Lockton

Engaged and motivated employees drive successful businesses. Knowing this, organizations are on a mission to implement the most flexible and personalized benefits programs to attract and retain the best talent. Lockton aids them in their effort with its data-driven people solutions.

Expanding the purview of employee benefits, Lockton’s people solutions incorporate well-designed, total rewards and benefits packages that can be tailored, measured, and managed effectively to build a positive employee experience. By moving from employee benefits practices to people solutions, Lockton creates bespoke offerings to motivate and retain top talent. It helps employers streamline the A-Z of employee benefits administration. From consulting on health and welfare benefits to guiding on the latest in compliance, Lockton becomes a trusted advisor for its clients.

“OneLock ─ the one-stop digital platform from Lockton ─ aggregates flex, wellness, and solution providers into a cost-effective benefits ecosystem, where the employees can view, choose, and manage their benefits in real time,” says Rachael Tay, Regional Head of Benefits, APAC, Lockton. The plug-and-play platform leverages open architecture technologies to automate data exchange while ensuring data privacy and security.

Employee engagement remains at the forefront of Lockton’s platform, which offers world-class, personalized user experience through a configurable, company-branded portal. With seamless and intuitive navigation, employees no longer need to worry about complex and time-consuming enrollment processes. Lockton’s easy-to-use platform aggregates all the employee benefits in one place, filtering them according to eligibility, relevance, and levels of information.

The employees can customize their benefits packages during the enrollment period, selecting from various benefits to best suit their health and lifestyle needs. They can also view their benefits details, check their spending account balances, and access claims services through the same platform.

Benefits buying and selling can be made through flex dollars. For instance, employees can buy days off and sell unused leave time using the “Holiday Trading” feature. It allows them to track their benefits and helps them decide how much they can spend or earn at the moment.

Along with employer-sponsored benefits, Lockton also allows for employee-paid and voluntary benefits that employees can use to opt-in for various insurance coverages, including life, critical illness, and gym memberships. Employees can choose the right medical benefit plan to suit their healthcare needs, which can be customized using flex dollars and a flexible spending account (FSA). They can select their insured benefits using the flex dollars and later claim against a list of FSA-eligible items using the available FSA balance. This can be done through their ‘My Claims’ page, which enables seamless straight-through claims processing.

Lockton’s easy-to-use platform aggregates all the employee benefits in one place, filtering them according to eligibility, relevance, and levels of information

Lockton recently effectuated flexible employee benefits for an advertising giant headquartered in the U.S. The advertising company faced difficulties attracting and retaining employees because its different brands had disparate benefits programs that employees did not value highly. By analyzing their existing setup and inventories, Lockton identified that harmonization and insurer consolidation would improve buying power and increase benefits attractiveness. The flexible benefits provided the element of choice and personalization, which greatly helped the client to cater to the needs of its young and creative employee demographic.

Being the world’s largest privately owned, independent broker allows Lockton to break free from the constraints of external stakeholders and focus on making the right decisions for its clients. Lockton prioritizes a personalized approach that delivers best-of-breed solutions to its clients rather than sticking to the age-old templatized models.

Lockton believes that the value of benefits is truly achieved when it is easily accessible. The company prides itself on its client retention rate ─ which stands at 97 percent ─ reflecting the extra mile taken by them, with the simplest and easiest benefits administration solutions, to maximize value for its clients.