FedGroup Employee Benefits
A new approach to EB: simple and transparent
FedGroup Employee Benefits was launched during a national road show in March and was received with an overwhelming positive reaction from brokers, who welcomed the simplicity and transparency of the approach and product design.
Building on a 20-year track record, which provides both the financial strength and stability to launch new products with confidence, FedGroup also introduced an employee benefit offering.
Tried and tested
While new to the open market, FedGroup Employee Benefits already has an impressive track record. “We are providing group risk cover for more than 5 500 employees; administering over 50 funds with employees ranging from 15 to 15 000; caring for over 20 000 beneficiaries; managing assets in excess of half a billion rand; and providing benefits to 15 participating employers through the FedGroup Distinction Umbrella Funds,” says Walter van der Merwe, CEO, FedGroup Life.
Refreshing approach
The FedGroup team operates according to a refreshing philosophy: EB administrators are not simply in the business of administrating benefits, but rather responsible for the future needs of individuals. “We want every employee to fully understand what benefits and services he/she has selected, we want every employer to fully understand what benefits and services have been selected for the company's employees, and we want every broker to be fully confident and comfortable with the products and services that he/she has sold,” says van der Merwe. “We do this through the simplicity of our product design and our personalised service delivery.
Simplicity in design
FedGroup Employee Benefits consists of four distinct baskets of that include Group Risk, Beneficiary Care, Fund Administration and Asset Management. “Each of the baskets offers a specific flavour and texture representing the key products and services that cover the vital aspects of employee benefits planning,” comments van der Merwe.
1. The FedGroup Life Group Risk policy provides a simple spectrum of Group Risk Cover to protect employees and their families throughout their lives in the case of:
* Illness through Core Critical Illness Cover or Comprehensive Critical Illness Cover, with multiple claims allowed; * Disability through Capital Disability Cover and Income Disability Cover; * Death through Life Cover, Funeral Cover and Education Trust Cover
2. Beneficiary Care is designed to provide a simple range of products that care for minor beneficiaries, encompassing:
* Instalment (regular payments over a given period);
* Protector (pays out at a specific future point); * Managed (offering a monthly income and ad hoc payments)
3. Fund Administration, a Stand-alone Fund Administration offering designed to focus on compliance, with sound infrastructure, including a custom designed administration platform and a dedicated administration team combining expert skills and general experience.
4. Asset Management. Here we offer professional management of assets to meet specified investment goals. The investment philosophy utilises the Best of Breed approach and is designed around building investment portfolios that effectively implement clients' objectives.
Unique features
FedGroup believes that their Education Trust Cover, included in the FedGroup Life Group Risk policy; as well as the FedGroup Property Portfolio, one of the multi-asset portfolios managed by FedGroup Asset Management; provide unique solutions to clients.
Education Trust Cover, which is also available as a free-standing group risk benefit, allows employers to meet the often-neglected education needs of employees' children, by providing group education benefits for the education of deceased employees' children, in addition to lump sum death benefits.
Into the future
Many challenges lie ahead, but the FedGroup Employee Benefits team is optimistic about the future. “Increasing the growth rate of the South African economy in an inclusive way is imperative and job creation is critical. We believe that the efficient provision of financial services has an important contribution to make in achieving these objectives,” says van der Merwe.