FANews

What to look for in an employee benefits provider

When you evaluate growth opportunities for your practice in 2020, should you consider selling employee benefits?
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It’s a great idea to consider opportunities to sell employee benefits to group clients in 2020. It’s actually a lot easier than you may think. Your existing client base could be ripe with opportunities to open the door for group business. Many of your individual clients may be business owners and/or decision-makers. Tapping into these relationships could open the door for an employee benefits conversation.

Incorrect

It’s a great idea to consider opportunities to sell employee benefits to group clients in 2020. It’s actually a lot easier than you may think. Your existing client base could be ripe with opportunities to open the door for group business. Many of your individual clients may be business owners and/or decision-makers. Tapping into these relationships could open the door for an employee benefits conversation.

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Is it important to partner with the right employee benefits (EB) provider?
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In an environment of new regulations, ever-evolving technology, changing workforces and heightened service delivery expectations, choosing an employee benefits provider is a critical decision which could “make or break” your entry into the group business market.

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In an environment of new regulations, ever-evolving technology, changing workforces and heightened service delivery expectations, choosing an employee benefits provider is a critical decision which could “make or break” your entry into the group business market.

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Should an employee benefits provider have good insights into the needs of the changing workplace?
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It’s very important for an employee benefits provider to have good insights into the needs of the changing work place. They should readily share these valuable insights with financial advisers. This signals to clients that their financial adviser is knowledgeable and well-equipped to deliver needs-based solutions that will add real value.

Incorrect

It’s very important for an employee benefits provider to have good insights into the needs of the changing work place. They should readily share these valuable insights with financial advisers. This signals to clients that their financial adviser is knowledgeable and well-equipped to deliver needs-based solutions that will add real value.

 

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Should an employee benefits provider be innovative?
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An employee benefits provider should embrace change, using their insights to constantly innovate. Nowadays customers have heightened expectations, driven by a changing world where perceptions are shaped by disruptive technologies in various sectors. They’ve become accustomed to tailored products, personalised service, exceptional delivery and multiple engagement channels. And they expect the same when it comes to employee benefits.

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An employee benefits provider should embrace change, using their insights to constantly innovate. Nowadays customers have heightened expectations, driven by a changing world where perceptions are shaped by disruptive technologies in various sectors. They’ve become accustomed to tailored products, personalised service, exceptional delivery and multiple engagement channels. And they expect the same when it comes to employee benefits.

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Should an employee benefits provider offer flexible solutions?
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Employers and their employees are all different. Employee benefits providers should be flexible and have the ability to offer unique, tailored solutions to meet these different needs.

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Employers and their employees are all different. Employee benefits providers should be flexible and have the ability to offer unique, tailored solutions to meet these different needs.

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Is being a good communicator an important competency for an employee benefits provider?
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Employee benefits providers should be good communicators. There is often a big disconnect in the communication of benefits in organisations. As a result, many employees do not understand or appreciate the value of their employee benefits package. This, coupled with alarmingly low levels of financial literacy, means many employees make uninformed decisions at key stages in their working lives, which result in poor long-term financial outcomes. A good employee benefits provider should have the ability to deliver communication which educates and drives informed decision-making.

Incorrect

Employee benefits providers should be good communicators. There is often a big disconnect in the communication of benefits in organisations. As a result, many employees do not understand or appreciate the value of their employee benefits package. This, coupled with alarmingly low levels of financial literacy, means many employees make uninformed decisions at key stages in their working lives, which result in poor long-term financial outcomes. A good employee benefits provider should have the ability to deliver communication which educates and drives informed decision-making.

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Are the value-added benefits offered by some employee benefits providers actually of value to the employee and the employer?
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Yes. These value-added benefits and services can be of immense value when used. They typically support behaviour change and assist employees and their families in tough times. When promoted and used effectively, these benefits and services help influence employees’ behaviour and can improve their physical, financial and mental health. This not only boosts employee productivity but also reduces claim costs, which drives sustainable pricing for insured benefits.

Incorrect

Yes. These value-added benefits and services can be of immense value when used. They typically support behaviour change and assist employees and their families in tough times. When promoted and used effectively, these benefits and services help influence employees’ behaviour and can improve their physical, financial and mental health. This not only boosts employee productivity but also reduces claim costs, which drives sustainable pricing for insured benefits.

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