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What is a Broker?
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What is a Broker?

Each insurance company recognizes a certain individual or company as the servicing agent for your policy. This individual's job is to service your account, correct billing problems, resolve claim issues, and generally assist the client with their account. In return for these services, a servicing agent is paid a commission by the insurance company. The commission is paid from the premium that the client submits to the insurance company on a monthly basis. While the client has the option of choosing the servicing agent for their account, or even choosing not to retain a servicing agent at all, the premium itself remains unchanged in most cases. So, it is of benefit to the client to retain and maintain a servicing agent for their account. The advantage a broker has over other types of servicing agents (such as a captive agent, or insurance company representative), is the broker's ability to shop and compare policies and prices from many different insurance carriers in the market.

At Beneficial Solutions, we believe that a company's broker should be viewed the same way an employer regards any of the people that work for their company. As an employer, you try to hire and keep employees with an excellent performance record, and dismiss those who do not perform to your expectations. We think you should view the person servicing your health, dental, and other policies in the same manor.

Many people believe that it is necessary to change carriers every couple years in order to keep a competitive premium. The reality is that you may just need to change your broker. You may need to hire a firm that is willing to work harder and smarter on your behalf. How does your experience compare with the following services that Beneficial Solutions provides:

  • Negotiation - We get competitive information every year so it can be presented to your insurance company's underwriting department. Properly done, our clients can expect to stay with a quality carrier for a much longer period of time, thereby avoiding the hassle of constantly switching carriers.

  • Longevity - Even small rate reductions, over time, can reduce the snowballing effect of constantly increasing premiums. This can be the difference between staying with an insurance company for 4-5 years, and staying with them for just 1-3 years.

  • Peace of Mind - Beneficial Solutions goes out to market every renewal year and obtains quotations from every possible carrier. This practice gives our clientele the peace of mind that they have left nothing to chance. At Beneficial Solutions, we'll show you every carrier we quote, whether it is competitive or not, that way you'll have the peace of mind that no stone went unturned.

  • Integrity - Not all commissions are created equal !  Beneficial Solutions will show you how much commission is included in each product and in the small group market, which carriers pay the lowest commissions. We will also check on the quotes you have already received from other brokers. This assures our clients, especially those with 50 or more employees, that no additional commissions have been added without their knowledge.

  • Objectivity - Because many brokers only deal with a handful of insurance carriers, they will only show you 2 or 3 companies and say that the others simply weren't competitive. By quoting every plan at our disposal, we can be objective with our recommendations. We won't try and talk you out of a plan just because we don't have a relationship established with that carrier.

If your company is considering a change in carriers, or a change in the broker who services your account, consider Beneficial Solutions. We would love to interview for the position. We will provide you with all of the above-mentioned services and much more!

 

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