10 Oct Advisor’s Responsibility
My associate and I have over 35 years of combined experience and expertise in the insurance and finance industry. Our exceptional knowledge and continued professional relationship with corporations has allowed us to create optimum benefit plans that are within companies objectives, vision and budgetary constraints.
- Review current benefit package, strategy, pricing, goals and design
- Market your group plan to major carriers and provide you with a market comparison
- Analysis of funding arrangements and claims
- Underwriting negotiations and coordination
- Cost containment and industry trends education
- Renewal services, including negotiations with current carriers and recommending benefit adjustments
- Employee communication and education, enrollment meetings to illustrate the value of the employee benefit package and usage
- Liaison between you and the insurance carrier
- Review and report on usage of the plan and review of companies goals and objectives in respect to the benefit plan
Employee Benefits Consultants are paid by the insurance companies. I offer complimentary quotes on setting up new plans or revising existing plans.
Claims this year will determine your premiums for next year.
Points to Consider…
Your Employee Benefit Consultant should be truly independent. To achieve the best rates possible make sure you consultant shops around for the best rates from the insurance companies. It is a competitive industry and many companies are looking for new business.
At time of renewal your Employee Benefits Consultant should be negotiating the best possible renewal rates on your behalf. It is not your responsibility to meet with insurance companies, your consultant should meet with you 3 times/year to review claim experience reports on how your plan is being used. This will be useful in the negotiation process.
Has your Employee Benefits Consultant taken your plan to “market” recently? This is when your consultant shops for comparative quotes from other insurance companies. This should be done every 2-3 years, it doesn’t mean you change insurance companies but instead it ensures your rates are current and competitive.
Do you know how your Employee Benefit Consultant gets paid? Make sure you know if you are paying a commission on a flat or graded scale and if any additional consulting fees are added.