Fiji Inclusive Insurance Bundled Product INCLUSIVE INSURANCE WORKING GROUP V3 12/4/16
Background Aim of the product • Provide insurance cover to employees of the formal sector Insurers involved • 7 insurers Purpose of Employer Feedback session • To obtain employers views on the new bundled insurance product
Offered by 7 insurers Project support to Insurers :
What is covered? Life $2,000 Hospital Cash $1,000 Funeral Expenses $1,000 (Overnight) Personal Accident Home Building $3,000 $3,000 (Fire) (Accidental Death)
Non-financial benefits to Employers Recruit & retain high quality workers Better Loyalty of Increased employee workers productivity physical health Reduced employee stress
Financial benefits: Tax 200% tax rebate for employers Tax Incentives Waiver of Exemption VAT & from stamp Fringe duty Benefit Tax
Frequently Asked Questions Enrolment Payment Employer Support & Consumer Education Administration Claims Management Consumer Protection & Complaints
Enrolment Employers eligible to buy insurance: Workforce 50 and above Buying the insurance: Employee List and TINs
Payment Payment methods Instalment option No added insurers fees and charges
Consumer Education Insurer on site presentations Leaflets Website Helpline
Administration Documents supplied by Insurers - Employers: Master Policy - Employees: Membership Cards Monthly reports to be sent to the Insurers - New starts - Leavers Payment Adjustment – additional or refund
Claims Management Reporting a claim - in person, telephone, e mail Documents received. Pay-out 48 hours Claims payouts - electronic
Consumer Protection & Complaints The Process - One point of contact - Timescales - Referral option
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