Why is it important to purchase an employee benefits insurance program for your SME?

Group Health and Life insurance provides financial protection, helps reduce covered employees’ medical expenses, and supports their dependents. Employee Benefits Packages can include cashless facilities, allowing employees to see a doctor without upfront payments, thus providing peace of mind in the event of a medical emergency. Offering employee benefits makes your company more competitive and improves employee satisfaction.

Is Benefits One cost-efficient?

Benefits One is cost-effective because it helps small business owners manage expenses easily by offering cost containment controls that lock in premiums. This provides budget stability amid market fluctuations. Additionally, MMB’s large scale enables strong negotiation power and exclusive partnerships, which help secure better rates and value.

Employee health benefits program

Small and medium-sized enterprises face budget, resource, and scale constraints in offering competitive health and benefits. In a war for talent, how can you balance rising medical costs while attracting and retaining key talent?

Here’s how Marsh can help you compete and win in a war for talent amidst medical inflation.

Select: More value

Big benefits at competitive prices: SMEs can unlock exclusive medical coverage through our network and scale.

1. Make the most out of your workforce budget with our competitive premium pricing covering a range of medical benefits which are usually only available to large organizations.

2. What’s more, you can lock in premiums and feel secure even as the market fluctuates.

3. Yes, we’re big, but that means we can negotiate big too. Take advantage of our global negotiation power and exclusive partnerships so you can enjoy more value while containing costs.

Select: More efficient

Save time and boost efficiency: Empower small businesses to manage plans and streamline operations with digital tools.

We know that the smallest efficiencies can make a big difference in terms of cost and time savings in a small business.

1. Leverage our user-friendly digital tools to manage and monitor your benefits plans, and to communicate with and engage employees.

2. You can maximize operational efficiency through streamlined administration, automated reporting and timely claims processing so you can stay up to date wherever you are.

Select: More competitive advantage

Attract the same top talent as larger firms: SMEs can be talent magnets.

Your people are your business. Investing in the right benefits program helps you win talent, differentiate your business, and gain a competitive edge.

1. Select from our range of benefits programs to help you attract and retain the people you need for the competitive advantage you deserve.

2. With our affordable packages, you too can offer tailored benefits that truly matter to your workforce.

Benefits One

Best for small businesses seeking ready-made employee benefits
Simplified underwriting and cost-effective packaged benefits
Locked in premiums
Available from just 3 employees
Comprehensive benefits which include term life, critical illnesses, hospitalisation and clinical care, dental, and maternity.
Cashless hospital admission and outpatient treatment.
No pre-existing condition exclusions.
No waiting periods.
No medical underwriting is required for Group Hospital & Surgical (GHS) Scheme.
24-hour employee support – dedicated employee hotline for easy hospital care and admission.
24-hour worldwide protection.
Continuous coverage until age 70 (as long as still under employment).
Pre-negotiated renewal rates

Note: Benefits One consists of Group Medical (with outpatient benefits) and Group Term Life (including critical illnesses)

Frequently asked questions

The escalating medical costs in Asia are reducing healthcare affordability and reach for employees, widening the workforce health protection gap. SMEs are hit the hardest because they operate on finite budgets, and rising insurance premiums are creating further financial strains.

A high loss ratio occurs when an insurance company pays out a large percentage of its premiums in claims, or simply a high ratio of losses to gains, impacting premiums for businesses. Inadequate plan design, under-utilization of benefits, and low employee headcount with single large inpatient claims can disproportionately drive up loss ratio beyond the threshold, leading to a high loss ratio.

In an environment of high premium fluctuations, especially in a bad year with high loss ratio, steep price loadings can be implemented by insurers at renewals, which undermine SMEs’ ability to provide adequate medical coverage for their workforce. It is crucial that SMEs actively align benefits with actual workforce needs and demographics to keep cost manageable and improve predictability.

Offering an attractive and comprehensive employee benefits program makes your company more competitive and enhances employee experience and satisfaction. This leads to increased productivity and helps reduce high costs associated with employee turnover. Investing in the right employee benefits program supports a motivated, loyal workforce and contributes to the long-term success of your business.

Yes, Benefits One covers employees up to age 70, as long as they remain employed. Coverage ends at age 70 or when employment ceases.

Yes, TPD is included as a rider under Group Term Life benefits.

Yes, coverage includes hospital admission and death from both natural and accidental causes.

Medical expenses incurred abroad are reimbursed based on reasonable and customary charges in Malaysia. Employees must pay upfront and claim later. Pre-authorisation letters are not available for overseas hospitals.

Talk to us

Get in touch to learn more about our benefits solutions for small businesses or request a quote.

Select

Small and medium-sized enterprises face budget, resource, and scale constraints in offering competitive health and benefits. In a war for talent, how can you balance rising medical costs while attracting and retaining key talent?

Your people are your greatest assets

Select more differentiation

Select more convenience

Select more optimisation