As a human resource practitioner, I also wonder why would HR Managers need a benefit consultant to help them establish the company’s employee benefit package like healthcare, insurance, and disability coverage. Isn’t that what we are trained to do in school and thru the years of our experience in the industry? Why would we seek the help of consultants to design and implement our benefit packages? Is the added service of the consultant increasing our costs too?
It turned out these fears are all unfounded.
Here are five (5) reasons why we need a benefit consultant:
1. Benefit Consultants Do Not Charge Service Fees. - Value
This may come surprising to most new HR practitioners but benefit consultants like Keyman Employee Benefits Consultants, Inc. do not charge service fees. They are compensated by way of incentives or commissions from the volume of business they bring to the insurance providers. Most of our clients are amazed when they are offered better rates and benefits packages from the consultants compared to proposals negotiated directly with the providers. If you have the time, you may go ahead and negotiate with all the providers and compare if you can get the same rates. Based on experience, benefit consultants can help you lower your costs by as much as 10-30% year after year.
2. Benefit Consultants Save You Time. - Convenience
Imagine having to negotiate with over 20 insurers and providers within a short span of time. If you are not that busy, yes you can do this. But again, successful negotiation with the providers takes a lot of time and experience. You are also not assured that you are getting the best package at the least possible cost.
3. Benefit Consultants Give You a Direct Line of Approval from the Insurer’s Upper Management. – Faster Availment
Benefit consultants have established a strong working relationship with the insurance providers’ management team. Thus, you get a fast decision and approval for coverable claims at once. Compared with having to wait for the customer care hotline and be forwarded to different agents every time you call.
4. Quality Assurance – With benefit consultants you are guaranteed that the services being provided to you are all covered under the agreement. Moreover, your benefit consultants will ensure that the insurance/healthcare providers are vetted out and can fully deliver on their promise.
5. Lower Your Premium Cost – More Savings!
With your benefit consultants, you take advantage of the bulk volume purchase and thus getting you as much as 30% in savings! You may use this amount of savings to further enhance your employee benefit package.
To request for proposal, please get in touch with us today!