Lark Employee Benefits' Client Director, Samantha Mistry, discusses our tailored proposition for SMEs.
Outlook for growth
Auto-enrolment is certainly having a big impact. For existing clients. there is an indirect effect as it prompts them to look at their entire benefits spend, not just the pension. New clients are putting a mandatory employee benefit in place for the very first time, so it puts broader group risk benefits on the agenda.
Proposition for smaller clients
Our Small Schemes offering has been in place for 7 years now. This was always designed as a lighter touch approach with a smaller panel of carefully selected providers, offering us market leading terms. This is because we recognised that there was a need for a more streamlined approach for SMEs.
Ultimately, there is little to be gained from approaching all providers in the market for a very small scheme, waiting weeks for quotes, and then generally reaching the same conclusions with one or two competitive insurers coming out on top. If a client has specific requirements or wants a full review, we will, of course, provide one, but most just want a simple solution.
Our focus is on the value we can add in the consulting and advice. At the end of the day, when a senior member of a scheme, which maybe the client contact I’m dealing with, is underwritten and has an adverse decision, I am limited in the help I can provide. I don’t have access to their medical information and neither would my client really want me too, as that could be uncomfortable for them. In fact, they would probably prefer talking to a faceless insurer rather than me, for such a sensitive issue.
We’d rather build strong relationships with providers like Ellipse, so we have confidence that they will respond quickly to resolve these situations. If I can’t add value in a certain part of the process like this, then although I want to be made aware, I’m not going to get involved in between the two parties.
For more information on how Lark Employee Benefits can be of help to you, please feel free to contact me or request a callback.