Risk Benefits Unit – Proven results
We think outside the box to develop bespoke solutions for clients that are innovative and deliver tangible results. The following examples highlight some of the results and benefits we delivered for our clients. If you would like further information, please contact us.
Realising savings of £250,000 through restructuring
We helped one employer to restructure the funding arrangements for their death-in-service benefits so they could self-insure more of the risk, but still limit their exposure in a calculated manner. In the first year the new arrangements have realised a saving of over £250,000.
Multinational pooling: Market review delivers 40% savings
One manufacturing company asked us to undertake a market review of their group life assurance cover to ensure that the premium remained competitive. One restricting factor was that the existing policy was part of a multinational pooling arrangement. A number of employees on long-term sickness absence also presented an obstacle to arranging more competitive cover.
We negotiated an opportunity to achieve a 40% saving by switching insurer, while at the same time maintaining participation in the existing pooling arrangement.
Review of insurance to realise savings of £100,000 over two years
A client paying premiums in the region of £240,000 pa approached LCP to review its group life and long-term disability arrangements. Our review of the insurance will produce savings for the company of more than £100,000 over the course of the two-year rate guarantee period.
LCP takes over as administrator and saves client £20,000 in premium
LCP took over as administrators for a client's life and long-term disability schemes. Our policy of being paid on a “time cost” basis removing commission payments normally received by brokers produced an annual premium saving of over £20,000 for this client.
LCP enables senior executives to secure life cover without medical evidence
An organisation had a number of employees with salaries in excess of the Earnings Cap. Insuring life cover for these executives often required detailed medical assessment - both at the start and whenever their salary increased. LCP has set up arrangements for many clients where no medical evidence is required in respect of these individuals until their salary exceeds £595,000.
LCP proposes action to remove multimillion pound healthcare liability
A UK company, concerned about the rising costs of its healthcare plan, approached LCP for advice. We identified a multimillion pound liability that potentially would have to be reflected in the company's financial results. We proposed action to remove this.
