Insurance Broker

sawynia

I am trying to evaluate our current employee benefits insurance broker and am also meeting with about 3 other vendors to possibly transfer our business over to them. What are some things that you look for and/or want in your insurance broker?

Still Need Coffee

To me, a broker is an extension of my department. Therefore, I look for things that are going to make my job easier and allow the broker to do the job well. Some things I usually consider are:

--Average client size (Do they often work with groups similar to mine demographically?)
--Market penetration (Do they have a lot of groups? This can help when haggling with the carriers.)
--"Extras" (Will they help you complete your Form 5500? Will they act as an employee advocate if there's a dispute with a carrier?)
--Contact (How many times a week/month do they speak with their clients?)
--What carriers do they have good relationships with? Do they have a personal contact at each carrier?

Hope this short list helps, and good luck with your selection!

Dutch2

Ask for a list of their current clients. The ones that have visited here usually have the list ready and give it to me before I ask. Contact others that use them and check out their customer service after they make the sale. I have found that it it is not common place to continue working with the person(s) that courted you and convinced you to go with them. Once they have you on board you will have a new person, that you have not met to work with.

mandrews

I have always requested references but, the references I ask for include current customers & at least 2 former customers. I also ask for them to list any customers who have left or dropped their services in the last 2 years and why. This will give you a good idea as to whether or not the vendors you are considering at worth your time.