Wednesday, December 16, 2009

Value Added Services - Plan Integration and Working with other Brokers?

As we at BenefitPlace, Vesta Worksite, and Vesta P&C  have ongoing conversations with:

  • Traditional Employee Benefit Brokers
  • Worksite Benefit Specialists
  • Individual Insurance Specialists, and 
  • Brokers in the P&C Industry
about working together among themselves to integrate their client's plans, there is one common and pervasive concern - Client Retention!  While most agree that working together with others could better serve the client's needs, and help integrate their client's benefits and insurance portfolios, they fear that working with others outside of their areas of expertise could jeopardize the established relations with their clients.

We at BenefitPlace suggest there may be a greater potential  for losing clients from not taking the lead in introducing, embracing, and integrating plans from non-competitive Brokers and Consultants.
While it may take time to establish relationships of trust with these parties, the ultimate goal should be to better assist clients, build on opportunities through  reciprocal referrals, and generate additional revenue streams.

The keys to success is in establishing and monitoring these relationships, and the plans that are integrated, are communications, written agreements, and follow-up.  All parties, including the clients, must take responsibility.

We at BenefitPlace, and the members of our business community, appreciate your input!  Have a Great Week!      


BenefitPlace hopes you will use this forum to respond to posted comments and share your ideas, questions and expertise related to the overall Employee Benefits and Individual insurance marketplace. Thanks for joining us!