Are your expectations too low for the level of Group Benefits service and support you and your employees should be receiving?
The unfortunate reality is that many employers and their workforces have become accustomed to a substandard level of engagement. Even more troubling is that they now believe this is the norm.
The truth is, your “Broker-relationship” can have a tremendous impact on your business as well as your workforce, including your ability to effectively recruit and retain talent. Decision-makers cannot afford to rely on deficient support and guidance to help their companies and their employees navigate the current economic climate, regardless of the size of an employer group.
Download Benefits Advisor vs. Benefits Broker to use as a Report Card or an objective gauge of where your current expectations line up with the service and support you should be receiving. Are you working with an Advisor or a Broker?
As an employer group, are you informed and confident in your benefit decisions? There is a stark difference between Advisor and Broker. A Broker prepares cost estimates, while an Advisor performs cost management. Just as important, an Advisor accommodates and scales their approach to meet the unique needs of the enterprise to become a trusted extension of your team. It is an approach that goes beyond spreadsheet layouts and one-size-fits-all deliverables.
What are the impacts of an unbalanced approach? Employer groups of all sizes struggle to find a balance between cost considerations and a strategy-based approach to benefit planning. Creating a competitive benefit plan directly impacts employee acquisition, retention, productivity, and training. All of these, in turn, significantly impact employer costs.
How do you transition from a Broker-based to an Advisor-based relationship? Identifying the right Advisor to assist you in successfully navigating the process is critical. Below provides a Report Card that employer groups can use to create a competitive and structured evaluation process when considering the transition. The weight that an employer group places on each element below in terms of “what the Advisor commands” may vary, but these are attributes that you should look for in an Advisor:
- Knowledge of your industry and individual organization
- Marketplace knowledge and leverage
- Carrier relationships
- Chemistry with your team
- Personnel quality and depth
- Accountability for results
- Approach to program design, implementation, and innovation
- Ability to communicate clearly and concisely
- Scope, quality, and cost of services
- Credible benchmarking data
- Compliance knowledge and education
- Workforce education and communication strategies
- Ability to leverage technology and digital strategies
The best next step for individuals and organizations is to consult with an advisor to start the conversation and determine the strategy that uniquely meets their needs.
DISCLAIMER: This update is general in nature. The information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice, financial advice and/or the advice of a licensed insurance or certified human resource professional.
© SandStone Insurance Partners 2022