Advance and Progress Your Vision

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.

February 22, 2022

This guide’s goal is to inform employers on a variety of different elements to consider when creating their strategy. It also explores the business case and core tenets to focus on in establishing a thorough approach while providing guidance on how to produce a more equitable ecosystem.

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.

Conclusion

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.

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