{"id":4258,"date":"2024-07-05T12:51:02","date_gmt":"2024-07-05T16:51:02","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/?p=4258"},"modified":"2024-07-05T12:51:04","modified_gmt":"2024-07-05T16:51:04","slug":"what-employee-benefit-plan-sponsors-want-from-their-brokers","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/what-employee-benefit-plan-sponsors-want-from-their-brokers\/","title":{"rendered":"What Employee Benefit Plan Sponsors Want from Their Brokers"},"content":{"rendered":"
\"Most<\/figure>\n

Most employers regard their insurance brokers as trusted advisors much in the way they do their accountants and attorneys. They also have clear expectations of their brokers in terms of the advice they give, products they offer, and ability to protect their interests as well as their employees\u2019. A survey conducted by DirectPath found that 79 percent of brokers were focused on providing superior customer service and relationships and that 44 percent were adding new, innovative services to meet market demands. Still, not all plan sponsors are receiving everything they need from their brokers.<\/p>\n

How Brokers Meet Plan Sponsors\u2019 Needs<\/h2>\n

Plan sponsors expect their brokers to provide a personalized service that specifically meets their organization\u2019s and its employees\u2019 needs. For example, if they are self-insured, they require a strong medical stop loss solution. Or perhaps their employee workforce is multi-generational and requires a wider selection of voluntary benefits so that each employee\u2019s life stage needs can be met. Many plan sponsors want advice regarding how best to stay in compliance with changing employee benefits regulations, and referrals to resources such as third-party administrators (TPAs) to help with this function. Above all they want to know that their broker serves as a strong advocate and intermediary when working on their behalf with insurance carriers and other benefit providers. For plan sponsors this equates to working with a network of solution providers to recommend products and services with the best available features and pricing structures. It means being able to work out solutions that offer the greatest risk protection. Additionally, they want to be supported in their employee relations by a broker who offers product educational materials and information available online and through mobile apps that make it convenient for their employees to gain valuable information that helps them make the right purchasing decisions.<\/p>\n

Broker Red Flags<\/h2>\n

Just as plan sponsors know what they expect from their brokers, they also have become more attuned to what behaviors might reflect a poor performing broker. Here are some red flags that should have plan sponsors seeking new broker relationships:<\/p>\n