How Employers And HR Pros Can Hack OE With The Right Insurance Broker

Top 3 tips

In between Halloween and the holidays, lies the 2020 open enrollment season, and HR departments are busier than ever sorting through health insurance and workplace benefits options.

Aside from the ultimate decision on which insurance and benefits plan to go with, some employers are hunting for a new insurance broker. Although only about 18% of employers change brokers each year, Covid-19 has impacted employers and employees alike in emphasizing the importance of health care. HR teams need to now, more than ever, ensure their insurance brokers are allies in partnering with them to help achieve human resources objectives and be aligned with one’s goals.
 

Here are three tips for employers and HR professionals to help pick the right insurance broker for the year ahead.

1. Experience

As I’m sure we all know, when hiring or applying for a job it’s all about the experience, the resume. It’s no different when looking for the right insurance broker. What experience do they have in both your employer size and industry? Each segment has unique personas and there are strategies to use to excel in specific categories. You wouldn’t want to be an orthopedic surgeon’s first case, for the same reason you want to ensure that you can truly rely on your broker to be a trusted and experienced partner. Especially in niche industries, that will have significant nuances that might go unnoticed by a general insurance broker. 

Even if you’re locating an insurance broker online, ask them to provide client references or testimonials. A seasoned insurance broker should have no problem explaining their track record in the industry and having the evidence to prove it. 

2. In Your Corner

Loyalty is key when picking the right employees and the right broker. When the going gets tough, and it always does, you want to know that the team you surround yourself with has got your back. Not only do you depend on it, but the employees who placed their trust in you depend on reasonable coverage that is fair and comprehensive. 

Whether it be for higher coverage or lower costs, your insurance broker is the middleman between you and your health care provider and should be advocating for you at all times. You wouldn’t hire someone without calling a few references, would you? When hiring a new broker, ask for two to three examples of when they have gone to an insurance carrier to fight for their employer clients. This is an easy way to see how much they will stand up for you if, and when, things do not go right. 

3. A-B-E – Always Be Evaluating

Don’t let your coverage go stagnant. Even though there can be a sense of comfortability and things are running smoothly, one should always keep a pulse on the market and know what the competition looks like. Running audits and having a place that allows you to review not only your current insurance broker, but also others in your area, can better help you understand the level of service and insurance plans your broker is providing you and what you could be doing better.

If you have had the same broker the past few years, or they are your brother-in-law, make sure they are the right one for you. As we mentioned before, the industries insurance brokers serve can vary greatly, and over costs or resumes, the right insurance broker is always about the overall fit. In the same way, you evaluate a vendor, especially those that heavily influence one of your biggest expenses, make sure they are the right relationship, consistently. 

In the end, it’s an employer’s duty to provide the best possible coverage they can to their employees. As open enrollment begins, many HR teams will start taking a hard look at the benefits their company provides, and if it’s still the right fit. With new technologies and marketplaces, it’s becoming easier and easier for employers to review and make educated decisions on choosing the right insurance broker. There can be many factors to the process – fees, location, specialty, etc. – but ultimately, when in the market for a new insurance broker, make sure they can negotiate the best rate for you and keep what matters most, your team, insured. 

Brian Freeman is the Founder and Chief Executive Officer of Mployer Advisor. Prior to Mployer Advisor, Brian spent a decade with the nation’s largest for-profit healthcare system, Hospital Corporation of America (NYSE: HCA), with progressive roles in the corporate strategy team, and then leading financial operations and analytics for multiple lines of business, including a team of insurance brokers. In these positions, he focused on insurance claims analytics, care navigation and led teams that built and deployed multiple industry first platforms with 1,000’s of active users.  Visit www.mployeradvisor.com Connect Brian Freeman Follow @briantfreeman