The Process Of Shopping For a New Employee Benefits Broker

Monday, May 2, 2022 19:03 Posted by Admin

If you’re looking to improve your employee benefits packages, working with a broker is a much easier way to navigate this need and get the job done swiftly.

But, just like shopping for a new policy can be difficult, so can the search for an employee benefits broker. Companies need someone with the right combination of expertise and industry knowledge to effectively be presented with top-tier solutions for their company.

Before you begin your search, Taylor Benefits Insurance Agency has a few tips on how to navigate this process with ease:

Search for Different Candidates

We recommend doing a bit of market research in order to build a list of different candidates. The market of insurance brokerage is quite large and comes with many choices, so quantity is not an issue in this case.

The challenge comes when you look for brokers who have experience in dealing with companies of your size, and who are able to understand your unique needs and expectations when it comes to employee benefits packages. Building a list of potential candidates and discussing your expectations with them gives you the opportunities to contract the people most qualified to help you.

Some criteria to look for in your research can include:

• Are licensed and have liability coverage;
• Specialize in working with companies of your profile, and in your location;
• Have the right expertise to carry out the entire process (from finding the right employee benefits package to ensuring compliance, and managing renewals.)

Clarify Your Needs and Expectations

Brokers will sit with you to determine the unique needs of your company, but it doesn’t hurt to brainstorm before you select a candidate and clarify what your expectations are.

This will help you stay on topic during the vetting process and better determine if a prospect broker is truly the right fit to assist you with finding a health benefits package.

Some elements to consider for this task can include:

• The company profile (ownership profile, locations of service, etc.)
• Number of employees
• Type of benefits you need to include in your package (health, wellness, etc.)
• Benefits management requirements

Talk to Your Candidates

The final stage concerns the interview process, where you can have the opportunity to learn more about the broker and determine whether they are a good fit to assist you and your company.

During these discussions, you can talk more about your expectations and the unique needs of your employees, and see how the broker will be able to accommodate you. Once these interviews are done you will have a much better idea not only regarding which candidate is best equipped to help but also what your company needs when it comes to health insurance benefits.

Do You Need to Work with an Employee Benefits Broker?

No, not necessarily. Companies can choose to leave these tasks to their HR department or other employees, however, working with a broker who specializes in group insurance can yield many compelling benefits:

• Faster result
• Tapping into industry insider knowledge of the broker, as well as their connections
• Getting expert support with market research, compliance requirements, renewals, and more
• Better assessment of the unique needs and challenges of the company and its employees, etc.

Small and medium-sized companies usually have the most to gain from working with an insurance brokerage, as these businesses usually lack the internal resources to conduct comprehensive market research regarding benefits packages. While not mandatory, working with an employee benefits broker certainly helps business owners create their package much faster, and easier.

Looking for a New Broker? Taylor Benefits Insurance Agency Is at Your Service!

Taylor Benefits Insurance Agency is an independent insurance brokerage company with specialized services created to help your business build a great benefits package for your employees. Our team of brokers is highly experienced and knowledgeable of the insurance market and will be able to provide you with the right support to make an informed decision.

To find out more, call our office at 800-903-6066, or get a free proposal by filling out our form.