Category: Health &amp; Benefits

More Than Just an Insurance: Credit Insurance in Uncertain Times

New FOODprint Publication

In the latest edition of GrECo’s Food & Agri client magazine, FOODprint, we place our focus on a key challenge faced by this industry: the impacts of climate change

Continue reading “Risk Management Advising for Health & Benefit programs”

Technology, and Its Role Within Health & Benefits

March 13, 2023March 13, 2023by Adam Riley

Flexibility has become the norm, but more choices and options will be needed to match changing lifestyles, requirements, expectations, and locations.

The total reward package and wider benefits programme have become more employee-led, and this will continue to be a key area to keep under review as employee expectations evolve, and the next generation (Gen A) enters the workforce.

Flexibility & choice

Employees already want to select (or be offered!) benefits / cover that suit them, and their circumstances. Flexibility has become the norm, but more choices and options will be needed to match changing lifestyles, requirements, expectations, and locations. Moreover, and importantly, wider benefits which are seen as valuable and making a difference to the workforce – will need to be carefully balanced between insurance-related options, and wider non-insured benefits.

Anecdotally, this will become the norm and an important part of the everyday expectations of our future employees.

Focus has switched to how the package can work to support the wider strategies, and “benefit customisation”, and choice, are now high on the radar for employees, and needs to become a key part of the risk management strategy for HR & Benefits teams! Doing so will help tackle the changing demographics, and expectations, in an increasingly diverse and ageing workforce.

Technology will go hand-in-hand with future Health & Benefits Strategies

Employers considering this approach will need a multilevel benefits system in place where people can pick & choose but also have a core level of benefits in place to ensure equality.

Importantly, a mix of technology solutions incorporating total reward, analytics and data insights provides the employer with an opportunity to not only manage but have a much greater understanding of their workforce, benefits use, claims, absenteeism and wider engagement/usage of the benefits will become a “must-have”! As is the ability to upload data to insurers 24/7 providing real-time pricing/underwriting decisions/claims updates.

Technology plays such a key part in our lives, and this will naturally evolve – we are, in the main, attached to tech 24/7, whether this is a “good” thing or not is pretty obvious BUT enter Generative Pre-trained Transformer, the recently created ChatGPT. The AI Chatbot, otherwise known as an artificial intelligence (AI) tool, arguably stands in parallel to human intelligence by offering smart and speedy solutions, some would say the same (or better!) as experts’ advice across everything we do.

Is ChatGPT relevant to health benefits? More needs to be seen to come to a conclusive answer, but, it’s cool!

There are clear advantages to AI – the very real potential to mitigate administrative costs and given the increasing medical insurance premiums, a way to look at ways to reduce these, or lead to intelligent pricing! There is also a clear opportunity to improve claims-management processes and member experience. Recently, it was reported that AI played a key part in appealing a medical claim which was declined by an Insurance company.

Whilst it speaks for itself, one thing is clear, the better the input and clarity of brief, the higher level of quality and outcome is likely to be achieved by using AI / ChatGPT.

Ultimately, AI will provide Health & Benefit Risk Managers / Brokers, Insurers and HR & Benefit professionals with the opportunity to further automate operational and manual tasks, but also potentially provide improved employee experiences, cost containment and so much more!

Focus on Health & Benefits budgets wisely

When all is said and done, businesses will need to invest their benefits budget wisely – from restructuring health & benefits policies to evolving and becoming fit-for-purpose (and relevant!). Data insights and analytics will play a crucial part in not only employee engagement, but whether an employer is domestic only or multinational, ensuring understanding of their generational diverse workforce needs and (short-medium-long term) requirements will be key; equally as important will be making better use of and embracing wider technology and digital solutions.

Having a flexible and evolving H&B strategy and programme in place will not only help employers be ahead of the “war for talent” curve but will also go a long way to ensure costs are managed, early intervention (preventative benefits) is in place and the health & wellbeing of their people are truly at the heart of the company DNA culture!

Adam Riley, Cert PFS

Group Practice Leader Health & Benefits

T +44 (0) 7507 788 144

Health & Benefits: A Fresh Approach to Employee Benefits

More Than Just an Insurance: Credit Insurance in Uncertain Times

New FOODprint Publication

In the latest edition of GrECo’s Food & Agri client magazine, FOODprint, we place our focus on a key challenge faced by this industry: the impacts of climate change

Continue reading “Technology, and Its Role Within Health & Benefits”

GrECo Health & Benefits hires Practice Leader in Croatia

March 1, 2023March 1, 2023by Adam Riley

Danijela Jurcic joins GrECo Health & Benefits in Croatia, further reinforcing the wider group strategy to become the employer of choice across the Central, Eastern and Southeastern Europe (CESEE) region.

Furthering its already significant foothold in the Croatian market, GrECo has appointed Danijela Jurcic as Health & Benefits Practice Leader for Croatia, in a newly created country leadership role. This role further reinforces Adam Riley’s Health & Benefits group strategy to become the leading risk management adviser and employer of choice throughout the CESEE region. Working with Adam and Robert Fucak (General Manager, GrECo Croatia), Danijela is now responsible for building the local Health & Benefits business in Croatia.

Danijela joins from Alliant Employee Benefits, based in the United States.

Adam Riley, GrECo Specialty, Health & Benefits commented: “We warmly welcome Danijela to GrECo and are delighted she has joined us to develop the Health & Benefits business in one of our key countries, Croatia.

We have been recruiting across our countries, and this is our third senior hire for the Health & Benefits business this year. Attracting high-calibre individuals and top talent is a key part of the people strategy within Health & Benefits and the wider GrECo Group, and the appointment of Danijela truly reflects this. GrECo is renowned for its people, reliability, stability, and independence.

She will play a key part in building our local Health & Benefits business in Croatia and will join my senior leadership team to support the wider growth strategy across the group to become the leading Health & Benefits consultancy across CESEE.

By building our capabilities locally, further enhances our value proposition for clients, partners, and carriers. I am looking forward to working with Danijela to continue the success of our Health & Benefits business across the CESEE region, and personally wish her every success in this new leadership role.”

Adam Riley, Cert PFS

Group Practice Leader Health & Benefits

T +44 (0) 7507 788 144

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‘Our only focus is on our client’s and people’s needs’

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Social Workplace – Giving People a Sense of Belonging

February 16, 2023February 16, 2023by Gabriele Andratschke

From an HR perspective, the past three years were predominantly shaped by the challenges and crises that have influenced our activities since the beginning of the pandemic. The impact of volatility, uncertainty, complexity, and ambiguity – the VUCA world – has become more pronounced with each crisis that has hit both the economic environment of organisations and people`s personal lives.

Our world is marked by rapid change, continuing disruption, and instability. Geopolitical risks that boost this uncertainty add to the challenges in the global labour market. Organisations find themselves in a seemingly ongoing struggle to attract, retain and manage talent. But what implications does this have on our HR work?

A new approach

The pandemic has taught us to work in hybrid environments that connect co-workers mostly virtually. As a result, social interaction has decreased. Multi-channel communication has become part of our daily work routines. However, Eurostat statistics show that in 2021 only 13.5% of employees in the EU performed work from home on a regular basis. Even if 2022 shows a slight decrease in the area, remote work has come to stay, and yet another upward trend is expected for future years. Although the flexibility of the workplace enables individuals to better balance work and personal life, the downside of remote work is the lack of social interaction. That being ascertained, leadership teams and HR have recognised the importance of moving their people into the centre of their attention.

Creating social work environment

As ESG (environmental, social, governance) topics are gaining importance throughout organisations, HR must focus on creating socially sustainable work environments. The first step in this process is to create awareness and a common understanding of how the most relevant factors of social sustainability are linked to the corporate vision and mission. In this dynamic framework, organisations must seize the opportunity to rearrange their corporate DNA, create sustainable and secure workplaces and build a work culture that puts people first, focussing on individual needs. More and more candidates are now screening potential employers’ efforts towards climate protection, diversity, equity, and inclusion as well as ethical decision-making. Especially the generations X, Y, and Z want to contribute towards making the world a more liveable place again.

Sustainable Human Resource Management also considers future generation workforces and seeks to achieve long-term strategic alignment in human resource planning. However, the latter seems to be an increasingly challenging task. The much-cited and increasing shortage of skilled personnel as well as an ever-ageing workforce constitute the main obstacles.

Different generations – different values

The generation mix from baby boomers to generation Z on the labour market and within organisations creates a blend of values and relevant cultural features. The critical assets professional experience and expertise meet young academic knowledge and ambition. Digital natives and digital immigrants team up to achieve corporate goals. Whereas this may seem obstructive at first glance, the dimension “age” as outlined in the Diversity Charta offers numerous chances for individual development, skills transfers, sharing of knowledge and experiences as well as mentoring and sponsoring of talent. Putting the generation issue aside, the focus must be on merging the different values of each generation to create a common work culture.

But who are those talents and where can they be found?

Identifying, promoting, and managing talent

According to a Deloitte survey, more and more organisations are beginning to redesign working environments to attract and retain top talents regardless of their age. It is important to acknowledge that what differentiates talents from any other member of the workforce are their relevant performance potential, their competences, and their commitment towards achieving organisational goals. While talent is often associated with external resources, screening the workforce for potentially dormant talent within the organisation should become a permanent feature in the recruiting and people development processes.

Having identified talents, HR must regularly verify whether the skills and competences meet the requirements of the future workforce. Comparing current and possible future roles is part and parcel of a well-structured talent and succession management scheme to facilitate people development within the organisation.

Learning & Development Strategy

In the future, the focus will be on high-value human work, where upskilling and reskilling constitute the main objectives of talent strategies. Rapid change in knowledge and skills lifecycles demand a Learning & Development Strategy that provides learning modules that help identify and develop future skills and, more importantly, enable regular reviews. Learning programmes that foster education and individual development, opportunities that promote transparent and flexible career paths and broaden the range of tasks, rank high among talents. People want to be part of this transformation where businesses evolve into learning organizations. They want to play a role in the development of future skills as this provides them with orientation and the key to unlock innovation and creativity. However, this development needs a framework that allows a balanced error and feedback culture as well as trust in new work approaches.

Creating a sense of belonging

Undoubtably, HR has moved away from the lockdown-induced standstill of the recent past. HR is now trying to best counteract today’s crises of inflation, war, and energy shortages. It needs to move into the new year with a healthy portion of optimism. Whereas little can be done about these crises, HR can be instrumental in building work environments that employees feel connected to. People who feel a sense of belonging are more likely to identify with and stay in the organisation. For HR this means: To move the organisation forward, the first huge step in the right direction is creating a sense of belonging.

Gabriele Andratschke

Head of Group Human Resources

T +43 664 962 39 18

Related Insights

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Technology, and Its Role Within Health & Benefits

Flexibility has become the norm, but more choices and options will be needed to match changing lifestyles, requirements, expectations, and locations.

Is Your Glass Half-full Or Half-empty? World Optimist Day!

February 1, 2023February 1, 2023by Adam Riley

Optimist Day is a global annual celebration falling on the first Thursday of February. The day’s key theme is focussed on building and sustaining a positive future!

The World Health Organisation says: “Work is good for mental health but a negative working environment can lead to physical and mental health problems”. Furthermore, depression and anxiety have a significant economic impact; the estimated cost to the global economy is +USD 1 trillion per year in lost productivity.

But what is an optimist?

An optimist is someone who has positive views about their place in life and the future. Ultimately, an optimist is more likely to think good things will happen and can see the positive side of many situations, but there are wider benefits too! It is simply a state of mind, about creating new ways of thinking, acting and behaving, but also how we work with and respond to one another.

With the geopolitical and global economic backdrop currently being faced by us all, we have never experienced this level of permanent uncertainty before! We are undergoing times of permanent change. In times of uncertainty and change, being an optimist, all the time is hard. We’re not perfect and have to work on it unless of course you’re lucky enough to be a natural-born optimist.

It helps people deal better with the negative experiences, and grow, since they have perceived setbacks as opportunities for growth, as well as protecting against depression — even for people who are at risk for it. An optimistic outlook makes people more resistant to stress!

Optimism and business culture

An optimist is more than someone who just believes things will work out, as they are also people who work hard to build a positive future. Similarly, optimism also makes people have a better disposition. Unlike their cynical counterparts, they offer hope and positivity to the people, which then also helps them forge good social relationships. As humans are social animals, therefore, having better relationships is good for mental health as well.

Business culture is a key part of the employee value proposition and, as businesses continue in the “war for talent”, a core recruitment and retention tool! If you have an optimistic team or employee(s), optimism is what allows for sustainable and prolonged growth, and positive workplace culture. It drives successful outcomes for both individual and business performance.

Whereas pessimism will slowly bring people down, create strains on relationships and could lead to a negative and toxic workplace culture – one that contains dysfunctional behaviour, poor communication, and even low morale. This naturally impacts individual mental health and leads to poor Wellbeing outcomes.

Poor mental health and conditions such as depression, anxiety and stress, which can lead to suicidal thoughts and suicide, are a growing problem across the globe. The wider impact to family, friends and colleagues cannot be measured.

The impact on your wellbeing

Helen Keller is worth remembering – keep your face to the sunshine and you cannot see the shadows. Maintaining a positive, optimistic attitude to life is the best way to avoid being overtaken by negative, pessimistic thoughts. Optimism has such a significant impact on your mental and physical Wellbeing. Research shows an optimistic outlook carries (certain) advantages, such as better health, greater achievement, less stress, and greater longevity.

For me, it is clear – in the current state of the global and domestic economies, Wellbeing and optimism play integral roles in the resilience of our workforce.

I definitely take the glass-half-full approach, but when the glass-half-empty feeling creeps in, it provides a chance to stop, think and, importantly, reassess the situation. As an optimist, I focus more on what I have, and what more can be done (with half a glass of water) than seeing that half the glass is empty and will eventually have nothing left in it!

Let’s take a moment, every day – not just on February 2 – to think about how we can adjust our state of mind. That half-full glass has lots left in it!

Adam Riley, Cert PFS

Group Practice Leader Health & Benefits

T +44 (0) 7507 788 144

Health & Benefits: A Fresh Approach to Employee Benefits

Risk Management Advising for Health & Benefit programs

Good Risk Management focuses on identifying and treating defined risks and should be a continuous and developing process embedded in a company’s HR and wider Benefits strategy.

Technology, and Its Role Within Health & Benefits

Flexibility has become the norm, but more choices and options will be needed to match changing lifestyles, requirements, expectations, and locations.

Continue reading “Is Your Glass Half-full Or Half-empty? World Optimist Day!”

GrECo Health & Benefits bolsters its senior team

January 31, 2023January 31, 2023by Adam Riley

Preslava Gencheva joins Adam Riley to further build the Health & Benefits business across the Central, Eastern and Southeastern Europe (CESEE) region.

With its continued success, GrECo has appointed Preslava Gencheva as Deputy Group Practice Leader, Health & Benefits, in a newly created group leadership role. This role further reinforces Adam’s Health & Benefits strategy to become the leading risk management adviser and employer of choice throughout the CESEE region. Closely working with Adam, Preslava will support him in building, developing and the day-to-day running of GrECo’s specialist Health & Benefits business across its 17 CESEE countries.

Preslava joins from Karoll Financial Group where, for 14 years, she held several roles, more latterly Commercial Director. In a client-facing role, she successfully developed sales and marketing strategies, efficiencies for sales and operational processes, and managed sales across their 70 offices and 200 colleagues.

Adam Riley, GrECo Specialty, Health & Benefits commented: “We warmly welcome Preslava to GrECo and are delighted she has joined us at this very important juncture in our growth. Preslava is highly regarded and well-respected in our profession, bringing significant experience, insights, and a fresh outlook to GrECo Health & Benefits. We continue to attract high-calibre individuals and top talent, and the appointment of Preslava truly reflects how, as an independent family-run risk specialist business. GrECo is renowned for its people, reliability, stability, and independence.

She will play a key part in our growth strategy as the leading Health & Benefits consultancy across CESEE, which further enhances our value proposition for clients, partners, and carriers. I am looking forward to working with Preslava to continue the success of our Health & Benefits business across the CESEE region, and personally wish her every success in this new group leadership role.”

So, Preslava, welcome to GrECo! Why did you decide to join our company?
When Adam and I started talking, I already knew of GrECo, and seen the business become the leading specialist insurance broker & consultant across the CESEE region. I had also heard in the market about the refreshing new strategy Adam had created since he joined in July last year, as well as the new direction and journey the GrECo Health & Benefits business is headed and knew this was the natural next step in my career!

The creation of this new role to help Adam run, build, and develop GrECo´s growing Health & Benefits business is so important as it reflects the demands of clients and employers across countries in which they operate.

What do you feel employers are looking for from a H&B partner?
Employers are looking for a specialist consultancy who understands their business, their employee requirements and above all else is seen as their true partner to provide sustainable long-term H&B solutions. Having talked with many HR and Benefit professionals, it is clear Health & Benefits is no longer just about insurance solutions, it is now about developing & providing appropriate risk management solutions for employers, which are both relevant and sustainable for their multinational and multigenerational workforce, now and able to evolve in the future.

Employers are expecting much more from their broker – more sophistication, wider knowledge, and are looking for their Health & Benefits adviser to provide appropriate and tailored solutions and delivering true thought-leadership. This is where GrECo Health & Benefits really adds tremendous value!

Tell us about the Preslava, outside of work.
I am married, with one son. Healthy living has become more and more important and plays a key part in my family life. For me this is to care for my physical and mental state and, as a family, we practice this through taking part in active sports including snowboarding, paddling, mountain tracking and tennis, and taking care of my mind by reading good books and meditation!

Thanks, Preslava. A final word from you?
Joining GrECo in their next phase of strategic growth is hugely exciting and provides an amazing opportunity to help build and run their Health & Benefits business. I look forward to working with Adam and being part of his team and its future strategy to become the leading Health & Benefits risk management adviser and employer of choice across the CESEE region, further enhancing the value proposition for clients, partners, and carriers!

Adam Riley, Cert PFS

Group Practice Leader Health & Benefits

T +44 (0) 7507 788 144

Related Insights

Pillar of Our Strategy Is Specialisation – Interview With Georg Winter

Georg Winter offers some insights into his vision for GrECo. Interview was originally published in Lockton Global Partners Magazine.

Building the GrECo Health & Benefits Business: A Catch-up With Adam Riley

In July, Adam was recruited in a newly created executive leadership role, to run, build and develop GrECo’s specialist Health & Benefits business across its 17 countries.

‘Our only focus is on our client’s and people’s needs’

Ante Banovac shares his thoughts about future risks facing the insurance industry and the state of the insurance market in Serbia, Slovenia and Croatia

Continue reading “GrECo Health & Benefits bolsters its senior team”

The New Focus on Talent

January 23, 2023January 23, 2023by Gabriele Andratschke

Digital transformation, demographic change, increasing complexity and a global virus are leading to a continuous process of change. For those responsible for Human Resources, this situation brings new opportunities and challenges.

The need for highly qualified employees is growing. Aging teams in digitized work environments are increasingly creating skills gaps. Recruiters are no longer required to select ideal candidates for filling critical positions from a flood of applications. Those times are in the past. The tide has turned, the recruitment processes are more about arousing the applicants’ interest in the company with the help of employer branding activities.

Talent Identification and Management

The magic word is talent. But how do companies succeed in attracting talent?

Let’s start with the meaning of the word. The term talent can be represented in different ways. What is undisputed is certainly the expectation of talented people to make a valuable contribution to the company’s success. Talents are mostly associated with people outside the company.

But what about those talents who are already part of the organization and whose potential is (still) undiscovered?
In the “War for Talent”, HR strategies are based on three key factors:

Recruitment
Education and Development
Retention

The relation between looking after current employees and attracting new talent shows what makes a company the workplace of choice, which key factors are necessary for this attractiveness, and how companies differ from the competition.

Learning and Development

Professional training and individual development, flexible career paths and a broader range of tasks are of great importance to the new generation of employees. Attractive employers, therefore, offer a learning and development strategy that integrates learning into the workplace and draws individual learning and development paths.

We believe that GrECo is a great place for great people, where every employee has the chance to learn and work independently and bring in ideas. We developed a sophisticated internal learning and development programme, because we know that lifelong learning is a major factor for new generation of employees.

Learn more on our Careers page.

Employer Branding and New Work Culture

More and more applicants are screening potential employers for their commitment to climate protection, diversity and inclusion, ethical decision-making, and sustainable finance. Generations X, Y and Z in particular, are looking for ways to contribute to change with their work and are increasingly opting for companies that live their Environmental Social Governance (ESG) responsibility and present it transparently.

A realignment of the corporate DNA is therefore based on social responsibility and the creation of sustainable and secure jobs. This requires a work culture that puts people first, even in the time of digital transformation.
The workplace of future needs basic conditions that create space for new things, promote a culture of mistakes and feedback and stimulate social exchange to enable innovation and creativity. Companies need to keep that promise they make in job interviews, on social media and in publications, and remain authentic in their stories.

Gabriele Andratschke

Head of Group Human Resources

T +43 664 962 39 18

Related Insights

Health & Benefits: A Fresh Approach to Employee Benefits

Risk Management Advising for Health & Benefit programs

Good Risk Management focuses on identifying and treating defined risks and should be a continuous and developing process embedded in a company’s HR and wider Benefits strategy.

Technology, and Its Role Within Health & Benefits

Flexibility has become the norm, but more choices and options will be needed to match changing lifestyles, requirements, expectations, and locations.

Continue reading “The New Focus on Talent”

Building the GrECo Health & Benefits Business: A Catch-up With Adam Riley

November 17, 2022November 17, 2022by Adam Riley

In July of this year, Adam was recruited in a newly created executive leadership role, to run, build and develop GrECo’s specialist Health & Benefits business across its 17 countries.

It is widely recognised that GrECo has seen continued success across its specialist businesses and has built its reputation across the Central, Eastern and Southern European (CESEE) region by providing market-leading risk and insurance solutions to clients. As part of its next phase of strategic growth, GrECo laid down a clear marker this year: it is going to invest in building its Health & Benefits business, which reflects the demands of clients and employers across its markets.

As a business which attracts high-calibre individuals and top talent, it is renowned for its people, reliability, stability, and independence.

“If you want to go fast, go alone; if you want to go far, go together” – an African Proverb, Adam Riley’s favourite phrase to use with his team. In July of this year, Adam was recruited in a newly created executive leadership role, to run, build and develop GrECo’s specialist Health & Benefits business across its 17 countries. Adam’s appointment has enabled GrECo to relaunch its Health & Benefits offering across the CESEE region, and of course the wider international markets.

We caught up with him to find out about his 2030 vision for GrECo´s Health & Benefits business.

Hi Adam, how have the last four-months been for you and what have you been focusing on since starting at GrECo?
The past four months have been both refreshing and rewarding. Meeting with a huge number of people from across our business, I have witnessed first-hand the close-knit and people culture for which GrECo is known. The depth of capabilities from across the group is inspiring as is the integrity and spirit of our dedicated teams.

The most important focus for me has been to refresh, restructure, and relaunch our group-wide Health & Benefits strategy and direction for the business, giving it a fresh outlook to reflect the next phase of our strategic growth!

So, what would you say employers are looking for when employing a risk and insurance management provider?
The market is changing, employers are demanding more sophisticated solutions and much more from their specialist advisers.

Employers are looking to work with a specialist consultancy that understands their business, and employee requirements and, above all else, is seen as their true partner to provide sustainable long-term Health & Benefits solutions.

You’ve been working on a newly developed Health & Benefits strategy. Can you give us a snapshot of what the future holds for GrECo as a result?
At GrECo Group, we don’t just look at the “now”, we also look at how our business will evolve over the next few years. Our new Health & Benefits strategy focuses on a clearly defined roadmap outlining our “2030 vision” for the business.

You will see that we have changed our name from “employee benefits”, to Health & Benefits. This better reflects the new direction in which we are headed. Coupled with the risk management services and solutions we will be offering our clients, and the future of our business, this reflects and incorporates a fresh approach.

Put simply, we will become the leading Health & Benefits risk management adviser and employer of choice across the CESEE region, further enhancing the value proposition for clients, partners, and carriers!

Some might say that’s a bold statement but looking at results in the last few months alone, and your projects for the next 12 months, it is clear the new Health & Benefits business at GrECo, under your direction, is shaping up to do just that! What’s GrECo’s current position in Health & Benefits, and how do you see it developing by 2030?
By revenue and premium, the GrECo Health & Benefits business is already a top-five broker in 10 of its 17 countries, with the remaining seven countries not far behind. Part of the “2030 Health & Benefits vision” is to double our revenue through both organic growth and selective M&A activity.

Building a more robust and sustainable proposition, incorporating a mix of traditional insurance-led solutions with Wellbeing, data insights, and online and digital offerings is core to the future of the GrECo Health & Benefits business.

On the topic of M&A, what’s currently happening in the CESEE market?
The markets in our region are changing, we are seeing more consolidation of Health & Benefits businesses than ever before. With this, opportunities for the GrECo Health & Benefits business are emerging – as a group, we are very selective on M&A activity: culture, people and synergy are core to what we look for when looking at potential acquisitions.

Adam, you’re also working on integrating the MAI CEE Health & Benefits business into the GrECo structure. How’s the acquisition been received?

Very well! The acquisition of MAI CEE was seen by the market as hugely positive, with many synergies brought by both businesses, as well as bringing great new talent to our team. Our Health & Benefits business has expanded to over 120 specialist people.

It also strengthened several of our countries where there were established GrECo and MAI CEE offices and furthered GrECo’s reach across the CESEE region with new operations in Albania and Georgia. Our business in Georgia officially changed its name to GrECo in early November.

The pandemic brought many issues into sharp focus for employers but one of the most prevalent was ESG – particularly the social elements; how is the Health & Benefits business incorporating ESG?

Addressing ESG factors can help employers manage their environmental and social footprint and determine their business risks and opportunities. The “social” element links directly to Health & Benefits. When looking more widely at the United Nations’ Sustainable Development Goals, good health & well-being is one of the 17 goals – the GrECo Health & Benefits team is already part of this conversation with clients.

With the geopolitical and global economic backdrop currently being faced by us all, we have never experienced this level of uncertainty before! When will the next pandemic hit? The next war? Global recession? Energy crisis…? It is now about how the Health & Benefits programme can function and be sustainable for when the next challenge arrives.

The new world order is bringing many existing workplace trends to the fore, accelerating the adoption of flexible/agile working as well as raising concerns around the mental health of employees.

Adam Riley, Cert PFS

Group Practice Leader Health & Benefits

T +44 (0) 7507 788 144

Related Insights

Pillar of Our Strategy Is Specialisation – Interview With Georg Winter

Georg Winter offers some insights into his vision for GrECo. Interview was originally published in Lockton Global Partners Magazine.

Building the GrECo Health & Benefits Business: A Catch-up With Adam Riley

In July, Adam was recruited in a newly created executive leadership role, to run, build and develop GrECo’s specialist Health & Benefits business across its 17 countries.

‘Our only focus is on our client’s and people’s needs’

Ante Banovac shares his thoughts about future risks facing the insurance industry and the state of the insurance market in Serbia, Slovenia and Croatia

Continue reading “Building the GrECo Health & Benefits Business: A Catch-up With Adam Riley”

The World Is Changing, Enter a New World Order!

November 15, 2022November 28, 2022by Adam Riley

Nowadays, employees expect more from their employer than ever before. Meeting these expectations will involve more personalisation of the health and benefits offering.

The world has had its fair share of upheavals, but when Covid became part of our daily conversations, irrespective of where one lived, we were all looking for the magic light at the end of the tunnel! It took a long time to come, never have we had to live with so much uncertainty, and this new state of uncertainty will become part of life, certainly for the foreseeable future.

Employers reacted quickly when another lockdown was announced. Working from home became the norm, and a new way of living was forced upon us. I remember when the first lockdown was announced; I thought it would soon be over, but days turned into weeks, then months. Schools closed, infrastructure suffered, travel became a distant memory, as did freely going on holiday.

The financial impact on the global economy was severe, and the true extent of the impact on people’s mental wellbeing is still largely unknown.

Then the unthinkable happened: a war in Europe! Further significant disruptions aggravated the already fragile and near-breaking healthcare and financial systems across the globe. Energy supplies, production lines, supply chains, distribution channels, and more, were equally hard hit. Many believe these disruptions have permanently altered the world order. While we all feel the direct and indirect impact of the war, managers and business owners have made it their top priority to protect the health and safety of their employees.

A new world order …

History tells us that Woodrow Wilson and Winston Churchill introduced a term “new world order” to global politics, describing a new era of history marked by a profound shift in world political philosophy and the worldwide balance of power. Over the years, it became a factor in domestic and international relations and in legislation. It also sent out a clear message that change to the status quo was on the cards. As a result of the global consequences to the war in Europe, “a new political world order” has come about, again.

Rapid change and shifting trends have also found their way into companies. In response to the economic crisis – caused by the world bouncing back from Covid, changing weather systems, spending patterns and the conflict in Europe – employers are taking steps to support their staff, arguably much more than we have seen in recent memory, but this can only go so far as it is not just individuals who are affected. Employers also need to address their short, medium, and long-term strategies simply to remain in business.

The cost of living has risen significantly. Levels of inflation across the globe have spiked. Talks of recession and warnings of energy price-increases have become reality. The war in Europe, which many thought would be over quickly, still rages on, with terrible human loss. Unstable Governments resulting in profound market and economic shifts resulting in significant changes to financial ratings.

The news presents a gloomy outlook – yet, still, employers continue to uphold both health and benefits in their companies, whilst at the same time employers are facing increasing insurance premiums and crippling energy bills. Why? Their employees are important, as are the families. With this, we are seeing a shift in how employers are looking at their future benefit programmes – a steady wise in employers ripping up the “benefits blueprint” and looking at how to restructure their benefits to be more sustainable; more fit for purpose to assess how the wider package could better support their employees.

Whilst some level of financial support is welcomed by all, this is only one part of the solution. Employers with voluntary-style benefits, discount schemes etc can also signpost employees to these as they can offer real-time savings for every-day-expenditure. In view of the current economic backdrop where pressure on salaries has started to impact, we are seeing more employers incorporating this into the wider offering, and anecdotal evidence shows this has been well-received by employees.

We learnt valuable lessons through lockdowns when innovative digital solutions were introduced because we could not access face-to-face services. Solutions such as online yoga and personal trainer lessons, telemedicine and virtual appointments to access General Practitioners, wearable technology being used to track fitness levels, our sleep, diet, etc. have been widely adopted. Many of us have become used to doing things via handheld devices.

We need to better listen to our people

People typically don’t like to admit it they are struggling or ask for help! The same applies to financial difficulties, where many people struggle silently when faced with the next household bill, rising energy bills, dental costs, etc. Hence, employer attractiveness has long since ceased to be defined by just the daily fruit basket or a water cooler. Corporate culture and wider wellbeing must therefore be place permanently on the leadership agenda to enable employers to better support employees and promote financial, mental, physical and social Wellbeing.

Everyone knows and understands the arguments as to why Wellbeing needs to be taken seriously. When it comes to Wellbeing, it is a complex dynamic between the culture of the company, the work environment, external factors, and the physical, social, psychological & mental health of employees – it also perfectly dovetails into the wider ESG conversation and the key sustainable development goals!

As the Human Sustainability Index, a new way to track Wellbeing and performance, gains momentum, we’re seeing more and more organisations wake up to how they can decrease burnout and build performance and Wellbeing at the same time.

Employers also need to focus more on the individual; however, they first need to listen to what their employees are saying, and not simply push forward an employee “benefit” just because it may be a good idea for the company. Over the years, I have seen many employee “benefits” introduced (sometimes at significant cost to the company) only to hear the end recipients, the employees, say that it isn’t something which is needed or wanted.

Nowadays, employees expect more from their employer than ever before. Meeting these expectations will involve more personalisation of the benefits offering: employers reviewing what benefits are offered, restructuring leave, and working policies, bringing forward salary reviews to help those who need it most, and perhaps even shaping a position to suit the skills, experience, and ambitions of the individual they want to recruit. Ultimately, employees are expecting employers to work hard(er) to attract and retain them. Those that do can expect to gain the very best talent. Those that don’t will face an uphill struggle in getting the right people, achieving employee loyalty, and of course engaging their people!

Adam Riley, Cert PFS

Group Practice Leader Health & Benefits

T +44 (0) 7507 788 144