As a member of the Swiss Life multinational pooling network, we can help international companies provide employee benefits across their organisation.
The Swiss Life Network is made up of 64 insurers covering more than 70 countries worldwide. Only insurers who offer high quality services and products, which provide solutions appropriate for their markets, are selected to join the network.
How does multinational pooling work?
Multinational pooling gives companies the opportunity to:
- insure the employee benefits provided by their international subsidiaries through a global network of insurers
- combine those contracts in a centralised account so that the risk is spread across several countries
Multinational pooling is available to companies with employees in at least two countries and can cover Group Life, Group Income Protection and Group Critical Illness.
The policies are pooled to create a combined premium and claims experience. If the overall experience from all the pooled contracts:
- is positive – ie. total premiums exceed the value of claims and expenses, a dividend will be paid to the parent company
- results in a negative balance, no dividend will be payable for that year. No additional contribution will be required from the organisation to cover the loss
What are the benefits of multinational pooling?
A dividend will be paid to the parent company when overall pool performance is positive – helping to ensure cost savings.
The insurance policies are arranged at the local level. This means employers can provide employee benefits packages that are competitive for their region, while the pooling can help to achieve consistency in benefit designs across an organisation.
Global annual profit and loss reporting covering all the contracts in the pool provides valuable management information that can be used to monitor and control costs.
There are no additional costs involved in setting up and participating in a pooling arrangement.
For more information, please contact your Unum Sales Consultant