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VEBNET working in partnership with SWISS RE ABOUT VEBNET INTRODUCTION Vebnet is a leading provider of technology and managed services for total reward and flexible employeefocused benefits programmes, to the world’s most respected and progressive employers. Swiss Re, the world’s leading and most diversified global reinsurer, wanted to offer 800 UK employees flexible benefits. Vebnet was brought in to harmonise employee terms and conditions and remuneration after its acquisition of GE Insurance Solutions. The flex package was designed to meet two important goals: We work in partnership with our clients to design, deliver, and manage flexible solutions that consistently demonstrate creative thinking, innovative technology and service excellence. Our services span benefits scheme design, communications and employee engagement to help desk and outsourced administration. Vebnet’s integrated, most widely-used reward portal – FIX&FLEX®, brings together all elements of a company’s reward and benefit scheme with a common brand and message. 1. Ensure employees remain equally positive about benefits after the harmonisation. 2. Help the company appeal to more diverse skill sets beyond the narrow reinsurance market. An important factor for Swiss Re was to offer benefits that are highly competitive within the financial services market, where many of its employees are recruited. Attracting new skill sets enables the company to be more diverse and look at new service opportunities for clients. AN INNOVATIVE APPROACH One of the chosen benefits was Vebnet’s payroll-giving carbon offset scheme, developed in conjunction with PURE – the Clean Planet Trust, where employees can directly support the Kyoto Protocol, and support other climate change initiatives. Swiss Re is committed to taking a leading role in the climate debate and identified climate change as an emerging risk over 20 years ago. Swiss Re’s UK headquarters, ‘The Gherkin’, is London's first environmentally sustainable building. Employees were also the first to be able to use the carbon footprint calculator in Vebnet’s flexible benefits system to add up their household carbon waste and then decide how much they wish to contribute each month. “In late 2007, we appointed Vebnet to help us harmonise terms and conditions across Swiss Re and GE using flex and total reward. This implementation was effective as of 1 August (enrolment from late June) with a 71 per cent take-up. Vebnet have exceeded all our expectations. ” PROJECT LEAD Swiss Re THE SUCCESS FACTOR Operationally, Swiss Re’s implementation has been a massive success, reflected in the 71 percent take-up rate. Financially, flexible benefits schemes are becoming increasingly costeffective and, as experienced by Swiss Re, the savings on National Insurance alone can easily fund the costs from year one. Swiss Re acknowledges that flex is the key to maintaining a competitive benefit strategy, understanding take-up rates and provider choices, and empowering employees to match benefit selection to their lifestyles. An exemplary benefits package coupled with a comprehensive and imaginative communications programme, including a Flash streaming video onto the intranet site, contributed to the resounding success of this launch. Offices: Edinburgh / London / Singapore Edinburgh/London/Singapore/ Hong Kong / Montréal / Boston Hong Kong/Montreal/Boston T: +44 (0)845 304 7142 +44 (0)845 304 7142 E:T:[email protected] E: [email protected] www.vebnet.com www.vebnet.com Vebnet Limited is registered in Scotland (SC207389) at Standard Life House, 30 Lothian Road, Edinburgh, EH1 2DH. Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges may vary. www.vebnet.com © 2011 Vebnet, images reproduced under licence.