The DBL Center can help you manage cash flow by staying ahead of renewals.
The DBL Center is experiencing rapid growth. We are bringing on new staff to improve the service we provide to our insurance brokers and expanding our reach to more states that now require paid family and medical leave.
In spite of our size, we keep a watchful eye on our cash flow. The statutory insurance industry faces a significant challenge right now, when we’re selling policies for paid leave programs that don’t go into effect until the end of 2025 or even 2026. Brokers are putting in time, energy, and human resources to educate business owners in a growing number of states about new paid leave legislation. But they won’t collect commissions on these products for months.
Balance Renewals and New Business Throughout the Year
Managing cash flow requires a careful balance of renewals and new business, not just for statutory insurance, but for ancillary and voluntary worksite benefits that include dental, vision, group life / AD&D, long-term disability, accident insurance, and short-term disability.
Throughout our history, we’ve learned stagger DBL renewals in New York and TDB renewals in New Jersey across all four quarters for new customers. But today’s newly instituted PFML policies kick in on the first of the year. This means brokers are flooded with PFL, PFML and FMLA renewals every January. If you’re like us, your team is already working on those renewals, along with educating your clients on the need for ancillary benefits to help employee recruiting and retention along with company morale. But if you’re feeling a crunch, The DBL Center can help.
Let us shop those policies around for you across our network of preferred carriers. You don’t have to worry about minimums and you can be assured of getting your clients the lowest rates. This leaves your team free to build relationships and pursue new business. Meanwhile, you don’t have to worry about carrier relationships. We take care of that side of the business, negotiating the best premium rates thanks to the volume of policies we write.
Let Technology Help You Track Renewals, Cancellations and Commissions
The insurance benefits industry has always been built on relationships. As people grew accustomed to working remotely in recent years, relationships became harder to build and maintain. Aspects that insurance brokers and carriers love about this job, from networking at an industry event to bonding at a baseball game or participating in a charity golf event together, became less common.
Yet, technology also has tremendous advantages. The DBL Center’s proprietary Broker Dashboard: Net Revenue Tracker automatically tracks renewals, cancellations, and commissions, and sends our brokers an easy-to-read report on a pre-set schedule or on-demand. This helps you work ahead to better manage cash flow and increase profitability.
Understand the Benefits of Privatizing Paid Family and Medical Leave
Paid family and medical leave benefits have varying degrees of profitability for brokers in every state, depending on the carriers available to write the benefit and the state premium costs. But you can increase profitability by showing your clients how they can privatize required benefits and roll those savings into ancillary benefits, which help them recruit and retain talent in a tight job market.
Smart insurance brokers think three to four months ahead, or more. Let The DBL Center help you manage cash flow by shopping policies to get the best premium rates and service. Then, you can keep your eyes on future growth. Reach out to work with us today.
