What is Your Insurance Broker Doing for You?
Insurance Broker – Second Opinion
As health insurance brokers, we often run into individuals and companies who choose to stick with the same group health insurance broker and benefits — despite evidence they could offer their employees something far better.
Not only is this disappointing for us, it also has real world implications for employees and businesses. If you have had the same group health insurance broker and benefits for years, it could be a sign you need to make a change. One of the best ways to do that is to get a second opinion.
Getting a second opinion doesn’t mean you have to make the switch to a different broker or even a different plan. It simply means that you’re trying to do what is best for your company and the employees who support your business. By putting their needs first, you end up with a happier and healthier business from the ground up.
As brokers, we’re happy to investigate different plans and coverage options for group insurance plans. Here are a few ways that getting a second opinion from us is beneficial for your business and employees.
Negotiation of Lower Premiums
Perhaps the most convincing reason to look into a second opinion is the prospect of lowering your premiums. At Healthcare Consultants Inc. (HCI), we’re committed to negotiating lower premiums for our clients. We do this based on claims experience analysis, underwriting experience and carrier contacts. In most cases, we use our expertise for groups over 50 and level funded and self-funded plans.
Our experience in these fields gives us the understanding necessary to help your business enjoy discounts on premiums.
For Better ROI
Another reason a second opinion is a good idea is due to the fact that, statistically speaking, employee benefits are a company’s second or third largest expense. Keeping employees healthy actually saves you money. The more benefits you offer them through their insurance coverage, the less likely they are to miss work due to illnesses. When you cover their health needs, your investment in their work will pay off to the benefit of your company as a whole.
To Be a Better Employer
As an HR manager or CFO, it is ultimately your decision to choose the right group health insurance broker for your company. You are solely in charge of getting the best plan for the best price, with the health of your employees and their families in mind. A second opinion shows your employees you truly care about their health and you strive to do what is best for them.
Richard Branson said it best when he said, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.”
In that same vein, the more taken care of your employees feel, the harder they may work for you. Thus, leading to increased revenue for your business. A bit of research involves very little effort on the part of HR departments and guarantees you’ve got the best coverage options available.
For Better Information
Consider this, while every broker has a generalized understanding of the market, he or she may not have the same level of knowledge as another insurance broker. Additionally, brokers carry different plans and unique options. By failing to get a second opinion you’re missing out on the potential these brokers offer your business.
Taking a stand for your business involves asking questions and exploring alternate routes. You cannot get that information by using the same broker for decades. New expertise and experience can provide a wealth of information you may not have been aware of.
Advanced Software Options
No two insurance brokers have the same skills and information at their disposal. For example, at HCI, we use advanced compliance software to isolate the best group health insurance plans for your business.
We analyze your market, the average age and health of your employees, and create customizes plans according to their needs. This creates boarder coverage for your business and enables you to offer employees more than they thought possible. Our up-to-date compliance software guarantees you get the best plans through us.
Broker Commissions Don’t Change
Even if you never look for a second opinion for your group health insurance plan, your broker continues to earn commissions every single month. The question you should ask is, what is he or she doing to earn it? By exploring your options, you stand a better chance of securing the service and coverage options your employees need.
It’s time to take the confusion out of group health insurance. At HCI, we happily provide second opinions for businesses, large and small, regarding their current coverage options. Securing the best premiums along with the best coverage is our job. The question is, is that what your insurance broker is doing for you?