Lloyd's of London syndicate
Part of a long-established mutual insurance business
Employs over 200 staff
The business comprised a wide demographic of employees but offered only a small choice of core benefits – an issue highlighted by new staff coming in with higher expectations of benefit delivery through a platform.
The benefits offering also appeared disjointed, making it difficult to explain them, engage employees, and optimise return on spend. A centralised and streamlined delivery would be more cost-effective, sustainable, and help reduce the administrative burden.
The first step was to hold detailed conversations to gain a thorough understanding of the original benefits approach and establish the company’s goals. We then undertook a market review of different solutions and helped AEGIS get a clear understanding of its options.
We used our experience and market knowledge to advise on, configure, and deliver a new flexible benefit digital platform – including effective member communications.
A more diverse and modern package was delivered within budget requirements. We also achieved market savings through a combination of consulting on benefit structure and market negotiations.
The centralised approach delivered a single focal point for both HR and employees, and was able to host new flexible benefits and enhance employee engagement. Following implementation, take up was higher than expected, helped by the quality of the communications and how easy employees found it to interact with the platform.
We continue to support AEGIS with the ongoing delivery and development of its benefit proposition.
Our employee benefits team helps you optimise your benefit spend by ensuring the structure of benefits enhances your reputation as an employer of choice, rewards your employees efficiently, and maximises member engagement. Employers spend considerable funds on the pension scheme and benefits, so maximising returns in the competition for talent is an essential element for all businesses.