Our Service and Consulting Model
How we developed our service model
Like all things we need to review the methodologies we apply in business and attempt to strive for more effective outcomes in terms of cost, time and benefit. We believe that the sophistication of the market in terms of these benefits has reached levels, which necessitate a different mindset. What is required is a coordinated strategy of all benefits, which will reduce duplication and wastage in terms of time, cover and cost.
Risk Management
The offering as set out on the left
has been structured to optimize the management of your most important asset,
the people in the organisation. By utilizing
the full spectrum of our offering, we are ensuring conformance in terms of best
practices and the most appropriate Independent Advice.
The ultimate goal being an educated, informed and healthy employee base
which should account for maximum productivity.
Risk Management: Our Service Offering
The Four pillars of Our Service
Healthcare
- Needs Analysis for Employer Group based on demographics.
- Establishing a Healthcare Policy specific to the group and negotiate group underwriting with the scheme.
- Annual review of existing scheme and benefits.
- If required – Market Survey to be done.
- Member information sessions
- Consulting with members
- Processing completed applications
- Assist with queries
- Medical Aid annual review sessions – October/November each year.
- HR to advise member of Healthcare policy and provide information regarding Medical Aid Plans as well as an application.
- HR to arrange member session facilitated by THE POWER OF 2 for new entrants provided there are five or more in the session.
- THE POWER OF 2 responsible for advice to members regarding option choice through needs analysis. This can be done via telephone, email or member sessions as above.
- Member to complete application and submit to HR Office for signature and onward transmission to Medical Aid Provider for processing.
- Medical Aid Provider to issue membership pack direct to member.
- All member queries after membership is active to go through Medical Aid Provider first and only if service is unsatisfactory, refer to THE POWER OF 2 for intervention
- The provision of information regarding legislative changes affecting the benefits offered and advice to the Employer the implications of prevailing laws.
- Keep client up to date on issues relating to the administration of chosen Medical Aid provider.
- Present information relative to the Medical Aid industry.
- Obtaining a mandate from the Employer regarding issues that need to be negotiated and/or addressed on behalf of the Employer.
General & Benefit Consulting
- Assistance and support with setting up the initial board of management.
- Support in identifying any need for risk benefit, employee benefit, communication or investment consulting.
- Assistance with setting strategy for employees’ retirement benefits in line with industry or regulatory changes.
- Assistance with identifying and arranging suitable member workshops and management member training.
- Distribution of industry updates and trends.
- Active management of the action item lists from meetings.
- Co-ordination and follow-up of documentation submission to the FSCA.
- Co-ordination and drafting of rule amendments and submission of these to the FSCA.
- Legal and secretarial services.
- Advice on fund structure, management and benefit design.
- Assistance with selecting the appropriate communication vehicles and messages.
- Maintenance of Committee minute books, policies and master files as well as other sub fund documentation.
- Our standard service includes two meetings per year, but we work with our clients to asses their need and can adjust the meeting schedule. No additional fees will be charged if the meetings are held anywhere in the Western Cape
- We offer a full service that includes compilation of the agenda, service provider liaison, chairperson support, minute taking and report-backs.
- We liaise with both the old and new administrator to ensure the necessary information is available for the Section 14 to be drafted.
- We assist with the the drafting of member communication as required by legislation.
- Regular updates are provided on progress of the process
- Regular follow-ups with the Administrators are also undertaken until the transfer of the assets is completed.
Over and above the formal Management Committee meeting, we also meet with senior personnel in Finance and HR Department to ensure the day to day administrative issues/queries are resolved timeously.
Whilst we encourage our Clients to direct all fund- or benefit related queries directly to the Service Providers to minimize any delay in the resolution process, we request to be copied on all correspondence. This will allow us to track the feedback from the Service Provider and escalate the matter timeously when required. The Power of 2 will assume responsibility for the query until the matter is resolved to the client’s satisfaction as well as monitor these turnaround times in terms of the administrator’s service level agreement.
- The Power of 2 partners with employers and boards of management to develop and implement appropriate communication strategies. The primary aim of these strategies are to equip and empower members to make informed choices that will help them achieve their retirement funding goals.
- Retirement funding can be a highly technical subject, with complex concepts that members may find difficult to understand. Years of experience in consulting with members at all levels of financial literacy gives us the edge in providing members with information that they will understand.
Overview of Risk Benefit Consulting
- An annual re-broke (if required).
- Negotiation of acceptable rates.
- Review of specimen policy documents
- In the event of a change in insurer, provision of a replacement disclosure document detailing new terms and conditions.
- Written record of advice to the Employer/Management Board including a copy of the insurer quotations.
- Ensuring all contractual obligations with regards to a previous insurer are properly terminated.
- Ensuring all contractual obligations with regards to a new insurer are properly instituted.
- Request of medical status report and previous acceptance letters from existing insurer to ensure smooth migration where necessary.
- Receipt and analysis of review from the current insurer three months before renewal date.
- Communication of rate review and recommendations
- Negotiation of acceptable rate with existing ensurer as per client request
- Review of policy documents
Address
1st Floor
Oxford House
Wellington Road
Durbanville
7550
