Are you Getting the Best from Your Employee Benefits Broker?
Most businesses rely on employee benefits brokers to create a competitive edge.The best benefits brokers create and manage your company’s insurance plans, retirement plans, and wellness benefits; offer legal support; and communicate with and educate your employees.
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How do you know if your broker is truly giving you the best corporate benefits package? How can you tell if your intermediary measures up against its competitors? And do you really even need a benefits broker?
This Pacific Prime article will discuss not only what a benefits broker does but how you can tell if you’re getting the best from your intermediary. Now let’s get started.
Understanding the Role of an Employee Benefits Broker
Brokers act as intermediaries between your business and insurers, offering products from a variety of providers. Because independent brokers sell plans from various providers, they can offer insurers’ best options for you without bias. In contrast, agents typically represent one insurer.
While a benefit broker’s main priority is connecting you with the right plan to make a sale, the best brokers in the business offer comprehensive services for both clients and insurers.
What Brokers Can Do For Clients
A comprehensive employee benefits intermediary will help you find a plan and ensure that your plan remains efficient and effective throughout its lifetime. Initially, they’ll want to gather information about your business and staff to understand the types of packages your company will need.
From there, a good broker can:
- Assess your historical claims data to more accurately determine the performance of your current plan
- Compare your current employee benefits package and premium against the market to ensure it’s still competitive
- Negotiate with providers to ensure any specific conditions or circumstances can be met
- Provide education and communication assistance to increase engagement with your staff
- Assist with policy and benefits administration including handling staff benefit inquiries and processing claims and new staff applications
- Perform annual benchmarking and planning
- Carry out the renewal processes, including re-negotiating for better terms or opening a tender process to guarantee competitiveness
An established broker has stronger negotiation power, giving you a competitive edge. Their reputation in the insurance and employee benefits industry allows them to leverage their influence to get the best deals for your business, securing better terms for you than if you negotiated alone.
What Brokers Can Do For Insurers
Brokers also offer a range of added services that help insurers. These include:
- Reducing claims errors (by brokers who offer processing support)
- Minimizing dissatisfaction with benefits by increasing staff education and engagement
- Replacing providers in the role of an insurance advisor and claims data analyst
- Fostering client loyalty where insurers and benefits providers have performed or exceeded expectations
- Ensuring a fair loss ratio that doesn’t take advantage of a client, while still keeping the premium attractive to an insurer
What You Should Expect From an Employee Benefits Broker
High-quality employee benefits brokers should be knowledgeable, accessible, supportive, and detailed in their services to both insurers and potential clients. Their work offerings will be comprehensive and engaging.
Top Brokers are Knowledgeable
A good employee benefits broker provides clear information on the products they offer and the insurers they work with. They explain how plans benefit your company and are upfront about commissions. While some countries require disclosure, a trustworthy broker is always transparent.
To verify that your broker is knowledgeable, consider asking how he or she handles your claims data and what your current claims data tells him or her. It is also beneficial to ask any prospective broker about their benchmarking process.
Finally, question them about your industry and competitors. A well-connected and established broker will be able to give you a picture of how your employee benefits package compares to others in your sector and should be able to explain just how attractive it might be to potential talent.
Top Brokers are Accessible
Your broker should be easily accessible, and larger companies should have a dedicated account manager or point of contact for high-level discussions to ensure seamless communication and support.
Hands-off, lower-tier brokers will only ever contact you during renewal time, so find out what communications a potential intermediary offers during the year.
Some employee benefits brokers will offer online portals and other digital ways to connect with both your management and your staff. If these are available, be sure to ask more about how they work.
Top Brokers are Supportive
Some brokers may set up a benefits package and leave the rest to you while others handle admin tasks like applications and claims. Check if your broker offers support to free up your staff’s time for other priorities.
Ask if your broker utilizes a communication strategy to educate and engage staff about benefits. Clear communication is key to employee satisfaction, so check if they offer seminars, orientations, or other support to ensure employees understand and value their benefits.
Top Brokers are Detailed and Analytical
Benchmarking and reporting are important in all businesses, and brokering employee benefits is no exception. An experienced broker will demonstrate their knowledge by explaining information from your claims data that isn’t already obvious.
More than just knowing what to look for, a good employee benefits broker will provide you with clear and concise information related to the health and status of your package, empowering you in deciding on a plan, on when to change plans, and more.
Brokers with strong analysis skills can leverage data to secure better terms or premiums for your business. Therefore, ask about reporting expectations and request examples of how similar companies have benefited from their services to ensure you’re getting real value.
Why Pacific Prime is the Best Employee Benefits Broker
Many major intermediaries specialize in human resources or financial services, but a specialized employee benefits broker knows best about corporate health insurance plans. Pacific Prime specializes in providing corporate insurance solutions for professional service firms of any industry.
Here’s what you can expect from Pacific Prime’s unparalleled brokering service:
- Veteran employee benefits experience and knowledge: With nearly 20 years of experience, we work with the top benefits providers. We’re one of the biggest distributors of international health insurance plans, and we specialize in delivering services for professional service firms.
- Support beyond sales: We have designed our business process around adding value after sales. We become the main point of contact for your company and staff, and we offer technology and tools for a tailored solution for your business needs.
- Industry-leading analysis and insights: We offer unparalleled analysis of claims data and sound advice on current and future employee benefits planning. We also ensure this information is available to you whenever you need it—not just at the end of the year.
- A global footprint: Our global offices are located in many major locations, including Hong Kong, Singapore, Dubai, China, Thailand, and more. Wherever you are in the world, you can be sure that Pacific Prime will be nearby to provide employee benefits broker services.
Frequently Asked Questions
What are the advantages of using an insurance broker?
Insurance brokers provide expert, unbiased advice on insuring your health, car, or business. A broker works for the consumer, not the insurance company, so you receive more personal advice, more choice, better pricing, and a representative who’s on your side in the event of a claim.
Why do companies use brokers?
A broker can negotiate sale prices using appraisals and other factors that impact company value. Your broker will analyze the sales of similar companies, industry trends, and market factors to ensure that the seller does not leave money on the table.
Why should you work with a broker?
Brokers are trained to help you find the best insurance options to fit your budget. One of the best advantages of hiring a broker is having an expert available to advise you on how best to customize your policy.
Conclusion
With over 20 years of experience in employee benefits and corporate insurance, brokers at Pacific Prime deliver customized solutions with in-depth knowledge and unbiased advice. Our experts can help you control and improve the employee benefits you offer your staff.
To find out more, visit our website or contact us today for guidance on employee benefits or company insurance. Our specialists can call you back at your convenience.
After obtaining his Bachelor’s Degree in Social Sciences, International Relations from Mahidol University International College, Veerabhatr has forged his career as a content writer in the travel, lifestyle, and real estate industries, writing in both English and Thai. He now continues to hone his skills as a writer at Pacific Prime, looking to engage and educate the audience by simplifying insurance.
Writer by day, and a DJ by night, Veerabhatr is a staunch music lover, and listens to all spectrums of genres available. He also loves to drink beer (moderately), eat all types of food, go to the beach, and learn about different cultures across the globe. He is also a die-hard fan of football and motorsports.
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