securenow employee benefit (group health) survey sample report
DESCRIPTION
This is a sample report of the Employee Benefit bench-marking survey conducted by SecureNow Insurance Broker. You need to fill the survey to get free access to the actual full report. The survey can be accessed at: http://goo.gl/nHL3RTRANSCRIPT
Sample report for the “Software Services” sector – illustrates what the final report will look like
Secure Now Insurance Broker Private Limited3rd Floor, 29 Hauz Khas Village, New Delhi 110016
Tel : +919958499711 (m), 011 – 64560999 (l)
Email : [email protected],
Web : www.securenow.in
Summary
• The survey will help CFOs/HR heads make critical decisions on designing their “employee benefits” program relating to Group Health Insurance. These aspects would revolve around two key themes:
– Design a cost-efficient program through relevant benchmarking
– Provide increased benefits to Employees and convenience to Program Administrators
• In the sample report, we have illustrated select questions that will be answered through the survey. These are:
– How much should I spend per employee on health insurance?
– Which company should I prefer and why?
– What share of salary costs should I allocate to Insurance?
– What benefits should I offer?
– Does my group size have a bearing on my cost?
– Should I introduce employee co-pay?
– Who is my ideal “buying partner”?
– Which company will provide better servicing?
Profile of survey respondents
<10010%
100-50050%
500-150030%
>150010%
Employee Size
0 50 100 150
Group Health
Group Personal Accident
Group Life
Critical Illness
Type of Employee Benefits offered
How much should I spend per employee on health insurance?
3
2
4.54
3.5
5
Average spend per employee (Rs. Thousands)
Average sum assured per employee (Rs. Lakhs)
Spend vs. Sum Assured comparison
Company Industry Overall Market
Which company should I prefer and why?
58%23%
10%
9%
Industry preference mix
Insurance Company 1
Insurance Company 2
Insurance Company 3
Others
Comments explaining
dominance of certain
companies
Market feedback on
select companies
Distinguishing aspects
of certain companies
Note: The above is not indicative of market share but indicates popularity
of certain Insurance companies in our research sample
What share of salary costs should I allocate to Insurance?
4.32.5
3.5
2.44.4 1.8
2 23
Company Industry Market
Insurance as a % of total salary costs
<2% 2-5% >5%
What benefits should I offer?
20%
30%
40%
10%
None
Only Spouse
Spouse + Kids
Parents
20%
30%
40%
10%
New Born baby cover
Maternity cover
Pre-existing diseases
OPD
Dependents
Coverage
Add-on
benefits
% of companies offering the specified benefit
Does my group size have a bearing on my cost?
0
100
200
300
400
500
600
700
0 2 4 6 8
Ave
rage
sp
en
d p
er
em
plo
yee
Average sum assured
Industry cost-benefit by size
Group Size
Should I introduce employee co-pay?
0%
20%
40%
60%
80%
100%
120%
140%
0% 10% 20% >20%
Cla
im R
atio
Employee Co-pay
Industry claim experience vis-à-vis employee co-pay
Note: Employee co-pay indicates the proportion of total claim amount that
Employee has to bear out-of-pocket. This is introduced generally to instill
cost prudence with employee
Who is my ideal “buying partner”?
0
1
2
3
4
5
6
From a company representative
Through a company agent
Through a broker
Sati
sfac
tio
n r
atin
g
Buying partner
Satisfaction with various buying partners
Which company will provide better servicing?
0
1
2
3
4
5
6
Insurance Company 1 Insurance Company 2 Insurance Company 3
Sati
sfac
tio
n r
atin
g
Insurance Company
Satisfaction rating of Insurance Companies
Thanks!
Do send us an email with your comments / suggestions or if we could help you with
anything.