Flexible benefits require a different approach to procurement.
For flexible benefits to work, you should ensure that each of the providers within your programme works efficiently. It is essential to ensure you are obtaining the right terms for your scheme.
With flexible benefits, this makes specialist broking even more important as providers are underwriting a fluctuating population of members. If handled incorrectly, this could lead to significantly increased premiums, non-compliant benefits and potential liability to uninsured risks.
Procuring the underlying insurance for flexible benefits is very different from procuring traditional employee benefits. It pays to partner with an experienced consultancy which can negotiate the best terms for your organisation on the correct bases.