Instead of the usual “one-size-fits-all” approach, Broad Reach Benefits’ Private Exchange allows each employee to personalize and right-size their own benefits portfolio.
With apologies to Paul Simon, we’re making light of an issue that is troublesome for many people. You realize you’re not getting the service and/or advice you need but you don’t know how to terminate the relationship with the current broker.
First, stay focused on your needs. Your employee benefits budget is one of your organization’s largest expenses. As the cost of employee benefits rises higher and higher many employers are looking beyond their current relationships for answers.
Notify Your Existing Broker
A quick phone call or letter informing them of your decision to move on is all it takes. If the broker or consultant is professional they will politely inquire about why you are leaving either directly or through a survey. At no point should you feel obligated to give specific reasons or be made to feel uncomfortable.
If you are the type that just doesn’t like to say goodbye, we’ll notify your current broker for you with a professional and courteous letter.
The “We can also do that!” Game
Be ready for the “we can also do that” game. That’s where the broker who is losing the business because they were not attentive to your needs and wasn’t providing you with any value suddenly wakes up and starts promising you the sun, the moon, and the stars.
Do I really need to change Brokers?
Think of it in these terms…Would you keep an employee who was performing only 10% to 20% of their job requirements? How long would you continue to throw 80% to 90% of their salary down the drain? But it gets worse. Much worse. Because that employee wasn’t doing their job, your company’s cost of doing business was increased by thousands of dollars. Not only could you be paying your benefits broker for services your company is not receiving, but their non-performance could also be costing you significant hard dollars in the actual cost of your benefits.
It’s Not About A 1% Savings
Anyone can undercut your current benefit costs by one or two percent. That’s not what we’re talking about.
The reality is that there is only a small percentage of employee benefits brokers that are on “top of their game” across the country. Instead of dealing with a benefits broker who peddles policies, you need a consultant who can help you control and manage the costs of your benefits plans and provide you with the service and support you need.
We understand that relationships sometimes come into play. However, the stakes have changed:
- A recent survey of CEOs indicated that employee benefit costs were one of the top five concerns for the future. The dollars at risk have increased dramatically and are having a real impact on the bottom-line performance of companies.
- Employees view their employee benefits as an expected part of compensation. Simply reducing the benefits every year is not a long-term solution and can lead to a weakening of an organization’s workforce.
Free Broker Services Survey Learn what other employers look for in an Employee Benefits Broker
Employers today are facing new challenges and significant market and regulatory uncertainty in managing their businesses. It’s therefore not surprising to see that the 5,536 employers that responded to our Broker Services Survey are expecting more service, support, technology and of course advice from their insurance brokers.
We’ll provide you with a free copy of our Broker Services Survey so that you can learn what other employers are looking for in their insurance broker relationships.
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