Discover how Aspen Insurance UK overhauled their benefits offering to provide a more flexible solution that colleagues could better engage with.
Global specialty (re)insurance company Aspen wanted to refresh their benefits offering in the UK, and a review confirmed that employee engagement was low – only half of colleagues were logging into the benefits portal, and just 12% rated the programme as ‘good’.
As part of the transformation into a more attractive offering, Aspen set a target to grow portal logins from 53% to 67% and increase flexibility for employees, while driving savings for the company.
Aspen partnered with us to launch a new benefits plan. Firstly, we worked together on marketplace benchmarking, employee surveys and focus groups. With the insight gained from these, we devised a new offer tailored to Aspen’s diverse workforce, which allowed complete flexibility for employees.
As well as updating some existing benefits, Aspen also launched 12 new ones. These were categorised into three hubs – the Core Hub, Health Hub and Money Hub – to make them easier to understand and access.
By adjusting core funding levels in line with the market, Aspen were also able to use the money saved to fund a wellness account administered through Darwin Reimbursement Manager. Every employee can access up to £1,000 a year to support a healthier lifestyle through health-related benefits such as sports participation, dental and health screening.
To launch the new plan, we worked with Aspen to develop a modern, fresh benefits brand which was promoted through an engaging communications campaign including fairs, presentations, posters and emails. They also created a buzz by releasing a new financial education benefit before the official launch as a teaser.
With our support, Aspen now has a flexible offering that gives employees access to the benefits they need to support their individual lifestyles.
In fact, 92% of employees logged into the portal during their recent selection window, far exceeding the target of 67%.
Employees also made 819 benefit selections, an increase of 189% from the previous year. In addition, employees’ perceived value of the benefits offering increased as a result of the flexibility and personalised package, and a follow-up survey found that 66% rated the benefits programme as ‘good’ or ‘very good’.
By overhauling the scheme and putting the choice of benefits in employees’ hands, Aspen saved in excess of £800,000, and up to four days a month in HR administration time by using Darwin Reimbursement Manager.