Management Consulting

In the post-COVID landscape, the Food, Agribusiness & Beverage (FAB) industry has faced significant challenges, particularly in the realm of employee health and benefits. The NHS has been under immense pressure, leading to soaring waiting lists and a marked increase in the utilization of private medical insurance (PMI) schemes, which have seen a 50% rise in usage. This surge is largely attributed to smaller claims and a notable increase in referrals from digital GP services. Additionally, the rise in cancer diagnoses, coupled with missed NHS targets, has necessitated more complex care through these schemes. Chronic illnesses are projected to affect 1 in 5 people in the UK by 2040, further complicating the healthcare landscape. To address these issues, Aon implemented its Health Risk Forecaster tool, which aggregates data from clients' benefits schemes, health data, and premium trends. This tool provides a comprehensive overview of expected changes in healthcare spending, allowing organizations to budget effectively and take proactive steps to mitigate risks. By analyzing health data and projecting future premium spends, Aon enables clients to model various scenarios and develop strategies that enhance return on investment (ROI) while improving employee engagement. Furthermore, Aon’s Total Reward Optimisation framework was introduced to help organizations navigate the evolving expectations of employees regarding their total rewards package. This approach emphasizes understanding total reward spend, measuring the effectiveness of reward investments, and identifying opportunities for greater value without increasing costs. By utilizing adaptive employee surveys, Aon gathers insights into employee preferences, allowing for tailored rewards that resonate with different demographics. This data-driven strategy replaces conjecture with evidence-based discussions, ensuring that future reward decisions are substantiated by hard data, ultimately enhancing employee satisfaction and retention in a competitive market.