Abracadabra - the threat is now an opportunity!
How out-of-the-box thinking transformed a loss making account into a stable one with savings per year for the client
One of our large multinational clients in the IT services space had a local Southeast Asia population covered under an increasingly unstable plan with premium rates shooting up every year. So they wanted to consolidate this population under the umbrella of a global plan where they hoped the diversity of the population would stabilise the plan.
The challenge
And that’s not a match!
There was one problem. The benefits of the two plans were not a match. The South-east Asia plan included some benefits that were not covered by the global plan. The client could not transition their members to a plan with lower benefits.
The solution
A discretionary fund to the rescue!
Mayfair’s risk experts identified the extra benefits within the South-east Asia policy that could be self-insured by the client without exposing them to unnecessary risk and increased premium rates. This created a sustainable and hybrid global risk solution managed centrally by Mayfair with a seamless service proposition.
The result
And that’s a win-win for all
The hybrid risk solution has been running for over six years now ensuring a stable and affordable healthcare spend for the client.