Life Insurance as an Employee Benefit
Interview with Dr. Claus Mischler, CEO of Youplus Assurance AG and Dr. Jan Möller, CEO of Youplus Assurance Germany
In times of acute skilled labor shortages and an intense 'War for Talents', companies must be creative when it comes to attracting and retaining the best workforce. Those who want to profile themselves as attractive employers must offer concrete benefits as part of employer branding. This includes the insurance products of YOUPLUS Assurance AG, which represent an important incentive as part of an employee compensation package.
Impressive agility and speed characterize YOUPLUS Assurance AG. This rapidly growing company has set itself the goal of expanding into a new European market each year. In addition to Switzerland, Liechtenstein, and Austria, the company has successfully established subsidiaries in the Czech Republic (2019), Slovakia (2020), and Norway (2021). In a few months, market entry in Germany will be completed by opening a branch in Cologne to serve the significant German market.
Solution provider rather than insurer
"The concept of life or disability insurance as an additional benefit for employees is still a novelty in Germany, but given the 'War for Talents,' it will grow significantly," says CEO Dr. Claus Mischler. "The timing could not be better for us, and we are lucky to have found a fantastic team led by Dr. Jan Möller to bring our innovative business concept to Germany."
Small and Agile
The team in Germany will start with five to ten employees. "We form small, but agile teams that can initially rely on the support of the headquarters, but gradually take on more responsibility," explains CEO Dr. Claus Mischler about the successful approach. "On average, it takes us between 12 and 18 months to enter the market. This is very fast, but thanks to our experience, the quality does not suffer. Another advantage is that we specialize exclusively in private insurance products for this particular niche.
Enhancing Corporate Attractiveness
The life or disability insurance products of YOU-PLUS Assurance are financed by employers and offered to employees as Employee Benefits. "For the employee, this has the additional advantage that, for example, no health questionnaires need to be filled out for the disability insurance," describes Dr. Jan Möller. "This means that many people can get insurance who otherwise would not have access to it.
Since the insurance is employer-dependent, it cannot be taken along when changing jobs. "It is comparable to a company car," explains Dr. Claus Mischler. "You don't take it with you when you leave the company, but a new employer will try to grant the same benefits as before." This applies not only to large corporations but increasingly also to medium-sized businesses. The tailored employee insurance is the new company car.