Connect with us

Insurance

Aon Forecasts Workforce Impact Of COVID-19 With Interactive Web Application

Published

on

Aon Plc has unveiled an interactive web application that forecasts the impact of COVID-19 on employee populations throughout the U.S.

Sample dashboard for mock employer

Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, designed the tool to help employers anticipate medical costs, absenteeism and potential needs to shift work operations due to the spread of COVID-19.

“COVID-19 has brought on uncertainties in many aspects of our lives and this application will help employers understand their risks,” said Tim Nimmer, global chief actuary of Health Solutions for Aon. “Aon’s COVID-19 Employee Impact Model forecasts the impact on your employee population based on geographic-specific infection rates and advanced epidemiologic models.”

Aon’s COVID-19 Employee Impact Model works by using de-identified demographic data on employee populations and dependents covered by the employer’s health plan. Aon’s application combines employer-specific data with geographic infection rates from the most reputable epidemiologic models. * It is updated daily based on the spread of the virus, social distancing measures taken by local governments, and the current figures of confirmed patients, hospitalizations, deaths, and testing and treatment patterns.

The tool allows employers to estimate the impact of the virus through the fall on their employee population. By selecting a date, employers can see projected cases and medical claims cost, which can change daily based on the most current COVID-19 information.

“Aon consultants will work with employers to build plans on how to keep employees safe while minimizing disruptions to their operations,” Nimmer added. “In these uncertain times, it is important that organizations have the most current information from which to base their decisions to safely maintain vital operations.”

Key features allow employers to:

view employee population impact by geographic area over time;
estimate the number of mild cases, hospitalizations, ICU visits and fatalities based on specific population demographics; and
estimate health care costs associated with testing and treatment.
Members of Aon’s Actuarial & Analytics Practice, who developed the cloud-based platform, are working to also quantify productivity and the broader business impact by adding metrics that model workers’ compensation claims, time lost, salary replacement costs, disability and life insurance, and cost savings of deferred elective medical procedures.

The application initially will be available in the U.S. and is recommended for employers with at least 300 employees. It will be expanded globally soon.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

E-News

PenCom Approves Full Payment To 2,024 Retirees, 25% To 7,906 Disengaged Workers

Published

on

By

By Sola Alabadan

The National Pension Commission (PenCom) approved Enbloc payment of retirement benefits to 2,024 retirees whose Retirement Savings Account (RSA) balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span.
In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors during the second quarter of the year.
The nation’s pension regulator disclosed this in its latest quarterly report issued recently.
This is in keeping faith with the objectives of the Pension Reform Act 2014 to ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory or Private Sector receives his retirement benefits as and when due.
In a related development, the Commission also approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.
This is in accordance with section 7(2) of the Pension Act, which provides that “Where an employee voluntarily retires, disengages or is disengaged from employment as provided for under Section 16(2) and (5) of this Act, the employee may, with the approval of the Commission, withdraw an amount of money not exceeding 25 per cent of the total amount credited to his retirement savings account, provided that such withdrawals shall only be made after four months of such retirement or cessation of employment and the employee does not secure another employment.”

Meanwhile, the Commission also informed that applications were received for transfer of Nigeria Social Insurance Trust Fund (NSITF) contributions on behalf of 332 NSITF contributors.
However, approval was granted to transfer N17,026,367.10 to the Retirement Savings Accounts (RSAs) of 298 members.
On a similar note, PenCom approved monthly pensions in the sum of N62,327,832.97 to 3,629 NSITF pensioners.

Continue Reading

Insurance

4,438 Retirees Choose Programmed Withdrawal, 1,708 Opt For Annuity In Second Quarter

Published

on

By

By Sola Alabadan

The National Pension Commission (PenCom) approved 4,438 requests, comprising 1,406 public (FGN & States) and 3,032 private sector retirees to draw pension through the Programmed Withdrawal mode during the second quarter.
These retirees received a total lump sum of N13,059.79 million, while their total monthly pension amounted to N209.05 million.
PenCom disclosed this in the second quarter report uploaded on the commission’s website recently.
Similarly, the Commission granted approval to 1,708 retirees under the Retiree Life Annuity during the quarter.
A total lump sum of N4,586.16 million was approved for payment to the retirees, while the sum of N12,346.89 million was approved for payment to 14 Retiree Life Annuity Providers as premium in return for total monthly/quarterly annuities of N122.46 million.
In a related development, approvals were granted for payment of death benefits amounting to N6,175.13 million to the legal beneficiaries/administrator of 1,209 deceased employees and retirees. This comprised 835 public (FGN & State) and 374 private-sector employees/retirees.
During the quarter under review, the Commission equally approved enbloc payment of retirement benefits to 2,024 retirees whose RSA balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span. In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors.
Besides, the Commission approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.

Continue Reading

Insurance

CHI Renews Group Accident Cover For insurance, Pension Journalists

Published

on

By

Sola Alabadan

Consolidated Hallmark Insurance(CHI) Plc has again renewed the Group Personal Accident Insurance cover worth N24 million Sum Assured, which was arranged for insurance and pension journalists in Nigeria.

This is part of the company’s Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their civic duties are adequately protected.
The Group Personal Accident Insurance policy covers death, permanent disability and medical expenses.

The policy, now in its 10th year, has been running since 2012, and is renewed annually by the company. The cover, which was renewed on October 1, 2021, is due to expire on September 30, 2022.

The policy cover all members of the National Association of Insurance and Pension Correspondents(NAIPCO) across the country while the company has promised to continue to renew the coverage for the journalists every year.

Speaking on the issue, the group managing director of Chi, Eddie Efekoha, said, this gesture is to show the kind of values and respect his insurance firm has for journalism, believing, journalists, who are the shaper of the society, and by extension, the insurance industry, must be protected.

Journalism, he said, is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.

In the case of the death of any of the concerned journalists, he said, the family of the deceased is entitled to N1 million death benefits. “A journalist who suffers permanent disability in the discharge of his duties will also be entitled to N1 million. The cover provides for medical expenses to the tune of N200,000 per journalist in the case of an accident,” he pointed out.

Continue Reading