Broker blog

Things aren’t always as they seem, are they? From the outside looking in, people might think commissions for health insurance brokers are at an all-time high given the steep rise in premiums over the last several years. And with more individuals seeking coverage to avoid ACA penalties, that should be adding to the pile of money, too. Right?

Industry insiders know commissions continue to be slowly siphoned off. Insurers strip commissions to influence which plans brokers sell, and some have stripped commissions from individual plans entirely. 

Have you ever heard the saying, “You can’t spell hero without HR”?

Well in my years of being a Human Resources Director (HRD), I’d have given anything for a couple of reflective gold cuffs and a rope to get the truth out of people!

But seriously, I assure you when an insurance broker could clearly define the benefits package and show me how to help employees understand and use the benefits, they became my superhero! 

Based on my experience, I’m sharing 3 tips for how brokers can deliver a stand-out experience to the HR Directors they serve... 

How often do you hear employees comment about how easy it is to understand their health benefits? Yeah, me either. Confusion often plays a significant role in the employee’s effort to understand the changes and complexity of their benefit plans. This is especially true in today’s world of benefits. 

Do you have a Facebook page? Most business owners can give a quick answer to this question. But, what about the next one: What’s your social media plan?

How many Benefits Administration systems did you work with last year versus 5 years ago? Like you, I’ve seen a few different companies with multiple options in my career – I’ve seen a lot more in recent years. They’re getting smarter and more efficient.

The above stat from a recent survey says a lot about how today’s health plans have a direct impact on the financial wellness of the end user – the employee. Maybe when you think about “financial wellness,” your brain immediately jumps to “wellness programs” that help employees stay fiscally sound. Or, perhaps, a program to save employees a couple bucks on their gym membership.

I recently wrote an article called Branding Your Agency: 4 Rules to Live By. This is a follow-up with more “how to” tips to help. I’m repeating the beginning of that article here because the pre-work to branding and advertising is SO important…  

There’s not an employer in the country that’s not looking for ways to reduce their benefits costs. I hear from more and more employers who are frustrated with the skyrocketing cost of providing fully-insured plans. If you’re like most brokers, you’re looking for new ideas and solutions more than ever before.