Solving Your Problems
Group Employee Benefit Services with the Right Approach
Broad Reach Benefits in Madison, New Jersey utilizes a consultative approach that focuses on solving your problems, not a transactional model. Our team solves the problems and headaches you encounter every day with employee benefits, finance (cash flow), human resources, technology, compliance, executive benefits, recruiting and retention. Using our entire teams specialized knowledge we provide you with new ideas and solutions to help drive your bottom-line results. Not once a year at renewal, but every day.
We know you by name. We are involved with your HR staff, CFO, ownership and your employees. We provide you with shockingly fast customer service and administrative support that will have an immediate positive impact on you and your company. Our team works for you and your employees and understands that employee benefits is a lot more that just providing you with a spreadsheet and fixing a few claim issues.
Choosing an Insurance Benefits Broker- What You Need to Know
A Tale of Two Business Models- Understand the difference in order to ask the right questions!
Employee benefits firms are moving in one of two directions: Consultative vs. transactional. The herd is moving towards a transaction-based model that commoditizes employee benefits. It’s the big box store approach to employee benefits and insurance. Commoditize the product for the masses to make it more cost efficient to deliver standardized customer service. Works if you are selling hardware and appliances.
Hunters vs. Farmers
Transactional, big-box, insurance benefits firms rely on their hunters (the insurance brokers) to constantly feed the beast and bring in new business. You’ve experienced this yourself- As soon as you sign on the dotted line the broker hands you off to the service team (the farmers) and is never heard from again until the next renewal or when it’s time to sell you something.
Make Sure You Get the Service and Support You Need
Any employee benefits firm you consider to entrust with managing one of your largest expenses needs to have access to a lengthy list of services and shiny cutting-edge technology. It’s entry level to get through your door. You need to make sure that the team that handles your account on a daily basis not only has access to tools, like actuarial analysis, but has the experience and consulting expertise to actually implement and use them to proactively solve your problems (Translation: Lots of employee benefit firms tout all their consulting expertise and technology when they are trying to get you as a client. But you know that few implement what they sold you on. They just hand you off to the account manager. In the end, they simply shop the market and provide you with a spreadsheet of options). The brokers and advisors, who have all the knowledge, are paid to sell, not provide ongoing daily consultation. Once you sign on the dotted line, they hand you off to their junior account team who have lots of accounts, operate on a transactional basis and in many cases are limited to the number of hours a year they are allowed to service your account (didn’t know that, did you?). You, unfortunately, don’t get the “A” team account managers and customer service people unless you are a large account in their world.
So what are you getting from your broker? Are you on the “A” client list, or more likely on the dreaded “C” list receiving “C” level service, support and no oversight?
For first class service, strategic planning and access to the industry’s most valuable tools contact a member of the Broad Reach Benefits Team today, by calling 800.272.1144. We service New York, New Jersey, Connecticut, Pennsylvania, Delaware and Tennessee.
How Does Your Broker Measure Up?
Broad Reach Benefits
|Strategic Benefit PlanAnyone can shop the market and provide you with a spreadsheet at renewal time. We look at your needs and objectives and develop a customized strategic benefit plan. Utilizing actuarial analysis and effective strategies aimed at minimizing rising health care costs, we deliver sustainable solutions that reduce risk, improve efficiency and reduce costs.|
|One-Call Customer Service Staff knows who you are without your policy number, deals with the carriers for you, and gets you answers without delay. It means you’ll never have to wonder if anyone is following through on your claim or billing problems again. We guarantee it!|
|Administrative Support We’re here to back you up and relieve you of many of the tasks that you deal with on a daily basis such as enrolling and deleting employees, resolving billing and claims issues, COBRA, and other compliance questions.|
|BRB Client Access HR Web Portal This Web-based tool is populated with specific content every month based on your needs. It’s designed for you and your HR staff and provides comprehensive research tools, compliance and legislative information and news relevant to your industry and situation.|
|Employee Communication Web Portal You’ll be provided with an Employee Communication Web Portal that is customized with your logo and colors, so it looks and feels exactly like your company site. These self-service employee portals are not just simple static Web pages. They are the first step in a complete culture shift in how you interact and communicate with your workforce. Employees can log in from anywhere with Internet access 24/7 to view detailed benefit information, enroll or change their benefit elections (no more paper!), print forms, view educational videos on your benefits and more!|
|Benchmark Survey & StatisticsYou’ll have access to our updated Benchmark Survey & Statistics that lets you view concrete data to know exactly how other companies structure their benefits packages. Instead of vague ideas of what others are doing, you’ll have the exact information you need to assess the competitiveness of your benefits package.|
Cash-flow models for your self-insured programs updated throughout the year to ensure you have no surprises.
|Claims Data and Actuarial AnalysisYour plans claim data can be analyzed to show you how and where to adjust your plan design to save money. We’ll model recommended plan changes to show you the potential savings and the exact impact on your employees and their families so that you can make informed decisions.|
|Employee Education & CommunicationYou’ll get assistance with all phases of communicating the benefits package to your employees. All employee educational and enrollment meetings are run by Broad Reach Benefits, not insurance carrier representatives.|
|Alerts of Industry Trends & ProgramsYou’ll be kept up to date about new developments in insurance and employee benefits, the impact on you and tips to maximize what’s already out there.|
|Recent & Proposed RegulationsYou’ll be provided with practical summaries of the latest benefits regulations (can you say Health Care Reform?) that you should be tracking. These are provided in an executive summary format as well as detailed discussions.|
|Legislative Guides & UpdatesIncluded in Client Community you’ll find executive summaries, as well as detailed guides, about federal legislation such as the ACA, HIPAA Privacy Rules, COBRA, FMLA and Section 125.|
|Employee Handbook & PoliciesYou’ll have complete access to a vast sample document and policies library. Having this resource at your fingertips in conjunction with our support means you’ll never have to reinvent the wheel for any of your required documents and forms.|
|COBRA Administration Software You’ll be provided with free COBRA administration software. This software automates the COBRA process saving you time handling COBRA and reducing your chance of making a costly mistake. You tell the system what the event is (new hire, employee termination, etc.) and the system automatically takes the appropriate action.|
|Section 125 Premium Only PlanWe utilize the services of a national firm regarded as an expert in employee benefits to provide you with a free Section 125 Premium Only Plan. The kit contains all of the required documentation you need to stay in compliance. We cover the complete first-year cost (setup and annual fee) for our clients.|
|Voluntary Benefit SolutionsAs a recognized industry leader in the design, implementation and service of voluntary benefits, we’re ready to show you how to offer your employees the additional benefits they want without impacting your employee benefits budget.|