Insurance brokers give business owners the peace of mind that comes with having coverage from the unforeseen and the unknown. While insurance brokers can assist their clients with medical benefits and workers' compensation solutions, they aren't always able to offer alternative business solutions that can further assist with compliance, growth, and more. This is where an HR outsourcing organization can be of use.
Many brokers see HR outsourcing organizations as competitors. However, the best HR outsourcing groups work with insurance agencies to make sure that their services are competitive and complete. From compliance and employee management, to retirement plans and payroll technologies, an HR outsourcing partner can give insurance brokers the ability to effectively serve their clients.
All told, HR outsourcing professionals and brokers are increasingly forging powerful alliances - Here's why:
Offering comprehensive coverage
Brokers may focus in a specialty such as employee benefits or property coverage, but by working with HR professionals, it becomes possible to offer a more robust package. Opportunities to expand solutions without compromising existing lines and expertise is an easy and effective way to grow a business.
"Brokers may be asked to take on changing roles."
With the expertise of an HR outsourcing partner, brokers can reliably provide new services without compromises to compliance standards and other issues that might otherwise arise when taking on new opportunities. In a report commissioned by the Council for Insurance Agents and Brokers, it was found that brokers may be asked to take on changing roles, so having diverse knowledge and expertise may be essential independent of growing a business.
Keeping clients happy
Offering comprehensive packages helps brokers support existing customers. Businesses are always looking for opportunities to save money, but if their current partnerships aren't meeting their needs, they'll be less likely to jump ship.
Brokers that provide a wide range of services may also be attractive to new customers as well. Competitive packages are a good and effective way to keep existing partners happy while also enticing new clients.
The best HR outsourcing partners prioritize versatility, which in turn helps brokers maintain or expand the flexibility of their own services. Tailored service packages mean that clients can change how much support they require depending on needs. As such, brokers and businesses large and small can choose a partnership that is most appropriate for their budget.
Competing with the big guys
Many businesses work with different firms or organizations when it comes to insurance, risk management, payroll, and HR. This can be expensive and unnecessarily convoluted. Brokers that offer a wide-range of services in one convenient partnership may be more attractive to businesses.
Taking care of internal matters
An insurance broker may have expertise related to risk management and the like, but that doesn't mean that their business is fully equipped to handle matters related to payroll, employee affairs or office culture. An HR outsourcing partner gives broker agencies the tools to ensure that their organization is running smoothly. As Cost Owl found, this relationship can reduce the expense per employee a business pays in HR services.
Companies like AlphaStaff work with insurance brokers to craft meaningful relationships, thus creating partnerships where there was once competition. To learn more about what an HR outsourcing specialist can do for brokers, click here.