Employers want to make sure they’ve selected the right broker for evaluating, expanding and maintaining their benefit programs, particularly voluntary. There are 10 common criteria employers look for when trying to find the broker partner, Craig T. Dandrow, executive vice president and senior consultant at Boston-based Hays Companies, has found.
How comfortable are employers working with their existing broker(s)? Do they feel that their best interests (and those of their employees) are being kept in mind? Successful relationships are built upon open and honest dialogue.
Does the employer trust the intentions of their current broker(s)? When discussing strategy, do they feel like their broker is trying to assist with developing a meaningful employee benefits offering — or merely trying to sell something?
What resources does the broker bring to the table in order to assist with selecting the appropriate components of an employee benefits offering? For example, can the broker effectively use the employer’s medical/dental/disability insurance plans’ claims, employees’ financial/age/gender demographics, or survey feedback to help the employee make an educated decision on what voluntary product(s) to implement or maintain?
Has your broker implemented both traditional and voluntary benefits programs before? If so, what aspects of prior rollouts well went? What didn’t go according to plan? What were the lessons learned that can help your company avoid potential pitfalls down the road?
Read the rest HERE - courtesy of Employee Benefit Advisor: