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By Andrew Hinchliff

Topics: Employee Benefits

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Benefits brokers are in charge of searching for the best employee benefits that fit their clients’ needs and budgets. If you have a benefits broker, there should be a level of trust in the business relationship. After all, you expect them to get you the best solution as possible. Sometimes, though, that doesn’t happen.

Has your broker researched the market to offer your employees the best benefits package at a competitive pricing?

Communication

Do you feel your broker is not available when needed? Do you sense he’s not knowledgeable and is unable to solve the problems inherit when offering benefits to your employees?

If your needs are not being met or have evolved, then a broker who’s in regular communication should have your confidence and trust to solve all your concerns. Your broker is your trusted advisor and if you feel you have an insurance salesperson, it is time to secure a trusted advisor.

Receive Access to Resources

Your benefits broker should be providing you with different resources from the different companies they’ve been interviewing on your behalf. It is imperative your insurance advisor is knowledgeable, accessible, and maintains relationships with all providers that can provide programs for your employees.

Your broker should provide a detailed comparison of all options followed with the recommendations you would expect from any trusted advisor.

Receive Updated Information

Policies change regularly. Your benefits broker should keep you updated on the different policy changes and updates so you can make an informed decision about what’s best for your company. Your broker can only do this if they are engaged in what they are supposed to be doing for you.

It really is a simple question: do you trust your insurance advisor? Do you feel that anything involving the benefits you offer to your employees is supported by your broker? If not, it is time to move on.

Transparency

Transparency should be paramount between you and your benefits broker. You should know what they’re doing for you. They should be able to answer any questions you have in a timely manner. They should be upfront about what they’ve been doing and what they’re expecting for you.

If your benefits broker is vague or uninformative about their actions, it shows they are not your best advocate. It usually means they are not engaged and that’s not someone you want to be in business with.

Custom Created Plans

No company is exactly the same, so no benefits plan should be the same either. It is the responsibility of your benefits broker to present the best option for your company. The only way to do that is to know your needs and to be part of the process. If your broker is not engaged, it is impossible to advise what is best to meet your needs.

If your broker is not presenting plans that meet your unique business needs, then you know two things. First, they really don’t know you and certainly can’t provide the advice you need. Second is that you need a new benefits broker.

Finding the perfect benefits broker can be challenging. It takes effort on your part to interview brokers until you find one that understands your company and that you trust. Take your time with this and don’t rush. Your benefits broker should be going to bat for you with benefits providers; you want a heavy hitter, so don’t stop looking until you find one.

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Andrew Hinchliff

With over 30 years of experience, Paymedia’s Chief Operating Officer Andrew Hinchliff is a seasoned global business leader and results-driven human capital and workforce strategist who is well-versed in human capital management, workforce management, payroll outsourcing, and benefits administration. He’s passionate about strategy and innovation and is regularly sought out for assignments that create disruptions to current business models and practices. Andrew is actively involved in coaching youth football and is an avid golfer. His strong beliefs in philanthropy have him “giving back” by volunteering for a host of charitable foundations and community-based events.

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