Consultant Benefits Employees = Employee Benefits Consultant
Most businesses already know the advantages of offering the right employee benefits to their workforce. However, some businesses overlook the importance of such products and the beneficial role an intermediary can play when securing cover.
With that in mind, here are four key benefits for businesses when partnering with a broker who can offer them a full range of employee wellbeing solutions, including employee benefits, insurance and occupational health services:
1. ‘Off-the-shelf’ cover RARELY CUTS IT
No two businesses are alike. So it stands to reason that generic, ‘off-the-shelf’ cover is unlikely to be a good fit or provide the right protection for your business and its employees.
Having worked closely with insurers over many years, intermediaries will usually know which insurers are a good fit for the profile of your employees and the type of underwriting required. This, plus the intermediary’s expert knowledge and dedication to finding not only the best deal financially for their clients, but also the right product(s) translate into a better deal for the business.
2. Expert knowledge OF THE WHOLE MARKET
As well as ensuring you find the best fit for your business and its employees, intermediaries are also in an excellent position to help employers understand all the fine details of potential cover. As is often the case, businesses are reluctant to ask too many questions to insurers directly (or ask the wrong ones), which is why being able to seek advice from intermediaries when considering cover is so beneficial.
An intermediary will ensure the business understands every aspect of the policy and will be happy to clarify anything in the event there are questions.
3. IMPROVE EMPLOYEE COMMUNCIATION, education & BUY-IN
Communication is key for businesses that want to make the most of their employee benefits offerings. Substandard or non-existent communications will ultimately result in poor awareness among employees and, in turn, lower levels of adoption.
Intermediaries can actually help with communication prior to and during the employee enrolment period to ensure awareness and uptake are both as high as possible.
4. KEEPING IT PERSONAL BUT SERVICE-Oriented
Another benefit to businesses of partnering with an insurance intermediary is the more personal, service-oriented experience associated with doing so.
First and foremost, intermediaries strive for client satisfaction, which is why most will go out of their way to ensure a business is happy throughout the lifetime of their cover.
Then there is the fact that intermediaries will also assist during any claims processes that may arise. So instead of a business contact having to deal directly with an insurer, the intermediary will do so on the employer’s behalf. This saves the business time, money and frustration, while all the time ensuring the best result is achieved.
5. Cost Containment
A ‘switched on’ intermediary will always have cost containment in mind. For instance, reductions can sometimes be achieved by knowing how various schemes can interact and ensuring any relevant parties (providers) are also aware.
The pandemic is/will cause many organisations to focus more closely on costs, which could lead to a heightened desire to switch insurance provider for more competitive terms. Having a trusted adviser in place ensures consistency at the front line, support/advice/queries continue to be dealt with by the same [friendly] face, even though the provider has changed.
Please do get in touch if you would like to know more.
