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By Andrew Hinchliff

Topics: Employee Benefits

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Your benefits broker is responsible to maintain the best benefit plan to meet your needs and budget.

Your benefits broker is your representative to all resources available to ensure you are providing the best options for your employees at the most competitive rates. This is a complicated process requiring evaluation from all providers that can meet your needs at competitive pricing. Your broker should be accessible, knowledgeable, and be considered an integral part of your management team.

Benefits are important to employees as well as to the competitiveness of your company. If the benefits you’re offering aren’t valuable enough, it could hurt the company. That’s why your relationship with your broker is so important.

Shop Brokers

If your relationship with your broker is non-existent, it’s time to find a new relationship.

A broker who’s unreliable, uncommunicative, or neglectful does not deserve to be part of your management team. Take the time to interview a broker who understands the needs of your company and is clear on the process to meet your goals. It is very important to find a broker you can trust.

Your broker should be the person in your corner looking out for you and your employees.

Building Relationships

Many companies report they do not receive timely competitive analyses at renewal time. They feel their brokers are nothing more than salespeople. Once the sale is completed, they are left to administrate everything on their own. This lack of relationship is all too common and shouldn’t be put up with. Your broker should be a trusted advisor not only available when your policy renews but throughout the year. They should be assisting in finalizing claims issues and enrollment issues and answering all the questions that arise as a sponsor of health benefits for your employees.

If You’re Lacking This Relationship

If you’ve determined you don’t have this type of relationship with your benefits broker, you’re now aware of what’s lacking. Don’t settle for a broker who doesn’t put the time or effort into knowing your company and understanding your needs. Your company deserves better, and better is out there—you just have to spend time finding it.

There’s a give and take in any business relationship. In a successful relationship, both parties respect each other and gain something from it. A relationship with a benefits broker is one where the broker has to take an interest in your company and employees, which means they spend time getting to know you and representing your needs to all providers with the goal of providing the best benefit package at the most competitive pricing. If they’re not doing that, they’re not doing their job. Don’t settle; find the benefits broker you deserve.

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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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