Forums
Insurance Brokers
Benefits & Compensation
Insurance Brokers
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
Hello Everyone,
how would you start looking for insurance brokers?
google?
And what criteria for selection would you use?
Thank you.
0
Cat:Topic ForumsForum:ForumId52
Cat:Topic ForumsForum:ForumId52Discussion:DiscussionId35922
Forums » Topic Forums » Benefits & Compensation » Insurance Brokers
|
Insurance Brokers
posted at 7/7/2009 8:19 AM EDT
|
Posts: 1047
First: 4/11/2002 Last: 9/14/2011 |
I don't think you want to google it. You're going to end up with a gazillion and sorting through that would take a lot of time.
Your best bet may be to ask your peers as to who they use or call up your insurance carrier and see if they provide any recommendations. And the criteria question is always tricky. I'm not a huge broker RFP fan. It's usually the same RFP that's been passed around and each broker you interview will already have a boiler plate answer section in their presentation. I think you look for brokers that are cutting edge and not talking about the same old things to reduce costs - market your health plan, increase copays, increase deductibles, etc. If you'd like to discuss a little further, I'd be more than happy to help: matthew.roberts@heliosconsultinggroupllc.com. |
|
|
Insurance Brokers
posted at 7/7/2009 8:44 AM EDT
|
|
Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
I would ask other HR professionals in your area.
While I wouldn't do an RFP, I would try to decide what is important in your relationship with a broker. What does your company need? Do you need someone processing all your paperwork/changes? Or do you want to do that in-house? Do you need someone who is up on current laws and possible changes to laws? I would also ask about their book of business. Do they have a lot of clients that are your size? Will you be a big fish in a small pond --- which might either get you great service or terrible if they can't accommodate your needs - or a small fish in a big pond -- where they might have great knowledge but little actual contact. I prefer to be a medium fish in a medium pond personally. |
|
|
Insurance Brokers
posted at 7/7/2009 8:47 AM EDT
|
|
Posts: 3870
First: 2/12/2002 Last: 11/2/2009 |
Word of mouth referrals are always good. If you're just looking for disability, life and health/dental, you might want to try contacting insurance providers yourself. You eliminate the middle man and perhaps save yourself some costs there. While this is undoubtedly not true for some good brokers out there, it's been my experience that many - if not most - push the products that will give them the most commission, not the ones which might be best for your organization.
You might also want to check any trade associations your company might be members of. A number of them offer great insurance programs through a selected vendor. For example, several years ago the American Electronics Association (AEA) had a very good program going with Aetna. |
|
|
Insurance Brokers
posted at 7/7/2009 1:20 PM EDT
|
|
Posts: 464
First: 6/30/2004 Last: 11/22/2010 |
If we ever need any sort of vendor, our Board is great at offering a list of names.
I also like the idea of talking with other professionals in your area and getting their opinions. If you are part of any sort of local association, you will get plenty of good references. |
|
|
Insurance Brokers
posted at 7/8/2009 9:35 AM EDT
|
|
Posts: 1
First: 7/8/2009 Last: 7/8/2009 |
Make sure any broker you decide to choose, discloses all their commissions to you. Make sure you include any behind the scenes commissions when figuring out what a broker "costs".
You want a broker that is completely up front about their revenue from your business. |
Forums » Topic Forums » Benefits & Compensation » Insurance Brokers
