Why Use An Employee Benefits Broker?

In Business, Employee Benefits, Group Income Protection by Paul Connolly

To attract and retain the best talent, companies know that they need to be offering competitive employee benefits packages, specifically, packages that have been created with employees’ needs and wants at the forefront.

But navigating the health insurance and employee benefits market can be tricky, especially if it’s an area you’re not that familiar with. Add to this the fact you’re inevitably busy running your business and that only certain insurers will allow companies to buy from them direct, and the decision to reach out to an employee benefits broker becomes much easier.

What is an employee benefits broker?

An employee benefits broker is someone who has decided to specialise solely in employee benefits and uses their intricate knowledge of this area to provide businesses with the most accurate and relevant information when they are looking to offer or update employee benefits packages.

While insurance brokers and financial advisers can also offer advice on employee benefits, their knowledge is usually a lot broader.

The bottom line is every company is unique, so it stands to reason that a one-size-fits-all approach to employee benefits advice is not going to afford the most value.

Does being independent really matter?

Something that’s worth noting is that not all employee benefits brokers are the same. For example, some work for large organisations, such as health insurance providers, and only provide advice based on the products their companies offer. Meanwhile, while others may not be tied to just one company, the advice they give might only relate to certain types of employee benefits.

Completely independent advisers (like us) have worked hard to build and maintain relationships with dozens of different insurers. This means we are in the enviable position of being able to assess offerings from many different providers and offer advice that is specifically based on our clients’ needs.

What to look for in an employee benefits broker

It’s important when choosing an employee benefits broker to decide which pieces of the employee benefits puzzle are most pertinent to your company.

Here are some of the ways an employee benefits broker can help:

  • Connect your benefits plan to business issues and goals
  • Provide expert advice on the state of the marketplace
  • Assist with risk management
  • Advise on how to minimise costs
  • Provide compliance advice
  • Communicate tools and programmes
  • Assist with employee communications
  • Help with contract renewal and negotiation
  • Provide support when dealing with claims or policy administration
  • Conduct an analysis of your current employee benefits offering

In summary

Here at Premier Choice, we pride ourselves on offering a truly independent personal service to both individual and corporate clients. Our longstanding relationships with more than 40 leading insurers allows us to provide truly independent and tailored advice based solely on our clients’ requirements. Our position as a true independent also allows our clients to realise exceptional value for money.

If you’d like some professional, independent advice on your existing employee benefits, or are looking to start offering benefits to your employees, let us guide you. Contact us today to find out more.

I joined Premier Choice Group as a Healthcare & Protection Consultant in 2017, where I now look after the needs of over 200 clients nationwide. Prior to joining the Premier Choice Group, I worked for a large Private Healthcare Insurer, VitalityHealth, and managed SME and Individual clients across the country.