Global Benefits Connect

Global Benefits Connect provides an opportunity for Global Benefits leaders to gather, exchange ideas and network through in-person events and (with the advent of COVID-19) virtual meetings. Sponsored by Lockton, guests are invited to gather to discuss overcoming challenges, meeting the needs of a changing global workforce and sharing thoughts on how we can help one another.

Here you can find recaps of previous meetings as well as interesting content for Global Benefits Teams to consume. Enjoy!

Search global benefits compliance news here - globalnews.lockton.com/

Alert - India's Life Insurance Market

Employers in India are experiencing rapid changes in the life insurance market including higher costs and increased administrative complexity.

India has experienced several COVID-19 waves leading to a significant loss of life and unprecedented pressure on the capacity of Indian insurance companies. Indian life insurers and the foreign reinsurers who hold a significant portion of their risk are reluctant to take on additional risk and are requiring policyholders to clarify the COVID-19 risk profile of their employees.

Details can be reviewed on the attached alert.

We are recommending the following actions

Employers with upcoming group life renewals will need to have a mechanism to collect COVID-19 history and vaccination information at the employee level. In some cases, the local broker can assist with the data collection outreach.
Since India is a "cash before cover" country, HR and benefits teams should work with finance to set up payment protocols in advance of the renewal to ensure there are sufficient funds available and that timely payment can be made to prevent a gap in coverage.

If Lockton can help or if you'd like to speak with one of our global benefit experts, please contact me.

Brexit Update - January 2021
The United Kingdom and the European Union reached a post-Brexit trade agreement on Dec. 24, 2020. It is expected that this agreement will be ratified by the EU parliament in short order. It will become British law once is passes through the unelected House of Lords later Wednesday and gets formal royal assent from Queen Elizabeth II.

Lockton is prepared for this change. Since 2016, we’ve engaged with regulators, trade bodies, politicians and insurers to prioritize continuity of client service through an unprecedented change in the European political and economic environment.
Click here for the update

Working from Home - Perspectives from India
In India, Working From Home (WFH) was a radical and exciting concept a few years back. It was looked at as a special consideration and concession at the corporate level and yearned by many who could not get it. Over the years, a few corporates added WFH as a permanent feature. The surge of telecommunications, information storage & security systems eased information transfer among remote workers & established an effective & well-accepted communication system. The rising service industry, declining manufacturing sector, and the growth of information-based jobs made it much easier for people to WFH. Like many aspects of our lives, the pandemic has accelerated and made permanent these changes to work.

You can download this Work from Home whitepaper published by Lockton's partner, J.B.Boda here

How did employers worldwide respond to the impact of COVID-19?

COVID-19 Scenario in India
Whitepaper from JB Boda, Lockton Global Partner

October 2020 Session

You can check out the video recap of our October session as well as an in-depth presentation (below) on global mental well-being led by Dr. Shealynn Buck.

Our Fall 2020 sessions are focused on global well-being in the midst of the pandemic. Why? The impacts of unaligned mental well-being include trillions of dollars in lost productivity, account for 25% of absences from work and worse, by 2030, lack of mental well-being is projected to be the leading cause of mortality and morbidity globally.

In October, we discussed how the combination of the pandemic and technology’s relentless advancements are straining everyone’s mental health. Our human mind is simply not prepared by evolution or by experience for a world of constant information flow. Even when the pandemic is behind us, the changes it has wrought coupled with the acceleration and convergence of technologies will make supporting mental well-being a 21st century business imperative and a continuous focus of Human Resources.

Global Mental Well-Being

Dr. Kembre Roberts, AVP, Wellbeing Practice Leader at Lockton shares her thoughts on the range of thinking on wellbeing in different regions and cultures.

Dr. Shealynn Buck. Lockton's Medical Director, leads an in-depth presentation and discussion regarding how global employers can maintain a framework for a healthy and productive workforce by focusing on mental well-being. Divided into 3 segments, first Dr. Buck outlines a framework for global mental well-being including definitions, perspectives, impacts, challenges and strategies. Then Lockton's Roshi Fisher leads a panel discussion of global solution providers to share insights on key global well-being themes. The session concludes with employer success stories and advice for global employers looking to meet these challenges.

June 2020 Session

In June, our Global Benefits Connect had a theme of mental well-being and we used Dr. Shealynn Buck's recent presentation as background for our discussion. You can watch a replay of the webcast above.

Thanks to Frank Dumar, CEO, of www.cleavercompany.com/ who joined us to describe his work with clients' leadership development programs. He observed, and our attendees confirmed, many organizations are relying heavily on HR teams and managers to communicate with their people as well as continue business operations.

Frank reiterated that the health of our Enterprises, Teams and Individuals are based in part by-

Enterprise- Clarity of plan, roles and communities
Teams- Helping with Team Leadership, climate and readiness
Individuals- Helping your folks grow and develop growth mindset and resiliency

Additional observations from the call were

HR is at the epicenter of business response during these trying times. As Johnny C. Taylor, President and CEO of SHRM, remarked - "HR is a first responder...With HR support, employers can adapt, rebuild and refocus, resulting in improved organizational culture, values and effectiveness."
For our global locations, should we provide a marketplace of solutions that meet their unique geographic / demographic needs? It is hard to pick the right partner and there are no single source solutions.
How do we structure our days as people are working harder, less aligned (with respect to schedules) and not taking time off.
Should we consider a second round of financial support for employees working from home as it appears we will be in this mode for some undetermined period of time.

An email invite to our Slack workspace and channels was sent to the participants. If you are interested in joining us on Slack, please click on the register link www.benefitsmith.com/benefitsmith-on-slack.html

We love soliciting content for future discussions and would appreciate your comments and feedback as we continue to build and strengthen this group of employers focused on global benefits and total rewards.