Munich Re UK Services is a global reinsurer which covers life reinsurance, non-life reinsurance and global risk. The group’s headquarters are in Munich, Germany, and the organisation has more than 43,420 employees.
Munich Re UK Services offers a number of core group risk benefits including: group life, private health insurance, private medical insurance and flexible benefits, which include a health family cash plan, dental plan and critical illness cover. While it does not currently calculate a return on investment (ROI) on group risk benefits, the core benefits it offers are in line with the market standard, according to Emma Manfred, HR director for UK and Ireland.
“We believe the core benefits we offer are market standard and therefore ‘expected’ by employees,” she says. “If we were to look at ROI in future then we would look at areas such as recruitment and how important certain benefits are to attracting potential employees.”
The organisation plans to survey employees over the next year or so to ascertain which benefits they most value and why. “Our intention […] is to look to tailor our offering accordingly,” says Manfred.
It currently collates usage statistics, which it uses alongside its return-to-work initiatives. “We have usage stats on each benefit and these are valuable when looking at early intervention on income protection claims, for example, to ascertain whether this results in an earlier return to work for employees.”