The Challenge for Employee Benefits Brokers
Between workload spikes and staffing shortages, insurance agencies face many challenges in providing the best service to clients. For employee benefits brokers in particular, certain periods like open enrollment are especially difficult, bringing increased risk of employee burnout and administrative processing errors.
Outsourcing employee benefits administration is a great option to help brokers support employees and give clients consistent, memorable experiences. Business process outsourcing partners can provide brokers with support for a wide range of benefits administration services, like renewal activities, eligibility administration, plan document review and auditing, and more. Here are four key advantages of leveraging an outsourcing partner.
- Flexible, Quality Staffing
Making do with “average” staffing levels during peak volumes can lead to processing delays, errors, and other challenges. But a wave of attrition and retirement sweeping the insurance industry, means talent recruitment becomes its own challenge. Outsourcing gives brokers the necessary support on-demand, allowing them to adjust their staff as required. Outsourcing with a reputable company guarantees well-trained employees who understand the regulations and best practices for benefits administration, unlike temp services or gig workers.
- Operational Insights
Most organizations struggle to spot the small problems that make day-to-day processes less efficient. An outsourcing provider brings a fresh set of eyes to help identify strengths and weaknesses in a benefits administration program. It also offers a unique resource for fixing those issues.
Outsourced benefits specialists also work with a wide range of companies, including both small and large organizations. Not only does this create a broader knowledge base, it means clients can benefit from the mistakes and successes of others in the insurance industry.
- Enhanced Client and Employee Experience
Outsourcing helps support busy agency staff during peak times, ensuring clients get quick and efficient service. But outsourcing isn’t just beneficial during busy periods.
Outsourced specialists can help brokers clear workloads, handle repetitive tasks, and simplify the administration process. This saves time in delivering benefits to employees and eases the burden on in-house staff. For brokers, this can lead to improved client and employee retention and allow their team to spend more time on revenue-generating activities.
- Regulatory Compliance Support
Some outsourcing partners can assist brokers in implementing and maintaining comprehensive regulatory compliance (e.g., HIPAA, 5500 Filing, wrap doc creation, plan documents auditing), reducing the broker’s risk of E&O exposure, costly litigation, reputational damage.
Focus On Your Clients with Employee Benefits Support from ReSource Pro
Outsourcing employee benefits administration aims for win-win scenarios, giving brokers, staff, and clients the best experiences and outcomes. ReSource Pro can assist with your agency’s benefits administration needs, during peak season or for year-round support. This allows your team to concentrate on sales, client relationships, and compliance. Learn more by visiting our Employee Benefits page or scheduling a meeting.
READ MORE
Case Study: Optimizing Operations to Increase Revenue Per Employee
How Benefits Brokers Can Improve Operational Efficiency
How to Keep Insurance Staff Motivated During Renewals Season
