Small Business Benefits
Published by Chris Riter on June 16th, 2021
In today's world, everything is more challenging for health benefits brokers. And, with an unpredictable market, it can be tough to retain your group health benefits business normally. Your small business clients are pressed for time and need a broker who can deliver a sound benefits strategy, creative solutions and on-time policy installation. Broker support can be an important part of winning cases.
Employers are looking for health benefits brokers to show them cost-effective plan designs they can offer their employees to retain and attract current talent. Therefore, it is important to work with a carrier/third-party administrator that provides creative options to meet your clients’ needs and budget. This includes considering alternatives like level-funded reference-based pricing plan designs, which provide savings, predictable monthly payments and freedom of provider choice for most services.
When it comes to providing outstanding account management and administrative support, Brokers are looking for the health plan representative to be responsive when helping with tasks, like claims and enrollment.2
Find a carrier/TPA that makes you feel like you’re not alone at any step of the way. A representative who provides good broker support will free up time for you to continue to grow your business. This means your representative provides the assistance and guidance needed during quoting, underwriting, through the entire sales process. Any question or correspondence is answered promptly. This type of support will leave you feeling confident that you can count on your representative.
What Broker Support Looks Like from Trustmark Small Business Benefits
The video below provides insight how our sales consultants help to ensure broker success.
Level-Funding Case Study:
Helping a Broker Retain an Important Case Through Level Funding
Earlier this year, an agency came to me for help because they were in danger of losing a long-term client to a competitor pitching a level-funded option.
At the last minute, to aid an upcoming board meeting, the agency knew it was imperative to find a solution that was going to stick.
We worked quickly to quote the group, looked at different ways to configure the self-funded plan design to extend savings, and used our simplified underwriting to give them an offer that the broker could go into the meeting with, versus just a quote like the competing agency.
The plan designs we presented were an improvement over the group’s existing benefits, and still saved them money. Their client liked the offer and went with our plan design, so the agency was able to retain the business.
Building Lasting Relationships
This case helped develop our relationship even more with the agency. And, the agency is more receptive and proactive about coming to us for solutions for existing and prospective clients.
Listening, Experience, Responsiveness and Support
More times than I can count, I’ve used my experience in level funding to provide cost-effective plan designs for brokers to present to their clients. Watch a short video to learn how we support our brokers.
Discover Cost-Effective Level-Funded Solutions
Contact us today using the form below to learn if one of our level-funded solutions and services can be a good fit for your small to mid-size clients.
12020 KFF Health Benefits Survey. Summary of Findings. 8/2020.
2Survey administered by C+R Research, December 2019.
Health Benefits Brokers Succeed with Support
1. Experts in Available Solutions for Your Clients
According to Kaiser Family Foundation Summary of Findings, costs are continuing to rise over the last five years and the average premium for family coverage has increased 22%.1Employers are looking for health benefits brokers to show them cost-effective plan designs they can offer their employees to retain and attract current talent. Therefore, it is important to work with a carrier/third-party administrator that provides creative options to meet your clients’ needs and budget. This includes considering alternatives like level-funded reference-based pricing plan designs, which provide savings, predictable monthly payments and freedom of provider choice for most services.
2. Start to Finish Guidance You Can Depend On
“First off, provide quick and efficient communication. Be accessible. Be an advocate for us, for what we are trying to accomplish. Keep me updated as to what’s going on at your end - status, feedback from underwriting, etc.” – Broker surveyed.2When it comes to providing outstanding account management and administrative support, Brokers are looking for the health plan representative to be responsive when helping with tasks, like claims and enrollment.2
Find a carrier/TPA that makes you feel like you’re not alone at any step of the way. A representative who provides good broker support will free up time for you to continue to grow your business. This means your representative provides the assistance and guidance needed during quoting, underwriting, through the entire sales process. Any question or correspondence is answered promptly. This type of support will leave you feeling confident that you can count on your representative.
3. Marketing Tools to Help Grow Your Sales
Having the tools and resources you need to educate your clients is key to your sales success. Be sure to leverage the marketing pieces the carrier/TPA provides. Lean on your sales representative to guide you as to what pieces (flyers, brochures, case studies, videos, etc.) could be the right one to share with each unique client. Having these tools at your fingertips will help when trying to present options to clients and answer any outstanding questions they may have.What Broker Support Looks Like from Trustmark Small Business Benefits
The video below provides insight how our sales consultants help to ensure broker success.
Level-Funding Case Study:
Helping a Broker Retain an Important Case Through Level Funding
Earlier this year, an agency came to me for help because they were in danger of losing a long-term client to a competitor pitching a level-funded option.
At the last minute, to aid an upcoming board meeting, the agency knew it was imperative to find a solution that was going to stick.
We worked quickly to quote the group, looked at different ways to configure the self-funded plan design to extend savings, and used our simplified underwriting to give them an offer that the broker could go into the meeting with, versus just a quote like the competing agency.
The plan designs we presented were an improvement over the group’s existing benefits, and still saved them money. Their client liked the offer and went with our plan design, so the agency was able to retain the business.
Building Lasting Relationships
This case helped develop our relationship even more with the agency. And, the agency is more receptive and proactive about coming to us for solutions for existing and prospective clients.
Listening, Experience, Responsiveness and Support
More times than I can count, I’ve used my experience in level funding to provide cost-effective plan designs for brokers to present to their clients. Watch a short video to learn how we support our brokers.
Discover Cost-Effective Level-Funded Solutions
Contact us today using the form below to learn if one of our level-funded solutions and services can be a good fit for your small to mid-size clients.
12020 KFF Health Benefits Survey. Summary of Findings. 8/2020.
2Survey administered by C+R Research, December 2019.
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Written by Chris Riter
Sales Consultant for Trustmark Small Business Benefits
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Trustmark® and Trustmark Small Business Benefits® are trademarks of Trustmark Insurance Company. All other trademarks are the property of their respective owners, which are not affiliates of Star Marketing and Administration, Inc., and Trustmark Life Insurance Company.
Plan design availability and/or coverage may vary by state. Plans are administered by Star Marketing and Administration, Inc., and stop-loss insurance and ancillary coverage are provided by Trustmark Life Insurance Company.
Plan design availability and/or coverage may vary by state. Plans are administered by Star Marketing and Administration, Inc., and stop-loss insurance and ancillary coverage are provided by Trustmark Life Insurance Company.