Why Use an Independent Group Employee Benefits Broker?

Why Use an Independent Broker?

With rising costs and evolving employee health needs, an Employee Benefits Consultant (aka Broker) is an essential ally for your company to better manage your time, ensure maximum cost and tax savings while gaining expert advice. After reading this section, you might actually be asking, "Why wouldn't I use a broker?"

  • Most insurance carrier (direct) agents work directly for a specific insurance carrier only sells only that carrier's products. An independent Employee Benefits Consultant leverages multiple insurance carriers to obtain the best coverage, rates, service, and products. In fact, the ENCOMPASS advantage is that we work with all Canadian insurance carriers (most brokers only go to some carriers) and know what is most competitive and comprehensive in comparison to your needs and the market.
  • While there are significant advantages to having all benefits with one carrier for economies of scale, using a specialty carrier for certain benefits can be advantageous in terms of costs and benefit enhancements. Without a broker, you need to navigate the process of investigating, selecting and implementing specialty carrier benefits on your own which can be time consuming and confusing.
  • An independent broker will negotiate aggressively with insurance carriers at each marketing and subsequent renewals to ensure service charges are in check.
  • Commissions are paid by the insurance carrier - whether it's to their own agent or an independent broker. Wouldn't you prefer to pay for objective advice from someone who represents and advocates for you? ENCOMPASS's experience and relationships with all insurance carriers help us to know what to expect for service and exceptions. The "no" answer you may receive when working with a carrier's agent directly may not be as final as you think when working with an independent employee benefits consultant.
  • Independent benefits consultants will assess all potential funding arrangements and tax legislation to ensure you leverage all possible savings options while minimizing risk.
  • Disability management has become a critical component to managing costs of an employee benefits plan. The most effective disability plans include an objective third-party opinion and intervention. This ensures claims are being reviewed properly by the carrier, the employers Return to Work Programs are well supported and employees are getting the necessary treatment. As a consultant, we help you to more effectively collaborate with your employees and the insurance carrier to better manage claims and minimize costs. It is always a fair question, whether a direct insurance carrier agent will act for their employer or for you, the client.