February 22, 2022
Once the prioritization outline and plan are determined and your countries and benefits are selected, create your personalized roadmap and a tracking mechanism, such as a dashboard. Include details regarding definitions, eligibility, coverage level, dependent coverage, portability, exclusions, limits (e.g., dollar, visit.), and waiting periods. Getting input from local and regional colleagues can help bolster these efforts and ensure that they meet local needs.
To ensure sustainability, it is important to be able to justify and make stakeholders comfortable with any associated costs from both a global and local perspective. Going into a new market where a benefit may not have been offered before can result in insuring risk that is less understood and opaque. The cost may seem extremely attractive, but is this solely to create business that will soon escalate at renewal time? Alternatively, is the cost way too expensive for your business to absorb? The associated risk should feel right and be reasonable.
Best practices after the renewal process are to note and inventory what worked and what did not. If a vendor won’t cover the gap, consider asking tailored follow-up questions. Review these explanations and your lessons learned with the team and consider whether to continue to negotiate during the next renewal cycle or develop an alternative approach.
Developing a global consistency strategy is an exciting yet challenging concept for many organizations. This process is a journey, and it will take time and persistence to construct a meaningful, market-leading strategy. If you invest in the undertaking, there will be significant long-term rewards, giving your company a competitive advantage.
More TopicsArticles & Guides Global Benefits Management Governance
IntroCreating a Globally Consistent Benefits Strategy
Part 1What is Global Consistency and Why Develop a Global Consistency Strategy?
Part 2How to Harness Long-Term Opportunities
Part 3Benefits to Include in a Global Consistency Strategy
Part 4Plan of Action Through Prioritization
Part 5Advance and Progress Your Vision