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The continued value of group insurance advisors in a world of disruptors 

By: Willow Munro | Tuesday July 16, 2024

Updated : Monday July 15, 2024

Independent group insurance advisors are an integral part of providing employee benefits. They stand between the employer and the insurance carrier as experts in both, thereby providing an invaluable service.  

New technologies and access to care 

The group insurance landscape is constantly in flux – it’s moving and adapting to external and internal forces. One of those forces is the rapid advancement of new technologies, spurring innovation in both how we treat patients, and how these patients access treatment.  

For example, we now have options to help with lifestyle changes or substance use through internet-based cognitive behavioural therapy (iCBT). Employees can work through emotional and physical issues through telemedicine, virtual therapy, and even virtual physical therapist options. Ordering prescription glasses online is a cinch with technology that allows people to “try on” the pair prior to ordering them.  

There are meditation and sleep apps, fitness trackers, incentive reward programs, weight-loss or menstrual cycle planners, guides and calculators. There are also many self-help and virtual therapy options for mental health and work-life support. The list is almost endless. However, navigating this open sea of options is a pain point for many plan members. 

Some of these services are being brought together under a single access point through an insurance carrier, giving patients easier access to multiple avenues of care. But this is not always the case. Oftentimes, there are different platforms and logins for plan members to go to depending on the service they wish to access. 

Benefits by Design’s Embedded Enhancements & Value-Added Benefits

New technologies and changing expectations 

At the same time, the insurance carriers and their partners have created greater access for plan sponsors as well. Allowing plan administrators to send employee updates, additions and terminations to the insurers directly from the platform.  

Group insurance advisors have also benefited from this technological advancement. Many carriers and platforms have personalized dashboards. These provide access to aggregate data and reports, as well as current information on each client at the click of a mouse. 

What this all means is that plan sponsors, administrators, and plan members alike have higher expectations from the services, and of service times. It’s no longer acceptable to return a phone call four or five days later. Some may remember when an internet page took 30 minutes to load. With the advancement of technology, the speed at which we expect things to work has increased. Whether that’s determining where an office is located, how much something will cost, or – you guessed it – accessing health care services, submitting claims, and receiving reimbursements. 

Blurred lines between providers and carriers 

Group insurance advisors have a lot to keep up with when it comes to all the different offerings that the carriers have available. Partnering with different vendors, many insurance carriers now offer a plethora of value-added benefits to enhance their traditional products.  

For example, pharmacogenomic testing is available to determine the best possible drug for treatment. Or disability management programs which help disabled employees navigate and communicate with physicians, specialists, case managers, and their employer. 

Other enhancements include partnerships with preferred pharmacies where employees can benefit from reduced dispensing fees. There are also options to add Human Resources Information Systems and integrate them with the group insurance plan. 

How an HRIS Improves Employee Benefits, Onboarding, & HR Processes

Some of these augmentations are accomplished through partnerships with insurance carriers and the service providers. Other services are acquired by the insurer, while still others are created by the insurance carrier to fulfill a need. In the end, choosing what benefits to provide, along with optional enhancements can be a daunting task as employers wade through the sea of options that are available. 

The group insurance advisor has your best interests in mind 

The role of the group insurance advisor is to find the best fit in employee benefits for your business. Considering the ultimate reason for providing benefits, they can correlate that with budget, employee concerns and demands, and any specifics or technological requirements.  

The main role of your advisor is to work on behalf of your company to get the best possible outcome for you and your employees.  

The best advice comes when someone first takes the time to listen. By understanding the nuances of your business, your employees, and your values, your advisor can use their knowledge of the group insurance offerings available to suggest options that will fit. 

Group insurance advisors are constantly learning about your business. They collect utilization and demographics data from your current plan (if applicable), look at industry trends, and gather employee and stakeholder feedback. Working in tandem with an advisor, plan sponsors can ensure their goals are at the centre of the discussion, and their needs are being met. 

Why You Should Use A Group Insurance Advisor

BBD continues to value the independent advice of group insurance advisors 

Since your group insurance advisor is not tied directly to any specific carrier, their independence means they are truthfully able to suggest the best options for your situation. This saves time for employers as they won’t have to learn about every possible benefit to choose from. 

Armed with the initial information and requirements provided by the business, advisors utilize their benefits acumen and understanding to create a benefits plan that checks all the boxes.  

As a third-party administrator, Benefits by Design (BBD) works closely with group insurance advisors from start to finish. We help them create the perfect plan based on needs, administering benefits, and negotiating renewals. Without independent advisors, BBD would not be able to do what we do – help tens of thousands of working Canadians each year! 

How else does BBD help advisors and plan sponsors alike? 

Four Benefits of Using a Third-Party Administrator (TPA)