HR directors have their work cut out for them when it comes to finding the right medical benefits packages. According to the National Association of Insurance Commissioners (NAIC), there were 5,977 insurance companies in the US and associated territories in 2016. Of those companies, more than 800 of them specialize in health or medical insurance. How are busy executives supposed to be able to narrow the search and find just the right group benefits package for their employees?
Savvy HR directors know that important elements of the medical benefits arena are ever changing, and what one company offers today may very well be different tomorrow. It is for this very reason, which HR directors often choose to reach out to an insurance broker for assistance in finding the right package for their employees. After all – employee benefits are only one facet of the human resources department of any company. Most HR directors appreciate consulting with a highly specialized group insurance broker on an annual basis.
Employer-provided healthcare is a key factor in recruitment success, as well as in employee loyalty and satisfaction. And that is why it is so important for HR directors to find a group insurance broker in whom they may place their trust.
It’s not uncommon for employers to have a contract with a certain insurance provider, and every year they select which of the current products is suitable for their needs. However, it may be much more cost-effective to consult a broker who has knowledge of and access to all of the 800+ providers. Such a relationship with HR directors and brokers is much more beneficial to the overall company because it helps to avoid blind loyalty and myopic awareness of the multitude of options available.
SW Insurance Corp. exists to help HR directors dynamically navigate the myriad of missteps that are possible when choosing the right group benefits for their employees. If you haven’t spoken with a group insurance broker, or worse yet, you haven’t explored switching insurance providers in recent years – chances are you aren’t maximizing the cost-effectiveness or overall value to either your employees or the company that you serve. Contact us today, and let’s review your strategy for the highest possible benefit!