In the age of the Internet, where it seems that any service or commodity imaginable is available at the click of a button, do insurance brokers still matter? ABSOLUTELY! The Obama administration’s Affordable Care Act (ACA / Obamacare) may seem simple and consumer-friendly –“just go online to enroll,” but rates have soared over the past three years. Brokers positively influence the benefits packages you’re able to secure for your employees. BUT, if your broker is really good, they’ve grown beyond being “just a broker” into being your benefits consultant, who does far more than sell insurance.
How does someone like me, an insurance consultant, benefit you? The bottom line is that through working with a consultant, companies can save in various ways. Some brokers are still charging a commission; the marketplace has evolved to consulting fees for larger companies. This is just one way to lower costs. Another way, the right insurance company will give companies wellness dollars to implement a wellness program, I have seen amounts between $ 10,000.00 – $ 40,000.00. I not only build relationships with my clients, but I also I have strong relationships with all the leading insurance companies – this enables me to speak the language of the provider, and advocate for the best interest of the client. Renewals can always be negotiated if you understand the fluff that is in every renewal. As an experienced consultant, I also have access to alternate or advanced human capital solutions, designed to forward your corporate strategy.
Beyond the cost savings, insurance consultants represent knowledge – I’m just a phone call away for HR specialists who may have questions about new plans, benefits, and even technical details like filing deadlines and forms. Obamacare put regulations and mandates on businesses making a well versed insurance consultant more valuable than ever to hiring-executives and HR specialists. Navigating the insurance ecosystem without the guidance of a great consultant is not easy. In my Bethesda office we have a compliance attorney here at all times along with an ERISA attorney. My clients value that through working with me, they have a relationship with a real human who they know and trust, who can provide answers, and who is committed to staying on top of the latest in the industry, no mater how complex it gets.
Further, all HR experts know that benefits can be the sweetener to attract the best talent, even if your competitor may be able to provide more cash. What are your employees’ desires in today’s competitive marketplace? I have suggestions to create a benefits package that will “wow”, and the connections that will appeal to your corporate sensibilities. I’m constantly on the lookout for new solutions and ideas that improve employee satisfaction for my clients; that’s one of the reasons why Employee Benefit Advisor Magazine recently name me as one of the Top 30 Benefit Advising Innovators.
If you don’t have a consultant, or if you feel like your broker could be doing more, contact me for a free second opinion on your plan. My industry experience positions me to secure the best value for your business, enabling you to provide the benefits that work for you and your employees. Reach out today! 301-214-7035 or firstname.lastname@example.org