Is Your Broker Wholly Loyal To Your Organization?

If your organization is like most then you do not directly pay your insurance broker for their services; however, despite market misperception, you are paying them (i.e., the insurance industry isn’t). The problem is that broker fees are embedded in your insurance premiums, and your insurer pays your broker their fees on your behalf. Is this an act of graciousness or just plain good business sense on the part of the insurance industry? Let’s look at this area a little more deeply… 

For many years, insurers have courted and nurtured relationships with independent brokers, which continue to grow stronger with each passing year. Now, it is quite unfortunate to find that many (former) independent brokers have morphed into insurance agents. Effectively, many former brokers are now sales agents for the insurance industry; many for just a few “preferred” insurers so that they can both maximize their earnings and minimize their workload. This is a very serious threat to employers who must be able to depend on an independent broker to secure their best interests. 

Insurers now enjoy an extremely comfortable position because they have grown solid business relationships with most brokers, which, of course, help them to weaken the loyalty that the broker should solely be extending to their employer clients. In other words, far too many brokers these days have migrated to where their loyalties are no longer solely to work on behalf of their employer clients’ best interests, but, instead, now belong, at least in some measure, working on behalf of the insurance industry. 

Another adverse impact of increasing broker / insurance industry allegiances is that insurers are, on a non-transparent level for the most part, gaining ever-increasing control over the future of employer-sponsored group insurance. This is an unhealthy direction for employers, and it is going to result in avoidable consequences for both employers and employees over the coming years. 

Your current broker is being paid to provide your organization with a wide range of services, vital protection and professional advocacy. How much value do your receive from your broker? Is the value you receive commensurate with the money that you pay ? Further, is your broker providing you and your employees with the depth of uncompromising employer/employee loyalties, expertise, guidance, leadership, resources, representation and advocacy services that you will receive from AspireUSA. 

If you desire to maximize the value you receive from your insurance broker, contact us. We’ll schedule a time to meet so that we can review with you (and/or other members of your management team) how we will make a positive difference for your organization and your highly valued employees.

Note

Hiring AspireUSA as your independent broker can be accomplished anytime throughout the year [i.e., you are not limited to doing this only on your Plan Anniversary (renewal) date]. A simple letter from you to your insurer that outlines your desire to designate us as your Agent-of-Record is all that is necessary for us to begin working on your behalf. Hiring us will not increase your current premium levels, nor will you pay us any fees for the additional services and value we provide you.