Hiring Insurance Brokers: Tips to get the most from your broker relationship

Guest Post Written by Madison Ford

As an employer with employee group benefits coverage, choosing between insurance companies can be confusing. Nuances and details in their services make them difficult to compare.  

An Insurance Broker makes the process significantly more simple, straightforward and manageable. And the best part? ​It doesn't cost you any more than going direct.  ​

But not all Insurance Brokers are built the same! 

Here are some tips on what to expect from top firms, and how to get the most from this valuable broker/business owner relationship.

What is an Insurance Broker?

Insurance Brokers are professionally trained and regulated experts that specialize in finding the best group benefit plan for your company. Essentially, they do the comparison research for you: 

1. First, they assess your needs, industry, team size and budget.

2. Next, they negotiate on your behalf with insurers and guide you through the recommendations that fit best for you.  

3. Then they discuss the options with you and help you make the best choice for where you are now, and where you want to go in the future. 

It’s critical to understand that Insurance Brokers do not work for the insurance companies - they work for you!

Useful Questions To Ask Your Broker:

• What size of companies do you typically work with? (some have a minimum)

• Do you work with other companies in my industry?

• Do you have a working relationship with the insurance carrier and their senior management?

• What services do you provide, aside from implementing the policy?

• What kind of on-going support or customer service will I receive?

• What kind of support is available for my employees?

Benefits of having a Broker

A Broker is a liaison between you and the insurance companies.  They act as a guide or navigator to understand why information is being requested, offer "​how to"​ support (for you and your employees), training, important dates, useful information and updates. They help you make the most of your plan! 

Additionally, Insurance Brokers keep your policy updated over time and keep watch on your plan usage.  Knowing how your plan is being used is important to understand current and future rates.  A Broker can help you negotiate, understand and adjust your plan so it works best for you and your team. You can also rely on your Broker to inquire on your behalf about your policy, claims, changes for employees, invoices and so much more.

Useful Questions To Ask Your Broker:

• What specific support do you provide me, the owner? 

• What training and support do you provide my plan administrator? 

• What training and support do you provide my employees?

• How often do you assess our rates? Do you provide a renewal overview?

• What other services do you offer outside of health and dental insurance?

Signs of an Effective Broker

When choosing an Insurance Broker for your group benefit plan, we've found a few key factors to know before you make your decision: 

1. Good Listening. Make sure that you feel listened to! To provide great service, a Broker needs to first understand you and your company. They should be curious about where you are now and where you’re going. A good benefit Broker will be capable of growing with you, no matter what stage you’re at in your business life cycle. The best advice comes from someone who understands you.  

2. Yearly Renewals. Going over your plan usage and rate changes each year is an important part of getting the most from your benefit plan. Your Broker should help you anticipate rate changes due to plan usage trends, and help you make any necessary adjustments to keep the policy sustainable and on budget. 
   Having a broker that stays up-to-date with your company needs and helps you respond to price changes is important.

3. Ongoing Service. Your Broker's focus is to find you the best plan for the best price. But once that’s complete, it’s important you have ongoing support for any questions or issues that come up.  A good Broker should offer customer service support for you, your plan administrator and your employees. A great broker might even offer free HR advice. Putting a plan in place is only the beginning of the broker relationship, not the end of it!    Ensure your Broker is offering more than just a policy booklet.

Tips:

• Reputable Brokers would never ask you to pay a fee upfront.

• Experience is good, but make sure your Broker is still interested and engaged with the industry and where it’s going. You need an Insurance Broker that will be with you for the long haul as you grow your business.

• Find a Broker whose focus is on customer service and helping you navigate the world of insurance. They work for you and represent you, not the insurance companies.  

• Look for a Broker who develops long-term relationships with you, your employees and the insurance companies. These relationships build trust and show integrity.

Mountain View Benefits

At Mountain View Benefits we’re different by design. Our team is passionate about giving genuine care to our clients. From the initial research into possible group health insurance options, to touching base more than once a year, to ensure your rates are working for you. We have preferred, long-term relationships with insurance companies across western Canada, to provide the best group health insurance possible. We understand that each employee benefits plan should be personalized for your specific needs. 

We provide above-and-beyond services for your employee benefits needs, not just a PDF of your policy. We are here for the long haul, with over a decade supporting businesses. No matter your company size, we provide the customer service you deserve as a business owner.