The market for insurance brokers is full of plenty of twists and turns. With ever changing regulations, laws, and industry trends, brokers need to be alert at all times. With these changes, brokers may find that that their clients are beginning to expect more from them in terms of assistance. Simply put, the changing tides have made it difficult for the layperson to keep up – and that means that well-informed brokers feel the pressure of serving as the guiding lights for clients with specific needs.
And yet – the playing field is still relatively level when looking at the differences between competing brokers. However, there is one key way for brokers to raise the odds in their favor and provide their clients with alternative solutions: partnering with an HR outsourcing company. Here are three benefits that brokers can get through this type of partnership:
1. Protected client relationships
More often, businesses are opting to cut in-house HR and payroll functions. Whether they are saving money or time, many organizations see a benefit in outsourcing those responsibilities to a dedicated firm. Some of these payroll firms also offer services similar to those offered by the client’s insurance brokers. The result? Insurance brokers get left by the wayside while their clients move on to a more full-featured provider in an effort to cut costs. To avoid this, brokers can partner with HR outsourcing services. Companies such as AlphaStaff protect a broker’s relationship with their clients, while also providing commission. AlphaStaff’s contracts, for example, contain a firm no trespassing clause, meaning they will never try to solicit your client a competing product, or try to turn them upon renewal.
“AlphaStaff’s contracts have a firm no trespassing clause.”
2. Increased premium offerings
By working with an HR outsourcing company, brokers gain access to key HR services such as payroll, compliance management, technology solutions, and much more. Brokers can wrap these products around their current services, thus making their sales pitch that much more enticing. There’s no reason why insurance brokers should have to stick to one service. By diversifying their offerings, brokers have the potential to strengthen their current client relationships and more easily shape new ones. Select HR outsourcing services, such as AlphaStaff, even allow brokers to carve out specific products that best suit the needs of their client’s business.
3. A proactive approach to client needs
Over the past few years, insurance brokers have had to take a reactive approach to their client’s needs. With every new law or regulation, brokers have had to scramble to become overnight experts so that they can answer their client’s many questions. By partnering with an HR outsourcing company, brokers can become better educated and prepared on these many changes. Rather than assisting clients with burdens such as ACA at the last minute, assistance and guidance from an HR outsourcing firm can help brokers become more proactive and forward thinking with their solutions. For clients that suddenly want to look into outsourcing, an established partnership with a trusted firm will also allow brokers to preempt those thoughts with cost-saving solutions.
Partnering with an HR outsourcing company means staying one step ahead of the competition. It could also mean a much smoother transition to what’s coming next for the ever-changing insurance industry.