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Resolution Insurance Brokers Employee Benefits

Resolution Insurance Brokers Employee Benefits. Resolution. Resolution Insurance Brokers Georgia established April 2011. Regulated by National Bank of Georgia. Registered insurance and reinsurance broker. Resolution. Comprehensive insurance and reinsurance protection

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Resolution Insurance Brokers Employee Benefits

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  1. Resolution Insurance Brokers Employee Benefits

  2. Resolution Resolution Insurance Brokers Georgia established April 2011. Regulated by National Bank of Georgia. Registered insurance and reinsurance broker.

  3. Resolution Comprehensive insurance and reinsurance protection Direct and Reinsurance. All classes. Focus on complex corporate accounts Trademark customer service Regional partners: Willis, JLT, Arthur J Gallagher. Market position: premier niche within the local and international insurance communities

  4. Employee benefits Georgia

  5. State Benefits • Pension, Retirement benefits: General retirement age is 60 for females and 65 for males with some dispensation for “hazardous” occupations. • Government focused on pension reform. • State pension; from 09/11 minimum pension = 100 GEL (USD 60) • Disability pension: from 70 - 80 GEL. • Average monthly salary: GEL 762.48 = USD 461 (male) + GEL 438.77 = USD 265.92 (female) . Planned average annual salary increases = 10% for the next 5 years. • Contribution Rate to Mandatory Retirement Savings = 7.5% of salary/wage .

  6. State Benefits • Cash benefit payable for Maternity, Childcare and Adoption Leave paid for 126 days, maximum amount GEL 600 (USD 363.63) • Death benefit: A lump sum death benefit (in case of pension insurance = the accrued fund) to be paid to employee’s beneficiaries. Largely effects Public sector servants. • In case of death of a bread-winner, Georgian citizens under the age of 18 apply for the Survivor’s pension, fixed at GEL 55 (USD33.33). • Disability benefit: should be paid in accordance with the Employment contract.

  7. Employee benefits • International companies and enlightened Georgian employers are increasingly offering enhanced EB packages, including: • Medical, Personal Accident and Critical Illness insurance coverage. • Life Insurance, either from domestic or offshore insurers. • Staff pension programmes. • Government is currently reviewing EB, including Private Pension legislation. We expect some movement by 2014.

  8. Voluntary Employee benefits

  9. Employee Benefits • Life, Medical, Personal Accident and Critical Illness insurance coverage is available from local Georgian insurers. • Terms, conditions and prices vary between providers, while Life insurance is often dependent on variable offshore reinsurance arrangements. • In addition, in 2014 Resolution is launching targeted ex pat Medical programmes from international providers. • Voluntary Staff pension programmes are available in Georgia.

  10. Employee Benefits • Standard Medical Insurance includes: • 24 hour helpline • Annual check ups • Inpatient / outpatient • Prescribed medicines • Alternative treatments • Price factors: age, occupation, co payment, coinsurance, underwriting record, volume.

  11. Employee Benefits • Critical Illness: • Cancer • Coronary bypass • Heart attack • Kidney failure • Stroke • Aorta surgery • Heart valve replacement • Blindness • Major organ transplant • Multiple sclerosis • Paralysis • More illnesses can be added

  12. Employee Benefits • Critical Illness: • Pays 50% of sum insured on diagnosis + 50% after a survival period or, if placed offshore in conjunction with Life insurance, 50% of Life sum insured on diagnosis with no reduction in total Life Benefit. • Price factors: age, co payment, coinsurance, underwriting record, volume. • Sold with Personal Accident

  13. Employee Benefits Personal Accident coverage: • Accidental death • Temporary disability • Permanent disability. • Sum insured: multiple of salary / earnings. • Pays out following an accident that prevents the insured from earning. • Price factors: Occupation, underwriting record, volume.

  14. Georgian Insurance Market • Insurance Companies competing for EB: • Aldagi BCI • Ardi • IC Group • IRAO • GPI Holding • UNISON

  15. Employee Benefits Broker advantage: • Professional skill - we do this for a living • Market knowledge and experience • We work for the client, not the insurer • Ensures a bespoke, tailored solution for each client • Client advantage: • Enhanced coverage • Reduced costs • Improved reporting, data analysis. • Risk management and cost planning

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