In this insightful piece, Steve Idoux, the President of Lockton Dunning, imparts valuable advice on navigating the employee benefits space and choosing the right broker/consultant to create an effective Total Rewards strategy for your organization.
When engaging with potential broker/consultant partners, it’s essential to ask the right questions to ensure transparency and alignment with your company’s goals. Here are five key questions to consider:
1. How are broker/consultants compensated?
Understanding the compensation model of potential partners is crucial. Inquire about the fees they collect, any preferred partnership arrangements, and potential conflicts of interest that may arise. Awareness of commissions and hidden costs can help you make informed decisions.
2. What’s included/excluded in your scope of work?
Clarifying the services and products offered by your broker/consultant, along with associated costs, is vital for choosing the right partner. Ensure you understand how billing works, what services are included, and if there are any limitations or additional charges for specific tasks.
3. How do you derive your recommendations?
Asking about the resources and tools that broker/consultants use to make recommendations can provide insights into their decision-making process. Transparency and accountability are key factors in establishing a trusted partnership that benefits your employees’ health and wellbeing.
4. What is your end game?
Understanding the goals and priorities of your broker/consultant, as well as their company’s growth aspirations, can help gauge their commitment to serving your organization’s needs. Look for partners who prioritize relationships over profits and demonstrate a client-centric approach.
5. How does data help inform your recommendations?
In today’s data-driven landscape, having access to sophisticated data analytics is crucial for managing healthcare and employee benefits effectively. Evaluate a broker/consultant’s data capabilities, including AI integration and data platform availability, to make informed decisions that drive business strategies and cost efficiencies.
As you consider partnering with a new broker/consultant or reassessing your current relationship, remember that transparency and honesty are paramount in building trust. Lockton’s commitment to independence and client-focused service distinguishes them as a reliable partner in the employee benefits landscape.
For more information on Lockton and their innovative solutions, visit their website and explore their global expertise in risk and insurance needs. With a track record of excellence and recognition as a top employer in the insurance industry, Lockton is dedicated to delivering remarkable results for their clients.
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SOURCE: Lockton Dunning
By incorporating the key points highlighted by Steve Idoux, organizations can make informed decisions when selecting a broker/consultant partner and establish a Total Rewards strategy that aligns with their business objectives and employee needs. Partnering with a reputable and client-focused firm like Lockton can provide the expertise and support needed to navigate the complex employee benefits landscape successfully.
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