2024 Global benefits financing matrix and poolable coverages

Multinational companies are increasingly looking at their global employee benefit programs around the world to see how they can:

• bring more value to employees
• support diversity, equity and inclusion (DEI) and other global initiatives; and
• save costs around the world.

Multinational pooling, captive financing and other cross-border approaches can all support these goals.

Key developments seen among the global insurance networks during 2023 included the following:

• Most networks continue to look to form new partnerships in countries of strategic interest, where they currently have gaps, particularly across Africa.
• While the use of multinational pooling remains valuable to many multinational companies, the networks that offer captive solutions tend to envisage more of their growth coming from new captive arrangements, including transitions from pooling arrangements.
• There’s continued focus on developing solutions that align with the needs of a changing environment, such as:
  • DEI innovations
  • Digital health, mental health and financial wellbeing services
  • Enhanced reporting and technology for greater insights and analytics
• The number of local insurer partnerships remained broadly unchanged over the year across all networks.
• All networks ceased pooling capabilities in Russia during 2022, and this continues through 2024.

As your business considers its approach to execution, it will also be important to ensure that the right framework and governance are in place to enable each insurer to best support the delivery of your employee benefits — and the best outcomes for employees and the business — around the world.

For each country, the matrix lists insurers that can provide locally admitted policies and products and shows coverages that are poolable for each insurer in brackets, e.g. life, accident, disability, medical and pension.

Global insurance networks are an element of the global operating model for these multinational companies. Active management is critical to the success of executing these strategies, and this matrix provides market intelligence to help companies understand the capabilities of the global insurance networks.

As you set your priorities for the year, if you would like to understand how WTW can bring value to you in this area, please do reach out to one of the contacts listed below, or to your usual WTW consultant.

Author

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Paul McNiff

Europe

email Email phone +44 (20) 7170 2794

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For more information, please contact your WTW consultants

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Rajesh Daswani

Senior Director, Integrated & Global Solutions

email Email phone +65 9729 2265

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