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newsflash July 2020 IGP Expands its Presence in Africa 2 IGP Newsflash - July 2020 IGP Newsflash - July 2020 3 Employee Benefits in Kenya Matter Typical Employee Benefits in Kenya Kenya Employers recognize benefits as an important factor • Group Life Benefits in attracting, retaining and engaging employees. - Lump sum death benefit Profile on Social Security and Employee Benefits Business leaders in Kenya drive many of the benefits - Spouse and Children's Funeral Expenses decisions and most use peer-to-peer benchmarking and examine the specific needs of various workforce • Group Disability Benefits segments as key factors in benefit design choices. - Income Protection (Temporary and Social Security and Compulsory Permanent) Insurance Employees value their healthcare program the most. - Lump Sum About 83% of Kenyans lack financial protection from Social Security in Kenya WIBA – Work Injury Benefits Act healthcare costs, and about 1.5 million Kenyans are • Group Medical Benefits pushed into poverty each year as a result of paying - Group Medical Insurance Plans The social security scheme in Kenya is covered by WIBA is a compulsory employee benefit plan for health care. (Ministry of Health. The Kenya household - Critical Illness two schemes: enforced by Kenyan law that guarantees your health expenditure and utilization survey, 2013. Nairobi: - Hospital Cash Plans employees get financial compensation for work Government of Kenya; 2014). Most employers make their health and wellbeing programs an important • National Social Security Fund (NSSF): a statutory related injuries, diseases, disabilities or death • Work Injury Benefits Act (WIBA) differentiator to attract and retain key talent. savings scheme to provide for retirement. Both contracted in the course of their employment. - Occupational Death & Disability employers and employees contribute 5% (up to - Medical Reimbursement KSH 200) per month. WIBA benefits include medical expenses, funeral In addition, there is also a large interest in programs expenses, accidental death, permanent & total to protect employees’ wealth. • Retirement Benefits • National Hospital Insurance Fund (NHIF): An disability, temporary total disability and occupational - Defined Contribution individual earning more than KSH 1,000 per diseases. Costs are a growing concern however - most - Defined Benefit month must make a monthly contribution to the employers in Kenya identify cost as a challenge to - NSSF National Hospital Insurance Fund (NHIF) which delivering on their benefits strategy. The following are will entitle them to a reduction in certain hospital other key challenges that employers face: charges. • Insufficient financial support to make necessary Under the above schemes, members are able to benefit changes access: retirement or age benefits, withdrawal benefits, survivors' benefits, invalidity benefits, funeral • Impact of regulatory changes touching on grants and healthcare. statutory benefits • Lack of appropriate technology Demographics • Lack of employee engagement & poor employee Kenya South Africa UK understanding of the benefits program Total population (millions) 48.5 55.9 66.02 • Rapid changes in the workforce % 65 or older 2.9 5.1 18.5 Dependency ratio (%) * 80.3 51.6 56.8 • Lack of clear benefits strategy Life expectancy / men 60.3 55.5 79.2 Life expectancy / women 64.1 59.5 82.8 Statutory pensionable age / men 60 60 65 Statutory pensionable age / women 60 60 63 GDP per capita ** 3,156 13,225 43,877 * Population aged 14 or younger plus population aged 65 or older, divided by population aged 15–64. ** GDP amounts are converted into international dollars using purchasing power parity (PPP) rates. Source: Social Security Programs Throughout the World: Africa (International Social Security Associations, SSA Publication No. 13-11804, Released: September 2017) © International Group Program - www.igpinfo.com © International Group Program - www.igpinfo.com 4 IGP Newsflash - July 2020 IGP Newsflash - July 2020 5 UAP Old Mutual: UAP Old Mutual’s New Network Partner in Kenya: Your Best Choice in Kenya Response to COVID-19 UAP Old Mutual is passionate about helping their Life Insurance Solutions UAP Old Mutual customers achieve their financial goals and offers holistic solutions: The UAP Old Mutual Life Insurance products provide full cover for this pandemic and will settle claims • Comprehensive benefits package - covering Lump resulting in an unfortunate pandemic related death. IGP is pleased to welcome UAP Old Mutual as our The UAP Old Mutual Group is one of the largest sum death benefit, funeral benefit, permanent & new Network Partner in Kenya. Effective June 1, financial services groups with a growing footprint in total disability, temporary disability, critical illness, Medical Insurance 2020, employee benefits plans in Kenya placed with East and Central Africa. It currently operates in Kenya, medical reimbursement, health insurance, work UAP Old Mutual can be included in IGP Pooling, GGA Uganda, Tanzania, South Sudan and Rwanda. UAP injury, group personal accident and retirement. As a global practice, epidemics and pandemics are not or Captive accounts. Old Mutual offers customers a comprehensive and covered by insurance policies once declared by WHO. enhanced range of financial services which includes • Superior employee benefits offer: However, the health and wellness of customers is of The UAP Old Mutual Group is comprised of Investment, Insurance, Savings and Banking, as well as - Profit sharing arrangements utmost importance to UAP Old Mutual. Following three key players as a result of the acquisition of a a wider and more accessible distribution network. - No excess or deductible on accidental/ Health Insurance providers consultations with the controlling stake in Faulu in 2014 and UAP in 2015 by occupational benefits. Insurance Regulatory Authority (IRA) and in support Old Mutual. The acquisitions resulted in Old Mutual Group Benefits Offered - Enhanced Benefits – political violence of the Government’s efforts to mitigate and contain Kenya UAP Holdings and Faulu Microfinance Bank by UAP Old Mutual & terrorism coverage at no extra cost, the spread of Covid-19, UAP Old Mutual will provide forming one of the largest financial services groups retrenchment rider, no excess payments support to their insured customers within the with a growing footprint in East and Central Africa. • Group Life Assurance * • Outstanding service: designated facilities by the Ministry of Health (MOH) - Lump sum death benefit - Dedicated Account Manager outlined below: The Group is part of Old Mutual Limited (OML), a - Funeral benefit - Quick turn-around-time in response and Pan-African financial services group that offers a - Permanent & total disability claims settlement • Designated Testing Centres broad spectrum of financial solutions to retail and - Temporary disability - Service Level Agreements - KEMRI corporate customers across key markets in 14 - Critical illness - Free member education - National Influenza centre African countries. With a rich heritage of 175 years, - Medical reimbursement • Excellent value proposition: • Designated Treatment Facilities Old Mutual’ s primary operations are in South Africa • Corporate health insurance - The Group Life Assurance cover comes with a - Kenyatta National hospital and the rest of Africa and runs a niche business in • Work injury grief and bereavement counseling package - Mbagathi Hospital China. The primary listing of Old Mutual Limited, - Kenyatta University Teaching, Referral and • Group personal accident - Financial wellness clinics which includes the East Africa business – UAP Old - Traveling doctors service Research Hospital Mutual Group, on the Johannesburg Stock Exchange • Retirement - Any other facility as may be designated is a milestone the business attained in June 2018, with • Health insurance with a boutique of added values - * can be included in IGP Pooling, GGA or Captive accounts. Secondary listings in Zimbabwe, Namibia & Malawi. ensuring healthy living enabled by a comprehensive More information can be found on: set of resources, including a wellness package and https://www.uapoldmutual.com/faqs-covid-19 chronic disease management: - Health and Wellness - Superior Client Service - Comprehensive / Flexible Cover - Technology UAP Old Mutual offers - Wider set of service providers coverage in other sub- - Wide geographical scope Saharan countries under - A dedicated team and Call Centre a regional plan and IGP is examining the possibility of including those coverages in IGP arrangements. Watch for further details of this regional plan in a following issue of IGP Network News. Please let us For more information, please contact your IGP Account Manager or... know if you are interested to further explore this. UAP Old Mutual Ms. Diana Gichohi T +254 720 451 233 | E [email protected] www.uap-group.com © International Group Program - www.igpinfo.com © International Group Program - www.igpinfo.com 6 IGP Network News - June 2020 IGP Network News - June 2020 7 IGP Network Partners IGP Network Partners Argentina SMG LIFE Malaysia AIA Bhd. Australia AMP Life Limited Martinique See France 3 Austria ERGO Versicherung AG (in association with BONUS Pensionskassen AG) Mauritius Swan Life Ltd. Belgium AG Insurance Mayotte See France 3 Brazil MAPFRE Vida S.A. Mexico Seguros Monterrey New York Life, S.A. Brunei Aviva Ltd.2 Monaco See France Cambodia Manulife (Cambodia) Plc. 1 Namibia Via The Old Mutual Life Assurance Company (South Africa) Limited
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