Although globalization has opened up all kinds of new markets, it brings with it challenges in the management of human resources for companies with operations in more than one country. Multinational Pooling is the solution for employers who need help and expertise in managing employee benefits across borders.
What is Multinational Pooling?
It is a way for multinational companies to manage their various employee group benefits plans worldwide, through one single pool.
Who is it for?
- Clients with operations in at least two countries.
- The client's head office can be located in Canada or in another country.
What are the advantages for the employer?
- Help reduce risk assessment and the cost of group insurance benefits, thereby maximizing cost efficiency.
- Possibility of higher non-evidence maximums.
- Easy transfer of expatriate employees.
- Participation in financial arrangements.
- Access to dividends and accounting refunds for clients who do not usually comply with retention standards because of their size or their government-regulated rates location.
How does it work?
- Premiums and claims settlements are dealt with entirely at the local level.
- In Canada, life insurance (including life insurance for dependents and waiver of premium benefits) and taxable long-term disability benefits, if insured with Standard Life, must be included in the pool.
- Every year, a multinational report is produced to illustrate the financial results of the subsidiaries involved.
- Two types of Multinational Pooling are offered - Single-Employer System and Multi-Employer System.
Our partnerStandard Life is the exclusive Canadian partner of Insurope - an association of independent life insurance companies. This alliance gives our clients access to 35 years of expertise in Multinational Pooling as well as a worldwide network of partners.
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