?? Case Study: Transforming Stakeholder Management in Singapore ??

As an employer, it's incredibly rewarding to see tangible improvements in stakeholder satisfaction and employee benefits.

Here's a recent success story from the ASN, Advisory Services Network AG (ASN) collaboration with a multinational group in Singapore:

The Client:

• Multinational group with 30,000 employees worldwide
• Three legal entities in Singapore with a common health insurance plan for 100 third-country nationals (TCNs)

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Original Situation: The Global Head of Employee Benefits was facing significant dissatisfaction due to:

• Inadequate health insurance benefits, particularly for maternity, which were not meeting Singaporean standards
• Subpar brokerage services and advice from a well-known global brokerage firm

Local resources in Singapore were not allocated to address these issues.

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Global Broker Statement:

• Your plan benefits are at the top of the benchmark.
• Employees can ask a church to close existing financial gaps in their maternity benefits.

Consulting Activity: We stepped in to provide strategic consulting and performed the following activities:

• Defined an enhanced benefit level that aligned with real local costs and addressed the typical needs of the TCN population.
• Assisted in appointing a new local broker who could offer superior service.
• Coordinated remarketing and renewal activities with the new local partners.

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Outcome: The results were outstanding:

• Enhanced Benefits: Improved health insurance coverage for TCNs

- Maternity Benefit: Increased to SGD 12,000 (+60%)

- OP-Psychiatric Illness: Raised to SGD 6,500 (+600%), a highly unusual move in Singapore

- Global Cover: Transformed into true global cover (previously limited to 75% of Singaporean cost level)

• Both local and global management are now satisfied with the services provided by the new broker and insurers
• Ongoing plan management services are in place to ensure continued satisfaction and compliance.

This case highlights the power of effective stakeholder management and the profound impact it can have on employee benefits and overall satisfaction. It's a perfect example of how targeted consulting from ASN can drive substantial improvements and create lasting value.

Let's continue to strive for excellence in every project we undertake.

What challenges are you facing in your current benefits strategy?

Let’s discuss how we can transform them into success stories.

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