Blog | How to know when you’ve outgrown your benefits broker

18

Jan
2017
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How to know when you’ve outgrown your benefits broker

One of the most common responses from HR executives when asked what their benefits broker does well is, “they’re very responsive, they answer our calls and respond to our emails, and do a nice job bringing out the renewal”.
This is the bare minimum for service in the new frontier of employee benefits. A one-person brokerage working out of their basement could achieve that level of service. This is a telltale sign that you may have outgrown your broker.
If you are a middle market company (20-1,000 lives on your health plan), it is crucial that you are partnered with a middle market broker. Small brokers no longer have the resources or tools to help with compliance, rapidly changing regulations, and easing the HR burden.

Questions you may have asked yourself:

  • How can we help make the enrollment process more efficient through technology?
  • How can we use software to educate employees to choose the plan that works best for them and their family?
  • How do we account for the fact that the employee’s spouse may make the plan decision for the family?
  • How can we be proactive about regulatory changes instead of reactive?
  • How do we remain compliant with the uncertainty surrounding the health insurance market?
The benefits world has changed and as an HR professional, you want to use every tool available to help your employees maximize their benefits. As a middle market company, you can do this by making sure you are matched with a middle market broker.
If you find yourself wondering— ‘have we outgrown our employee benefits broker?’ it’s worth an initial conversation.
Mike Healy
Employee Benefits Consultant
mhealy@esserhayes.com