How to Know When It’s Time to Change Your Benefits Broker
For most companies, choosing and administering benefits is more than a little overwhelming. That’s why they usually turn to a broker for assistance. Benefits brokers or advisors can help make the insurance benefits process easier for everyone, and often, employer and broker/advisor relationships last for years. But when was the last time you evaluated the service you’re getting from your broker/advisor? Are they supporting your HR professionals the way they should? Do they support your organizational goals?
Renewal time is a constant thought with its inherent pressure. Add that to a long list of time-sensitive tasks, and finding a new broker/advisor isn’t always a number one priority for employers. However, it’s important to recognize the signs that call for a change in your benefits advisor. We’ve listed a few below to get you started.
1. They don’t help with compliance.
A foundational aspect of any well designed Health & Welfare plan is compliance. Regulatory compliance relating to health plans is complicated, and navigating compliance can be tricky. That’s where your broker/advisor should help. As a true partner, your broker/ advisor ensures your business and your employees are protected. If your broker isn’t helping ease the burden of administering insurance as well as ensuring all compliance needs are consistently met, it’s time to find a new one.
2. They’re only there for claims calls.
Support means more than help with claims calls. Your broker should be available to help with everything from problems to questions to innovative tools. And that support should be year-round, not just when it comes time to renew. You (and your employees) deserve the best support possible, and that’s what a good benefits broker provides.
3. They aren’t helping you find enrollment tools.
Technology has changed significantly over the last decade, especially in the benefits world. Employers now have access to tools that can help with the enrollment process—from ensuring employees understand their benefits options to allowing them to compare plans and even keeping them up-to-date throughout the year. If your current broker isn’t keeping you updated on the new technology available, it is time to reconsider your partnership.
4. They aren’t presenting new voluntary benefits options.
In today’s world, employees aren’t satisfied with the status quo of yesterday. Health, dental, vision and 401K plans aren’t enough to keep the best talent at your company. It’s important to address the needs of a changing workforce, and integrate voluntary programs to complement current group medical offerings. Doing this will enhance the employee experience and help you retain the best talent.
Ready to rethink your broker/advisor relationship? We’re here to help. Contact us to discover how we can support your company.