At Mercer Marsh Benefits, we understand that all companies, regardless of their size, have one thing in common: They all seek solutions that are simple, cost effective, and appreciated by their employees.
When it comes to insurance products, finding the right balance between cost-effectiveness, ease of use and employee satisfaction can be daunting. This is particularly true at the local level, where tackling this task can prove especially challenging for SMEs whose small headcount results in reduced bargaining power in their negotiations with insurance companies, which in recent years have reduced due to mergers and acquisitions activity.
SMEs are the backbone of the Greek economy
Taking into account this new environment, we designed and launched a solution to address specifically the needs of SMEs on the insurance coverage of their employees. This specific category of companies — which represents over 90% of the total number of companies operating in our country and which constitutes the backbone of the Greek economy — face challenges in finding competitive medical insurance premiums to launch a group insurance policy with adequate benefits, while renewal negotiations have become a budget nightmare.
Our offering (SMEs Facility) is a standardized and cost-effective tool for implementing a comprehensive group policy (providing life, disability, accident, and medical coverage). After a thorough analysis, we prepared an ideal offering with two plan options, which are more enhanced than a market median plan offered in the Greek insurance market. This solution is a perfect match for employers with 1 to 200 employees that wish to swiftly and quickly implement employee benefits in their corporate culture, seek stability in their annual budgets, and want access to digital service tools that enhance transparency and speed of service for their employees.
This offering, which has the characteristics of a multi-employer pool for SMEs, started in early 2022, is an innovative solution for the Greek insurance market, and is an exclusive collaboration with a multinational insurance company with a strong presence in the employee benefits field. Pooling together our SME clients and consolidating them into a single portfolio allows us to spread the risk, resulting in greater purchasing power and administrative cost savings. Companies participating in this risk sharing arrangement benefit by securing competitive pricing where otherwise they could not succeed on their own and streamlining costs in the long run. This is because the insurance company evaluates the performance of the Facility portfolio as a whole and not for each entity separately. This feature is crucial because through this solution, participating companies receive enhanced benefits, limits and underwriting terms/conditions that they could not get if they insured on their own.
Nowadays, with most employees (and their families) having increased needs for medical care but also requesting coverage against death or disability, this solution, through Mercer Marsh Benefits, comes to supplement the coverage already provided by the state, by delivering a modern and smart option that enables small and medium-sized enterprises to offer a comprehensive group plan to their employees which has been proven to strengthen the employee-employer relationship, acts as a strong incentive to increase employee productivity, and boosts the brand image of companies.