Large enterprises offer competitive benefits to their employees like Insurances to attract top talent and to maintain a happy and healthy relationship with their employees. A sense of care associated with this is what makes the employees feel valued.
Health & accidental insurances are one of the costs that companies take up to ensure the overall safety of their most valued assets i.e. their employees. Having said that, it does make cost control difficult, the soaring premiums not only take a financial hit on the company but it also determines how good of a company it is to work for.
But there’s a way out to reduce the heavy insurance amounts paid by the company & also position themselves as an employee-centric company let me explain how :
Companies pay a premium to Health & Accidental insurance companies on a yearly basis per employee. Accidental insurance premium in India mounts on an average range from 5000 INR to 45000 INR per employee per year for a range of 2 lakhs to 20 lakhs INR.
The premium amount is concluded in the following aspects:
- The number of medical claims for a given year.
- Balance sheets & reimbursements of hospital bills.
- The health of the employees on basis of the age groups working.
- The total number of employees.
- Region-wise accident and health survey.
- Programs and initiatives the company takes with respect to employees’ safety.
How to reduce the predetermined insurance premiums ??
First, let’s understand the factors that are responsible to help reduce insurance premiums:
- The number of claims.
- Medical reimbursements.
- The total amount of incidents.
Hence, “Higher accidents happening is directly proportional to the increasing premium amounts”.
Hence by reducing uncertainties like road accidents of employees while they travel miles for work can easily help reduce health claims & hence reduce the premiums paid by the company.
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