Unum has launched an application (app) that enables employers to model their benefits package to see what it is able to offer without increasing its spend.
Using the app, an employer enters details about its business and can then see how changing the levels and types of benefits it offers can change its benefits package.
The Benefits Balancer app can also show the amount of money an employer can save in absence costs when offering group income protection.
Marco Forato, chief marketing officer at Unum, said: “Pensions auto-enrolment means employers are already making changes to their benefits spend, so now is a great time to review benefits packages more widely and make sure they match the changing needs of staff.
“For example, many [organisations] over-insure on life cover. Today, improved diagnosis and treatment means employees are three-times more likely to suffer a long-term illness than to die during their working lives.
“Despite this, few employers have changed the balance of their benefits package to reflect changes in society and the workforce. By rebalancing their benefits budgets, employers can maintain a reasonable level of life cover, while offering benefits like income protection as well.”
