Employee Benefit Guidance & Compliance Solutions

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How to Change Benefits Brokers

By on Oct 23, 2020 in Human Resources | 0 comments

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...

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