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FAQs
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How can IGP reduce international benefits costs? |
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IGP allows multinational companies to take advantage of their worldwide size and reduce their employee benefits costs through economies of scale and the pooling of risks. Through international pooling or Second Stage Accounting, which spreads the insurance risks over the company's worldwide employee group, International Dividends can be generated to reduce costs.
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Why should I consider participating in IGP?
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If you are a corporate benefits or risk manager who has analyzed the benefit plans in force for the employees of your foreign subsidiaries, you know that the cost of providing these plans is steadily increasing. Inflation, administrative expenses, and technological advances in medical care have increased the cost of insurance coverages with no sign of abatement.
The International Group Program was created to address the issue of cost and to help world headquarters’ staff better coordinate overseas employee benefits expenditures by keeping you well informed.
Are there minimum size requirements to participate in IGP?
Any group insurance and/or pension contract is eligible for IGP, assuming minimum local underwriting guidelines for a group contract have been satisfied, and there is sufficient growth potential to warrant the establishment of an international account.
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How can IGP help monitor my international benefits expenditures?
IGP helps you achieve greater control over the cost of your international benefits by keeping you better informed. Annual International Experience Reports are provided in a unified format that lets you see how your employee benefits dollars are being spent in each country.
How can IGP keep my headquarters and local management updated on employee benefits trends?
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| In addition to the efficient reporting provided by the International Experience Report, IGP offers its clients a variety of reference sources to assist with local plan design.
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- Country Profiles, prepared by each IGP Network Partner and updated regularly, provide information regarding the social security system and customary private employee benefits practice in a given country.
- Periodic IGP International Updates keep you abreast of benefits trends, new products, and legislative changes affecting employee benefits in a given country.
- IGP Seminars, held in the United States, Europe, and Asia, offer an opportunity to hear from local benefits experts about plan design and funding issues. Ample time is provided in country panel sessions for participants to raise questions and share solutions.
By providing this information, IGP can help keep you and your subsidiaries informed of the benefits needed in different countries.
How can I be sure international pooling really works?
Today, IGP is helping over 800 multinational companies and more than 5,050 of their subsidiaries achieve significant savings on their employee benefits plans each year. Your Account Representative can provide a sample listing of IGP clients for your review.
How can I be certain my local employees will be comfortable working with IGP?
IGP has selected each of its Network Partners based on its reputation for providing local customers with the highest quality service at competitive costs. Each IGP Associate Insurer is a leading underwriter in its local insurance market and offers your subsidiary management and employees the full services of a major national insurance company including sales, actuarial, legal, and administrative support.
All the advantages of dealing with a leading national insurer are preserved:
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All coverages are provided through policies that are issued by a well-known insurance company.
Premiums are paid in local currency.
Premiums are charged at customary local rates and are not, in any way, adversely affected by the policy's participation in IGP.
Local dividends, if any, are calculated independent of the
level of international claims.
What types of benefits does IGP cover?
The IGP Network Partners underwrite a full range of employee benefits normally provided in each country through group insurance and pension contracts. These include life insurance, widow's and orphans' pensions, disability pensions, and medical and retirement plans.
In countries where your local operations are large, the IGP Network Partners also provide administrative-services-only life and medical plans and investment-only pension contracts. Please contact your Account Representative for additional information on any of these plans or contact IGP at: igpinfo@jhancock.com
IGP can also provide a broad range of coverages for third country national (TCN) and expatriate employees. These coverages may include life, accidental death and dismemberment, short- and long-term disability, permanent and total disability as well as comprehensive medical insurance. Pension plans are also available. IGP’s TCN plan is available in a number of currencies with various optional features to meet the specific needs of multinational companies.
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Customer
Center
Self-experienced IGP customers can log on to the
IGP Customer Center, a secure website where they can review the status of their IGP account.
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Contact
Me
Want to learn more about IGP in
general and what we can do for you? Simply fill out the
following form, and we'll contact you at your convenience.
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