Renewing your company’s medical insurance isn’t just an administrative task, it’s a strategic opportunity to realign your benefits programme with workforce needs, market trends and financial goals. A proactive approach ensures your plan remains competitive, sustainable and valued by employees.
1. Understand Your Data and Workforce
The foundation of any renewal is insight. Review at least two to three years of claims data to identify key cost drivers, chronic conditions and utilisation trends. Pair this with an analysis of workforce changes, such as new hires, exits, dependents and demographic shifts, that may affect medical costs. Align your findings with HR policies and workforce planning to ensure your benefits remain relevant and data driven.
2. Stay Ahead of Market and Regulatory Trends
The UAE’s healthcare landscape evolves quickly, with new insurers, technologies and regulatory updates shaping the market each year. Benchmark your programme against current medical inflation rates and competitor offerings. Understand how emerging treatments or local compliance requirements could influence renewal terms and coverage. Staying informed positions your business to negotiate from strength and anticipate future changes.
3. Design Benefits Around Employee Value and Wellbeing
A successful renewal balances financial discipline with employee satisfaction. Gather feedback to understand what employees value most, from ease of access to depth of coverage. Use these insights to refine plan design, ensuring benefits deliver measurable impact while supporting organisational wellbeing goals. Consider enhancing preventive care through wellness initiatives, digital health tools, or mental health support to improve outcomes and control long-term costs.
4. Prepare for Market Engagement and Negotiation
Accurate, compliant data and a clear strategy are essential before approaching insurers. Ensure your employee census is complete and up to date, and safeguard sensitive information throughout the process. When issuing requests for proposals (RFPs), define clear evaluation criteria covering both technical and commercial requirements. Review contract terms carefully, especially continuity clauses, exclusions and renewal options, to ensure a transparent and competitive outcome.
5. Implement and Communicate Effectively Post-Renewal
Once renewal terms are finalised, focus on seamless execution. Develop an implementation and communication plan to keep employees informed and confident about their coverage. Schedule regular performance reviews and reporting from day one to track plan effectiveness. Partner closely with your broker and insurer to streamline administration and ensure ongoing compliance.
Build a Renewal Strategy That Delivers
A thoughtful renewal process not only manages cost, it strengthens employee engagement and business resilience.
Connect with Lockton’s People Solutions team to explore how we can help you build a renewal strategy that delivers measurable outcomes for your people and your business.
