FANews

Employee benefits – an untapped opportunity to grow your business portfolio

Can an employer increase its competitive edge by offering employee benefits to its staff?
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There are many ways for companies to make their employees feel valued. One way is to add real value to employees’ lives, by including employee benefits in their employment contracts. It helps companies to attract and retain talent, and a talented workforce is a company’s greatest asset in ensuring competitive advantage.

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There are many ways for companies to make their employees feel valued. One way is to add real value to employees’ lives, by including employee benefits in their employment contracts. It helps companies to attract and retain talent, and a talented workforce is a company’s greatest asset in ensuring competitive advantage.

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Is there untapped opportunity to grow your business by opening up conversation about employee benefits with your individual (retail) clients?
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Some of your individual clients might be executives with authority to make decisions about employee benefits in their companies. The relationships you already have with these clients can help you tap into the employee benefits market.

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Some of your individual clients might be executives with authority to make decisions about employee benefits in their companies. The relationships you already have with these clients can help you tap into the employee benefits market.

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Do you think it is a complicated process to become registered to sell employee benefits?
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It is in fact very easy. All you need is the correct licences. And with your existing licence, you have a head start. So, if you already have a Long-term Insurance B1 licence, you can automatically sell risk-only products to employers who want to offer their employees insurance benefits only. To sell retirement benefits or health solutions, you will need to get the appropriate additional licences. There are providers that can help you with this.

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It is in fact very easy. All you need is the correct licences. And with your existing licence, you have a head start. So, if you already have a Long-term Insurance B1 licence, you can automatically sell risk-only products to employers who want to offer their employees insurance benefits only. To sell retirement benefits or health solutions, you will need to get the appropriate additional licences. There are providers that can help you with this.

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Are there resources where you can see your clients’ employee benefits information?
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Astute Financial Services Exchange and Momentum Corporate recently introduced SA’s first Employee Benefit Switch. As a financial adviser, you can access your clients’ information, including their employee benefit information.

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Astute Financial Services Exchange and Momentum Corporate recently introduced SA’s first Employee Benefit Switch. As a financial adviser, you can access your clients’ information, including their employee benefit information.

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Is group scheme business a once-off deal, or can you get recurring business from it?
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Group scheme business can provide you with a recurring income. As long as the group scheme contract you have with the employer remains in place, it is potential business for life.

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Group scheme business can provide you with a recurring income. As long as the group scheme contract you have with the employer remains in place, it is potential business for life.

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Can employers offer their staff tailored employee benefits packages, or are they generally standard?
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Group benefit packages can be structured in many different ways, depending on a company’s needs. Benefits can range from entry-level to wide-ranging.

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Group benefit packages can be structured in many different ways, depending on a company’s needs. Benefits can range from entry-level to wide-ranging.

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Are employees who receive group benefits allowed to supplement their insurance and retirement benefits with individual (retail) products, giving you the opportunity to turn your group scheme clients’ members into individual clients?
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Once you succeed in securing group business, further opportunities arise with these employees as individuals. Many employees with basic benefits might want to add to their insurance and retirement benefits, which means you can create a full circle of business by turning group scheme employees into new individual clients.

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Once you succeed in securing group business, further opportunities arise with these employees as individuals. Many employees with basic benefits might want to add to their insurance and retirement benefits, which means you can create a full circle of business by turning group scheme employees into new individual clients.

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How do I decide which insurer’s product solutions I want to offer to my group scheme clients?
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There are a number of insurance companies that specialise in group benefits. Partner with a progressive, thought-leading insurer who understands the changing workforce of South Africa and has a team of specialist group benefits consultants to make it easier for you to expand your business through employee benefits.

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There are a number of insurance companies that specialise in group benefits. Partner with a progressive, thought-leading insurer who understands the changing workforce of South Africa and has a team of specialist group benefits consultants to make it easier for you to expand your business through employee benefits.

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Aside from the potential income, do you think there might be further reasons to grow your business by selling employee benefits products?
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Expanding your business through employee benefits can also benefit the new generation of financial advisers, as well as our country’s employment needs.

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Expanding your business through employee benefits can also benefit the new generation of financial advisers, as well as our country’s employment needs.

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