Reducing Fyffes expat insurance premiums by up to 30%
Fyffes, a leading importer and distributor of fresh tropical produce, recently took advantage of Bellwood Prestbury’s free global employee benefits audit to review its expat insurance cover for overseas employees.
Bellwood Prestbury began by looking at Fyffes international medical expat insurance scheme, which covered expatriate employees and their dependents, primarily based in Central America.
Peter Bellwood, Director at Bellwood Prestbury, found that Fyffes medical expat insurance, which had originally been arranged by a US broker, was a US based scheme. This meant that Fyffes was paying high premiums to cover all of their expats for US treatment, when in fact less than 20% of their expat workforce were US nationals. In addition, the scheme had high excesses and a coinsurance element, which meant that Fyffes employees had to pay a percentage of any treatment claim.
Bellwood Prestbury was able to renegotiate the benefits of the medical expat insurance policy, reducing excesses to just $100 per claim, removing the coinsurance element altogether and slashing the annual premium by around 30% – all without changing providers.
Bellwood Prestbury went on to look at other areas of Fyffes international employee benefits programme, including group international life insurance and long-term disability insurance. Again, Bellwood Prestbury has been able to achieve savings of around 30%, and enhance benefits, without changing providers.
John Taylor, Group Director of Human Resources at Fyffes, said he was really pleased with the outcomes of Bellwood Prestbury’s free global employee benefits audit. “I’m new in post, so I inherited these policies. It’s been invaluable to have an independent expert who really knows the market to renegotiate on our behalf. I would recommend Bellwood Prestbury’s audit service to any company with an international benefits package.”
To find out more about Bellwood Prestbury’s expat benefits services, call our team on +44 (0) 1242 584 558.
Categories: International employee benefits