{"id":286,"date":"2017-02-24T10:07:48","date_gmt":"2017-02-24T02:07:48","guid":{"rendered":"http:\/\/www.pacificprime.sg\/blog\/?p=286"},"modified":"2023-08-04T17:06:25","modified_gmt":"2023-08-04T09:06:25","slug":"corporate-insurance-what-is-it","status":"publish","type":"post","link":"https:\/\/www.pacificprime.sg\/blog\/corporate-insurance-what-is-it\/","title":{"rendered":"Corporate insurance: What is it?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Just as laptops and smartphones are to a business, so is corporate insurance to modern employment packages. It seems almost a given in today\u2019s job market that the best, most attractive companies to work for are those that offer more than just a paycheck. Those companies who care about the well being of their employees are often seen as the most desirable employers to high-quality candidates. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We all seem to know that Google office\u2019s amenities &#8211; with their wacky themed office spaces, indoor slides, and cozy nap areas &#8211; are some of the bigger, more extravagant things a job seeker can hope for. What is now a common expectation, however, is that a remuneration package comes with employer-provided health insurance. What is <\/span><span style=\"font-weight: 400;\">corporate insurance<\/span><span style=\"font-weight: 400;\">, however, and what can it do?<\/span><\/p>\n<style type=\"text\/css\"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--><\/style>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><div class='code-block code-block-4' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.sg\/plans\/group-health-insurance\/?campSource=PPSG-Blog&utm_source=blog&utm_medium=content_banner&utm_campaign=banner&utm_content=corporate\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-775\" src=\"https:\/\/www.pacificprime.sg\/blog\/wp-content\/uploads\/2024\/07\/SEO-Baner-Corporate.webp\" alt=\"Corporate insurance banner\" width=\"1138\" height=\"493\" \/><\/a><\/p><\/div>\n<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Group insurance solutions<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Corporate insurance, or <a href=\"https:\/\/www.pacificprime.sg\/plans\/group-health-insurance\/\" target=\"_blank\" rel=\"noopener\">group insurance<\/a>, is basically a type of insurance in which a single contract will cover a specified group of people. For employer-provided group health insurance plans, the policy owner will be the employer while the employees make up the \u201cmembers\u201d of the group. Just like bulk buying anything, purchasing a group insurance plan is generally cheaper than what an individual plan might cost a plan member. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Purchasing corporate insurance allows members to access a number of health insurance coverage benefits. Depending on what the policyholder (the employer) chooses to pay for, group insurance solutions can be very comprehensive and valuable. Offering health insurance with an employment package can often be a less costly incentive as the risk spread over a large group delivers reduced premium costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few details on the benefits you can include in a corporate insurance plan: <\/span><\/p>\n<ul>\n<li><b>Supplementary Health:<span style=\"font-weight: 400;\"> Provides basic healthcare cover for inpatient and sometimes outpatient care when needed. <\/span><\/b><\/li>\n<\/ul>\n<ul>\n<li><strong>Wellness:<\/strong> <span style=\"font-weight: 400;\"><a href=\"https:\/\/www.pacificprime.sg\/blog\/corporate-wellness-program-singapore\/\" target=\"_blank\" rel=\"noopener\">Wellness programs<\/a> are a popular preventative benefit that helps bolster the day-to-day health of your employees, reducing the need for reactive care. <\/span><\/li>\n<\/ul>\n<ul>\n<li><strong>Dental:<\/strong><span style=\"font-weight: 400;\"> Oral health is an important but often overlooked part of life, even for some individual plans. Providing dental coverage can make your employment package more attractive than your competitors\u2019. <\/span><\/li>\n<\/ul>\n<ul>\n<li><strong>Life and long-term disability insurance:<\/strong><span style=\"font-weight: 400;\"> Protecting the well being of not just your employees, but also their family, can also promote your company as one that cares personally for their staff. Life and long-term disability insurance ensures that support is there in the event something serious happens to your employee.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Selecting the right plan for your company and its staff really depends on what your needs are, and what your budget is. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What\u2019s the benefit of a corporate insurance plan?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Of course, many companies still do not offer any form of health insurance coverage for their employees. This may be because local healthcare options are well subsidized by the government, or because the cost of providing insurance outweighs the benefit of their workforce. However, if you\u2019re a company looking to secure the best talent for your business, here are five reasons to think about purchasing a group insurance plan:<\/span><\/p>\n<ul>\n<li><b>Make your company a more attractive employer:<span style=\"font-weight: 400;\"> Highly skilled and sought after candidates will judge your offer of employment on more than just salary. Offering a good employer-provided health care plan will increase your appeal to potential candidates and make your negotiating power higher than your competitors. <\/span><\/b><\/li>\n<\/ul>\n<ul>\n<li><strong>Reduce turnover:<\/strong><span style=\"font-weight: 400;\"> A low staff turnover rate is essential to ensuring your business runs without interruption. Staff retention is also important for growing a team of senior leaders within your company, so providing healthcare benefits shows you value their contribution and wish to see them stay with you long term. <\/span><\/li>\n<\/ul>\n<ul>\n<li><strong>Improve company morale:<\/strong><span style=\"font-weight: 400;\"> Having a reduced turnover rate is a good indicator that your employees really do love being employed by your company. When an employer can help ease personal stresses, employees will begin to value their jobs more and, with people being loss averse, the idea of leaving and risking not having insurance can help keep your staff on board. <\/span><\/li>\n<\/ul>\n<ul>\n<li><strong>Get a healthier workforce:<\/strong><span style=\"font-weight: 400;\"> Healthy staff are often absent less, and the ability for staff to take sick leave and see a doctor means your staff can have their ailments seen to right away. As a side note, an appropriate and honest sick leave policy can also help make sure your staff don\u2019t infect each other by trying to work while ill. <\/span><\/li>\n<\/ul>\n<ul>\n<li><strong>Have more productive staff:<\/strong><span style=\"font-weight: 400;\"> Happy and healthy staff are more productive.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Whilst the cost of providing a corporate insurance plan is a monetary one, the intangible benefits your company stands to gain from offering one as part of an employment package can be a lot more than what you spend. If you\u2019ve never considered purchasing group health insurance, or you\u2019re worried your current group plan isn\u2019t keeping up with your industry peers, it\u2019s <a href=\"https:\/\/www.pacificprime.sg\/blog\/employee-benefits-consultant-might-need-one\/\" target=\"_blank\" rel=\"noopener\">worth contacting a broker to learn more<\/a>.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Pacific Prime Singapore: Your corporate insurance expert<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Our expert corporate team at <\/span><a href=\"https:\/\/www.pacificprime.sg\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Pacific Prime Singapore<\/span><\/a><span style=\"font-weight: 400;\"> have almost 20 years experience in delivering solid <a href=\"https:\/\/www.pacificprime.sg\/assets\/guides\/2017-2018%20Guides\/Corp%20Flyer\/2017-06-SG_Corp_Flyer-v1.1.pdf\" target=\"_blank\" rel=\"noopener\">group insurance solutions for businesses<\/a> big and small. Their unique approach to policy brokering has meant that more than 3,000 clients worldwide have been able to provide tens of thousands of employees and their families with comprehensive health care coverage. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether you\u2019re a small business, startup, or multinational corporation, our corporate team is well placed across six different global offices to advise, propose and deliver a <a href=\"https:\/\/www.pacificprime.sg\/plans\/group-health-insurance\/\" target=\"_blank\" rel=\"noopener\">group insurance plan<\/a> that meets the needs of your company and staff. We can find you your first corporate insurance plan, or we can help you find a better, more comprehensive deal if you already have one.<\/span><br \/>\n<span style=\"font-weight: 400;\">To find out how Pacific Prime Singapore can help you invest in your staff and attract the best new talent, <\/span><a href=\"https:\/\/www.pacificprime.sg\/contact-us\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">contact our advisers<\/span><\/a><span style=\"font-weight: 400;\"> today!<\/span><\/p>\n<style type=\"text\/css\"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--><\/style>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><div class='code-block code-block-7' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.com\/corporate\/?campSource=PPSG-Blog&utm_source=blog&utm_medium=cta_banner&utm_campaign=banner&utm_content=corporate\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-780\" src=\"https:\/\/www.pacificprime.sg\/blog\/wp-content\/uploads\/2019\/06\/PPSG_Bus_01.jpg\" alt=\"Business Insurance banner\" width=\"1138\" height=\"493\" \/><\/a><\/p><\/div>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just as laptops and smartphones are to a business, so is corporate insurance to modern employment packages. It seems almost a given in today\u2019s job market that the best, most attractive companies to work for are those that offer more than just a paycheck. Those companies who care about the well being of their employees &#8230;<\/p>\n","protected":false},"author":23,"featured_media":287,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[4],"tags":[765,98,101,766,318,96,99,508,509,317],"class_list":["post-286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-group-insurance","tag-ban_cor","tag-corporate-health-insurance","tag-corporate-insurance","tag-cta_cor","tag-employee-insurance","tag-group-health-insurance","tag-group-insurance","tag-inpatient-insurance","tag-outpatient-insurance","tag-singapore-corporate-health-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - 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insurance: What is it?"}]},{"@type":"WebSite","@id":"https:\/\/www.pacificprime.sg\/blog\/#website","url":"https:\/\/www.pacificprime.sg\/blog\/","name":"Pacific Prime Singapore&#039;s Blog","description":"Informative articles covering insurance in Singapore and beyond","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.pacificprime.sg\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.pacificprime.sg\/blog\/#\/schema\/person\/89290b1f7d03f95694bdda819d8e1b2d","name":"Serena Fung","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.pacificprime.sg\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/aba64e292f17bc9409b0bce235e56bff?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/aba64e292f17bc9409b0bce235e56bff?s=96&d=mm&r=g","caption":"Serena Fung"},"description":"Serena Fung is a Senior Content Creator at Pacific Prime, a global insurance brokerage and employee specialist serving over 1.5 million clients in 15 offices across the world. With 2+ years of experience writing about the subject, she aims to demystify the world of insurance for readers with the latest updates, guides and articles on the blog. Serena earned her Bachelor\u2019s Degree in Psychology from the University of British Columbia, Canada. As such, she is an avid advocate of mental health and is fascinated by all things psychology (especially if it\u2019s cognitive psychology!). Her previous work experience includes teaching toddlers to read, writing for a travel\/wellness online magazine, and then a business news blog. These combined experiences give her the skills and insights she needs to explain complex ideas in a succinct way. Being the daughter of an immigrant and a traveler herself, she is passionate about educating expats and digital nomads on travel and international health insurance.","sameAs":["https:\/\/www.linkedin.com\/in\/serena-fung-849902126\/"],"url":"https:\/\/www.pacificprime.sg\/blog\/author\/serena\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts\/286"}],"collection":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/comments?post=286"}],"version-history":[{"count":10,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts\/286\/revisions"}],"predecessor-version":[{"id":1698,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/posts\/286\/revisions\/1698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/media\/287"}],"wp:attachment":[{"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/media?parent=286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/categories?post=286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pacificprime.sg\/blog\/wp-json\/wp\/v2\/tags?post=286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}