Group insurance

Collective insurance allows a group of people with a certain common characteristic (usually a workplace) to benefit from improved insurance conditions.
Premium reduction is possible thanks to the following reasons -

• All the insured are healthier - because they are currently employed

• A small anti-selection risk (if the employees are joining on under mandatory basis - everyone joins)

• Insurer costs are cheaper in setting up the policy: underwriting / marketing / selling / producing a policy are cheaper.

• Cheaper costs in settling claims (sometimes) - if it is simpler policies such as personal accidents.
   

Types of Insurance

There is a wide variety of insurance types, with the most common among them being:

• Life insurance / critical illness.

• Personal accidents.

• Health insurance (second opinion/medicines outside government subsidies / critical illness / transplants / surgeries / ambulatory).

• Third-party (bodily or property damage).

• Long-term care insurance (currently remains available under membership in the 'kupat holim' or closed groups in 'kibbutzim and moshavim').
   

Actuarial consulting - collective insurance

Actuarial advice on collective insurance issues is usually given to large bodies such as workers' councils, employers, municipalities, hospitals.
The following topics can be mentioned among the types of consultation:

• Establishment of a policy (including negotiations with an insurer and confirmation of the policy terms).

• Insurance profitability analysis / help in the negotiation process with the insurer.

• Helping the employer / organization in the decision-making process (cost-benefit of one or another coverage in the policy).

• Brainstorming about ways to adapt the insurance structure to the needs of the insured group in terms of the structure and the importance of including coverage.

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