Unfortunately, it can be common to see benefits schemes which are no longer meeting business needs.
Maybe they’re outdated against legislative changes, perhaps they don’t serve evolving or complex employee needs, or maybe they’re eating an ever-growing chunk out of your benefits budget.
The audits we’ve undertaken have uncovered a range of issues. From unintentional employee discrimination to uninsured demographics; there can be hidden risks in benefits schemes. The benefits audit can also help you identify the most up-to-date view on provider terms in relation to the COVID -19 pandemic – for example, it can highlight your providers existing terms which are impacted by COVID – 19 pandemic related issues or highlight those who have revised their terms to reflect such issues.
We can also provide you with a clear red, amber or green status on your providers current terms, so you’ll clearly be able to see if your scheme is at risk.
At Aon, we think it’s important to regularly review your benefits schemes to ensure they are fit-for-purpose. But it doesn’t have to be time-consuming – we can provide a complimentary benefits audit, which will provide insight on any red flags which may need attention and suggestions for where your benefits could improve.
The benefits of reviewing your benefits scheme
Businesses evolve, legislation changes, and the external environment can rapidly move in unexpected ways – which is why your employee benefits schemes may not be as supportive as they once were. Perhaps your private medical insurance scheme treats mental illnesses differently to physical illnesses, or maybe your group income protection scheme has an incorrect cease age for cover and claims (and therefore potentially leaving you susceptible to liability). Or perhaps you just need some reassurances around your insurance cover in relation to COVID-19 pandemic.
Our expert team can help.
Our complimentary benefits audit can provide insight across all company benefits, from defined contribution pensions to life assurance and medical insurance, as well as communication and engagement.
Helping you to ensure:
- You are aware of the impact of the COVID-19 pandemic on your insured employee benefits
- Your firm is aware of any legislation changes that impact your benefits scheme
- Benefits are fit for purpose
- Potential cost savings are identified
- Benefits spend is effectively utilised
Our team will highlight issues and provide a step-by-step recommendation plan on how to action – with no ongoing obligation.
Our benefits audit can help businesses:
- Review your private medical plans to assist you to ensure they do not unnecessarily differentiate based on age
- Challenge uncompetitive pension scheme annual management charges*
- Ensures that your income protection scheme design is up to date to avoid unnecessary risks
Contact us now to arrange your complimentary benefits audit:
* Aon 2018/19 audit data shows we were able to reduce member charges for 90% of schemes for whom we provided the audit.
The information on this webpage is intended to assist readers understand COVID 19 issues and is for general guidance only. This webpage is neither intended to address the specifics of your situation nor is it intended to provide medical, legal or specific risk advice. You should review the information in the context of your own circumstances (including further safety or medical information from credible sources) and develop an appropriate response. Each insurance policy must be specifically reviewed to determine the extent, if any, of coverage for COVID-19 noting that coverage may vary depending on jurisdiction and circumstances.
Whilst care has been taken in the production of this webpage, Aon does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of the content or any part of it and can accept no liability for any loss incurred in any way by any person who may rely on it. Any recipient shall be responsible for the use to which it puts the content of this webpage. The content of this webpage has been compiled using information available to us up to its date of publication and is subject to any qualifications made in the webpage.
Aon UK Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN.