Employee Benefits One Solution
Did you know that around 50% of New Zealanders do not have a valid Will? And more importantly, only about 37% of people in full time employment have a Will?
These often-unknown statistics are a sobering reality and, as a provider of group life insurance, we regularly work with employers and know all too well the complexities of paying out Life Insurance cover when an employee passes away without a Will.
Not only are the funds not immediately available to their loved ones but the time and cost to settle their estate increases by an estimated 50%. This could mean an estate administration fee upwards of $15,000 and over 12 months before any funds can go to beneficiaries.
Aon Group Life Insurance works hand in hand with a Will
Just over a year ago, Aon partnered with New Zealand’s largest provider of digital Wills, Footprint, to enhance our Group Life Insurance policy by providing these clients with complimentary access to Footprint’s Will It package. This empowers employers to improve the financial literacy and preparedness of their employees through their employee benefit programme, enabling their employees to create an online Will. It also includes access to exclusive educational resources, special estate planning offers, a digital vault and more.
Footprint works directly with each employer to discuss their Will It launch plan. Notably, there is a direct correlation between the level of internal communication and engagement to employee participation: recently an employer launched Will It with a comprehensive internal rollout plan which resulted in a 78% participation rate - the average rate is 34%. The employer said the collaborative effort for their launch and the use friendly Will process were two key points that really stood out for them.
The link between wellbeing strategy and performance
A global survey released by Aon confirms the link between an organisation’s wellbeing strategy and company performance. Aon’s 2021 Global Wellbeing Survey found that improvements to employee wellbeing performance within a company have an impact on customer satisfaction and retention, and that while wellbeing performance overall has a direct connection to a strong and focused wellbeing strategy, a series of ad hoc or standalone wellbeing initiatives will have less impact.
The survey also found that globally, organisations that improve employee wellbeing performance by three percent see a one percent increase in customer satisfaction and retention, and organisations that improve employee wellbeing performance by four percent see a one percent increase in company profit and a one percent decrease in employee turnover.
If you have been thinking about enhancing your wellbeing programme and would like to offer your employees a benefit with a point of difference, contact Aon today.