MyGEB: Making it easier for intermediaries of all sizes to consult on international business
19th November 2018
International business is complex. It requires intermediaries to have a wealth of information at their fingertips with respect to every country in which the client operates. For example: local mandatory plans; most used supplementary employee benefit arrangements; and state benefits.
In the absence of full access to such information, it’s understandable that intermediaries might shy away from this area. But, at the same time, there represents huge, untapped potential for global clients to hear more, specifically with regards to the advantages that multinational pooling could bring to their business: in short a more strategic and cost effective approach to global benefits.
Only a quarter (26%) of multinational companies, headquartered in the UK or Ireland, currently have a pooling arrangement in place, according to new research by Generali UK and HR Grapevine magazine1. At the same time, only 6% said this was because pooling wasn’t relevant for their size of company. Almost two thirds (64%) of respondents were predominantly HR professionals from companies with over 10,000 employees and subsidiaries in at least two countries.
In fact, the overriding reasons given by respondents for not having pooling in place were that they didn’t feel sufficiently familiar with pooling, or it simply wasn’t currently part of their corporate strategy.
How to become a global oracle
MyGEB is a unique communication and support platform, which provides intermediaries with the information they need to confidently inform, educate and advise their clients. The benefits information is updated annually, allowing clients to see at a glance what’s available in the countries in which they operate.
It also allows intermediaries to produce their own multinational pooling simulations in multiple languages: showing mid sized companies (not just their larger counterparts) what a benefit programme would look like in a pooling arrangement. This includes benefit premiums for each country in which the client operates and potential dividend payout – overall and per country. It also includes details of added value wellbeing services, on both a country by country basis and also as a global summary.
The simulations are simple to produce, using either actual figures - basic client data such as premiums, claims, which countries they are present in - or using the estimates of the Generali portfolio to get an indication of what the client’s benefits would look like within a Generali Employee Benefits Network (GEB) pool.
We call our pooling product LifeCycle because it’s designed to help growing companies – from international mid sized to global conglomerates – take advantage of a pooling arrangement, bringing to smaller companies potential cost savings and access to global expertise.
It seamlessly combines the strength and simplicity of a multiemployer pool (for smaller groups) with a standalone pool (for larger companies) that can be customised over certain thresholds.
For more information about MyGEB or LifeCycle, contact firstname.lastname@example.org
1 For more information and access to the research report by Generali-UK and HR Grapevine click here