This week's release:
UK | Flexible Benefits | Configurable pricing tables for Insurance products
Flex insurance is traditionally a very complicated group of benefits to set up as the configuration usually varies between different clients. What's more, it's not uncommon to have different versions of the same benefit available to different groups of employees within the company, e.g. some departments could have access to additional cover types of funded options.
To help with this, our Flex Benefit tool now supports customisable pricing tables that can be created and assigned to segments within the company. This functionality allows us/the client to:
- Set up one product that covers all versions of the benefit and correctly reports all orders to the insurance provider.
- Schedule rate changes for a future date, thus giving us the ability to plan said changes.
- Set up the product more easily – SmartPay™ admins have the option to apply the pricing table to multiple segments (if they use the same configuration) or duplicate a pricing table, creating an identical copy that can be quickly edited for a different segment.
UK | Flexible Benefits | Insurance benefits pricing based on age or formula
To further enhance the capabilities of the flex insurance benefits we offer, we now support insurance benefits that calculate the cost of the application based on the employee's age.
Traditional benefits including Life Assurance and Critical Illness will allow employees to choose a cover amount and calculate the total cost to them using predetermined rates depending on the age group the employee falls into. This can now be added during the product setup in SmartPay™ and works together with the configurable pricing tables to bring the product to the next level.