Elements and Performance Criteria
- Review insurance arrangements
- Review insurance arrangements as per trust deed, and organisational policy and procedures
- Prepare criteria for insurer selection and confirm with relevant stakeholders
- Implement selection process for choosing insurer, and demonstrate that this process is in best interests of members
- Facilitate tendering process when necessary
- Pass on tendering information to appropriate staff where required
- Manage tender process
- Establish agreement on selection criteria
- Provide all relevant information to insurer as requested
- Obtain from insurer all relevant information relating to fund
- Demonstrate unbiased assessment of tenders on basis of relevant considerations
- Negotiate policy terms and conditions with insurers
- Undertake due diligence review of selected insurer
- Review benefit design in line with membership profile
- Implement group life insurance arrangement
- Select appropriate insurer and document decision according to trust deed organisational procedures
- Review policy document against organisational and trust deed requirements, highlighting any possible concerns fund may have with insurer before entering into formal agreement
- Provide policy document and agreement to legal adviser for review before entering into legally binding agreement
- Implement trustee decision on which insurer is responsible for claims if new insurer is appointed
- Facilitate signing of agreement
- Document and record accurately all information on organisational system
- Communicate any benefit design changes with members and appropriate staff
- Report on insurance strategy