Employee benefits are complicated. But you, the broker, can help.
Nearly half of all employees spend a mere 30 minutes choosing their benefits plan, according to this report from Namely, an all-in-one HR platform. What’s even more startling is that most employees (73 percent) simply roll over the same benefits from year to year.
Why is that?
Is it because employees don’t care about the benefits they’re receiving? Are they too overworked to spend any time researching their options? Perhaps they just believe all benefits plans are the same, and they’re not going to do any better than what they’ve had all along.
We suspect it’s a combination of these factors. Ninety percent of employees admit they don’t understand the changes to their policies each year. Choosing employee benefits is confusing and overwhelming and, oftentimes, employers and HR departments don’t have any advice to offer, either.
Employers Look Toward Insurance Brokers for Guidance
As a smart insurance broker, this ubiquitous lack of knowledge is your opportunity to guide your clients toward the best benefits packages, whether that involves enhanced disability coverage, ancillary benefits, a 401K plan —or even a combination of all of these.
What Employees Want Out of Benefits Packages
In order to better serve our clients and their employees, let’s look at what the Namely survey tells us about employees and benefits.
– Most employees (80 percent) place a premium on benefits, saying a good package keeps them more engaged in the workplace.
– More than half (57 percent) say they’d trade greater compensation for a better benefits package.
– Employees want the basics: Health, Dental, and Vision coverage rank top on the list of benefits employees want
– Seventy-two percent of employees also want a matching 401K
Clearly, employees want—and expect—a lot from benefits packages. With this in mind, why do they spend so little time choosing the package that can meet their needs? It’s easy to see that the insurance broker who steps in, able to meet their client’s needs and, subsequently, make an organization’s employees happy, more engaged, and likely to stick around, has gained a customer for life.
More than Just Benefits
Understanding your customers, though, is more than just knowing the kind of benefits they want. Let’s explore the intangibles of what employers look for in an insurance provider.
Personalized Service and Consultative Selling
We’ve established that choosing a benefits package —and managing insurance, in general—is complicated. An insurance broker who provides top-notch customer service and consultative selling to ensure the client is selecting the best benefits for their employees will win out.
Today’s employees, HR directors, and business owners are accustomed to doing nearly everything online. We can host video conferences with clients and partners across the world with one click, buy car insurance online, and order lunch through our smartphone.
Today’s top insurance brokers should offer online rate quotes, along with the ability to pay bills, track claims, and have questions answered all from a computer with Internet access— or even a mobile device. A good insurance wholesaler makes these tools available to its brokers and select best-in-class carriers known for their technology and their overall service.
Of course, employers are also looking for the best employee benefits and the lowest premiums available. Brokers with The DBL Center, Ltd. have access to a wide range of top-rated carriers who can offer bundled policies to provide clients with the lowest rates possible.
We shop your policies around, saving you time, but you’ll be the one your clients thank when you write them a better policy at a lower rate than they had before.
Don’t Let Your Clients Settle
Even though most employees are willing to settle for the same benefits package year after year, smart business owners and HR directors will look for ways to increase benefits without increasing costs, as a way to improve employee satisfaction and retention rates.
As an insurance broker, you’re in the position to help by showing them what’s available. It’s time to let your clients know they don’t have to settle for less. They can enjoy the best service, lower premiums and more robust benefits when they let you show them their options.
Let The DBL Center help provide your customers with more in the way of employee benefits.