Towers Watson launches global benefit solution

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Towers Watson has launched a simplified global benefit solution allowing employers to deliver local benefit packages including life, accident, health and disability.

The proposition, Global Access, has three fixed benchmarked benefit levels and is aimed at employee populations where customisation is not required in benefit design.

It is currently available in more than 30 countries around the world.

Chris Mayo, director, EMEA International Consulting Group at Towers Watson, said: "Multinational companies often struggle with delivering quality employee benefit programmes due to insufficient local-country HR functions, and little or no availability of local benchmarking data on employee benefit packages.

"This is especially true in the EMEA region where there are numerous countries and where many multinationals have relatively low staff numbers making it difficult for multinationals to justify having dedicated HR capabilities in each market."

Mayo added that the product can be implemented for firms within days, reducing cost and workload.

Towers Watson also said the policy replaces the need for employers to either negotiate or place policies directly with insurance carriers, or having to retain a local broker to do so.

It also has enhanced underwriting features that include higher guaranteed issue or free cover limits, and removal of pre-existing condition requirements for members who have been previously insured.

Francis Coleman, director, International Consulting Group and Global Access project leader at Towers Watson added: "Global Access improves transparency and control of local plans and vendors for multinational corporations at corporate and regional levels, and is fully compliant at a local-country level. It's also easy to operate and offers centrally managed renewals."

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