Wescan Insurance Brokers, specializes in group benefits, plays a crucial role in helping small business clients navigate change and achieve their goals by providing a competitive, cost-efficient, and worry-free benefits plan. Here’s how Wescan Insurance Brokers can brings value for their clients:
1. Ongoing Education: Providing up-to-date information on benefits plans, regulatory changes, and industry trends is crucial for clients to make informed decisions. Offering seminars, webinars, and regular updates ensures that clients stay well-informed.
2. Customer Service: Exceptional customer service is vital for maintaining trust and confidence. Being accessible and responsive through multiple channels, such as telephone, fax, and email, demonstrates a commitment to client satisfaction.
3. Problem Solving: Identifying and resolving issues related to plan design, plan administration and tax effectiveness helps optimize benefits packages for both the company and its employees. This problem-solving approach can lead to more efficient plans.
4. Executive Compensation: Designing executive compensation packages with enhanced benefits can be a powerful tool for retaining key employees. We provide guidance on how to reward and recognize these valuable individuals.
5. Disability Programs: Ensuring that Short-Term Disability (STD) and Long-Term Disability (LTD)programs offer sufficient replacement income factoring in the tax implications for the employees is critical for their well-being and satisfaction. We are very much involved in helping design these programs effectively.
6. Pricing Insights: Providing clients with insights into how benefit products are priced, including factors like Total Loss Ratios (TLR), Group Demographics, and Industry Type, empowers clients to make well-informed decisions about their benefit plans.
7. Rate Negotiation: The business clients can leverage our expertise to effectively challenge and negotiate rate increases, helping clients keep benefit costs under control and avoid excessive hikes.
8. Cost Containment: Collaborating with clients to develop cost containment strategies, such as wellness programs and risk management initiatives, is a proactive approach to controlling expenses while maintaining plan quality.
9. Ongoing Management: Assisting in the ongoing management of group plans ensures that clients can adapt to changing needs and circumstances. This flexibility is essential for maintaining a competitive and cost-effective benefits plan.
10. Recommendations for Changes: As companies evolve, their benefit needs may change. We can offer recommendations for adjustments to employee benefits programs to ensure they remain competitive and cost-effective.
11. Self-Insuring Options: Exploring the advantages of self-insuring (ASO – Administrative Services Only) for larger groups can lead to cost savings and greater control over the plan.
12. Conversion to Alternative Plans: Guiding clients in converting traditional plans to alternative options like Retention Accounting or ASO can result in cost savings by eliminating higher profit margins paid to carriers.
