 350 26 76 3

Belgium Delta Lloyd Life www.deltalloydlife.be Mr. Michel MOREAU [email protected] +32 2 238 89 11

Brazil Icatu Seguros www.icatuseguros.com.br Ms. Vanessa DONKE [email protected] +55 11 347 23 91 6

Canada Great-West Life www.greatwestlife.com Mr. David HENRY [email protected] +1 416 552 58 02

Chile Vida Security www.vidasecurity.cl Mr. Cristobal TAGINI [email protected] +56 22 584 25 07

China China Life www.e-chinalife.com Mr. Yifei YAO [email protected] +86 10 6363 18 86

China LZ Assist www.lzassist.com Mr. Ben SONG [email protected] +86 10 5925 5188

China Ping An of China www.pingan.com.cn Ms. Mengyuan (Rita) ZHOU [email protected] +86 21 3863 4794

Colombia Seguros Bolívar www.segurosbolivar.com Mr. Juan Camilo AGUDELO [email protected] +57 31 6524 0214

Costa Rica Mapfre Costa Rica www.mapfrecr.com Mr. Cesar HERRERA [email protected] +507 207 84 87

Czech Republic Kooperativa www.koop.cz Mr. Michal DLHOPOLCEK [email protected] +420 956 420 31 4

Denmark Danica Pension www.danicapension.dk Mr. Michael HANSEN [email protected] +45 45 13 14 85

Denmark PFA Pension www.pfa.dk Ms. Liz HASLING [email protected] +45 391 75 00 0

El Salvador Mapfre La Centro Americana www.lacentro.com Mr. Cesar HERRERA [email protected] +507 207 84 87

Finland Ilmarinen www.ilmarinen.fi Ms. Riitta RÄSÄNEN-RUGEMALIRA [email protected] +358 10 284 26 28

Finland Mandatum Life www.mandatumlife.fi Ms. Riitta JOKELAINEN [email protected] +358 10 516 7492

France Swiss Life (France) www.swisslife.fr Ms. Anne-Gaëlle COLIN [email protected] +33 1 46 17 22 47

Germany Swiss Life (Germany) www.swisslife.de Ms. Marion VINTZ [email protected] +49 89 381 09 18 72

Greece Groupama Phoenix www.groupama-phoenix.com Mr. Dimitris KALOUDIS [email protected] +30 210 937 62 44

Guatemala Mapfre Guatemala www.mapfre.com.gt Mr. Cesar HERRERA [email protected] +507 207 84 87

Guatemala Seguros de Occidente www.occidente.com.gt Mr. Wilber BARRIOS [email protected] +502 22 79 70 00 ext. 9373

Honduras Mapfre Honduras www.mapfre.com.hn Mr. Cesar HERRERA [email protected] +507 207 84 87

Hong Kong Sun Life Hong Kong Limited www.sunlife.com.hk Ms. Vivian LEUNG [email protected] +852 31 83 21 72

Hungary UNION Biztosító www.unionbiztosito.hu Mr. Gergely DANYADI [email protected] +36 1 666 76 54

India Apollo Munich Health Insurance www.apollomunichinsurance.com Dr. Nandini ALI [email protected] +91 995 981 0002

India Kotak Mahindra Old Mutual Life www.kotaklifeinsurance.com Mr. Sandeep SHRIKHANDE [email protected] +91 22 666 21 59 99

Indonesia PT Avrist Assurance www.Avrist.com Ms. Ekaningtyas ATING [email protected] +62 21 5789 8188 ext. 8529

Ireland Irish Life www.irishlife.ie Mr. Damian FADDEN [email protected] +353 1 704 12 72

Italy Apulia previdenza www.apuliaprevidenza.it Mr. Gianrosario RUBINO [email protected] +39 02 725 66 741

Japan Meiji Yasuda Life www.meijiyasuda.co.jp Ms. Masaaki NAGAO [email protected] +81 3 32 83 30 15

Korea Hanwha Life Insurance www.hanwhalife.com Ms. Jieun LEE [email protected] +82 2 789 88 92

Luxembourg Swiss Life (Luxembourg) www.swisslife.lu Mr. Steve GOEDERT [email protected] +352 423 95 92 33

Malaysia Hong Leong Assurance www.hla.com.my Mr. Chee Kwan FOONG [email protected] +60 3 765 01 35 8

Mexico Seguros Inbursa www.inbursa.com Mr. Jorge NAVARRO [email protected] +52 55 532 50 42 3

Netherlands Zwitserleven www.zwitserleven.nl Ms. Rolina VON HEBEL [email protected] +31 20 347 83 13

New Zealand Hannover Life Re of Australasia www.hannoverlifere.com Ms. Kristine NUGENT [email protected] +61 2 925 16 91 1

Nicaragua Mapfre Nicaragua www.mapfre.com.ni Mr. Cesar HERRERA [email protected] +507 207 84 87

Norway Danica Pensjon www.danica.no Ms. Ann-Helene MEDLIEN [email protected] +47 934 07 275

Norway DNB Livsforsikring ASA www.dnb.no Mr. Alexander Gellein WESTBY [email protected] +47 55 17 74 00

Panama Mapfre Panama www.mapfre.com.pa Mr. Cesar HERRERA [email protected] +507 207 84 87

Philippines First Life www.firstlife.com.ph Ms. Ninian CEDO [email protected] +63 2 893 30 24

Poland Compensa Group www.compensa.pl Mr. Sebastian BOROWSKI [email protected] +48 22 501 63 43

Portugal Groupama Seguros www.groupama.pt Mr. Rui ROSA [email protected] + 351 21 792 32 27

Russia Rosgosstrakh www.rgs.ru Ms. Anastasia ZLATKUS [email protected] +7 495 783 24 24

Singapore Aetna www.aetna.com Ms. Shevaun NG [email protected] +65 6395 67 03

Singapore Prudential Assurance www.prudential.com.sg Mr. James KOH [email protected] +65 6572 25 16

Slovakia Kooperativa www.koop.sk Mr. Andrej KÖLLNER [email protected] +421 905 206 056

South Africa Momentum www.momentum.co.za Mr. Redwaan ZOUTENBERG [email protected] +27 21 940 40 11

Spain SegurCaixa Adeslas www.adeslassegurcaixa.es Mr. Fabián VEGA RICHARD [email protected] +34 91 566 77 54

Spain VidaCaixa www.vidacaixaprevisionsocial.com Ms. Ana DELGADO [email protected] +34 93 227 89 57

Sweden Danica Pension www.danica.se Mr. Michael HANSEN [email protected] +45 45 13 14 85

Switzerland Helsana www.helsana.ch Mr. Frédéric URIO [email protected] +41 43 340 11 11

Switzerland Sanitas www.scpc.ch Ms. Pascale SCHAUFELBERGER [email protected] +41 44 751 8104

Switzerland Swiss Life (Head Office) www.swisslife.ch Mr. René MÜLLER [email protected] +41 43 284 37 82

Switzerland Swiss Life Pension Services www.slps.ch Mr. Patricio SCOTONI [email protected] +41 800 00 2525

Taiwan TransGlobe Life www.transglobe.com.tw Mr. Sam FENG [email protected] +886 2 2176 5166 ext. 3351

Thailand Bangkok Life Assurance www.bla.co.th Ms. Prangwalai SEANG-CHIN [email protected] +66 814 391 118

UAE Dubai Insurance Company www.dubins.ae Dr. Deepthy VELAYUDHAN [email protected] +971 4 269 30 30 ext. 152

United Kingdom Unum www.unum.co.uk Mr. Glenn THOMPSON [email protected] +44 1306 873 383

USA Aetna www.aetna.com Ms. Linda COTE [email protected] +1 760 633 30 45

USA Dearborn National www.dearbornnational.com Mr. Matthew REDDY [email protected] +1 630 824 60 96

Venezuela Atrio Seguros www.atrioseguros.com Ms. Elizabeth JIMENEZ [email protected] +58 212 416 87 56


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