Employee Benefit Guidance & Compliance Solutions

How to Change Benefits Brokers

Posted by on October 23, 2020 in Human Resources

Employee Benefits, Average Cost of Employee Benefits, COBRA Administration, HSA, FFCRA, Paid Leave Mandates

Many businesses receive poor consulting or service from their brokers. But why don’t they make a change and shift to a new brokerage? Well, it’s mostly because they believe that changing brokerages is a difficult and lengthy process. A process that is full of paperwork, tons of communication, and significant changes to their original plans. But we are here to tell you that it isn’t!

In fact, PF Compass makes switching brokers very easy! Let’s explain why you shouldn’t dread changing brokers.

You Don’t Have to Switch Insurance Carriers or Benefits Packages

There is a large misconception that when you switch brokerages, you have to switch insurance carriers as well as change benefits packages. To many businesses, this would be a headache and a large inconvenience. But, that’s not the case. You can keep the same insurance carriers as well as benefits packages. All you have to do is notify your insurance carrier that you are being represented by a new broker instead of your old one. This is done by simply submitting a Broker of Record (BOR) which PF Compass and most brokerages provide to you; all you have to do is sign it. This allows us to renegotiate rates with the same insurance carrier and make sure you get the best value and best benefits package.

There Aren’t Any Time Constraints

There isn’t a set time period where you have to switch brokers. You can do it at any time! You can submit your BOR whenever you’d like, and since changing your benefits package and the insurance carrier isn’t necessary, you don’t have to worry about the hassle of acquiring a new plan from the ground up. Your employers won’t notice a change in their benefits at all and plus there will be no internal service change.

Whenever you have found a broker that you deem acceptable to be in accordance with your insurance and benefits plan, you can make the shift whenever you’d like!

We Offer Digital Support

We here at PF Compass make the switch seamless. We are one of the few brokerages that offer full digital support when making the change. In fact, it’s up to you whether you would like to do it face to face, or completely digital! We also offer HR Support through ThinkHR, employee education, COBRA Administration, and more. The best part about this is that we don’t charge you anything extra, it’s all free. We want to make this experience as easy as possible for our clients!

The Benefits of Switching Brokers

Benefits are in fact a large percentage of a companies budget. They make up 25% to 40% of the companies’ payroll. That’s why it is very important to work with a broker that you can trust to achieve the lowest rate possible with the best benefits package that works accordingly.

A good broker doesn’t see your organization as just a client. They see every employee and every member of your organization as their family. We work one on one sessions with employees to understand their needs, seminars to fully educate employees on what benefits they are receiving and how they work, Q&A sessions, and more. That’s why we have been in business for more than 35+ years!

Wrapping It Up

The misconception of switching brokers as being a lengthy and difficult process is wrong. It’s quick and easy, allowing you to save money and time. That’s why you shouldn’t wait around if you are thinking of making a switch!

If you are unsatisfied with your rates and your broker, give us a shout! We provide obligation-free quotes and consultations for anyone!

PF Compass works with clients who primarily reside up and down the Eastern Corridor. We work with all types of businesses, large and small, across a wide range of industries. Over the years we have created a reputation for providing quality group benefits and unmatched service for all our clients. As a result, we are proud to say that many of our clients have become loyal and continue to work with us for years to come.

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