With the rally of legislative changes, new provisions and rules coming into effect, a lot is being said about the existence of brokers. But the fact is- with the rising complexities, employers are now in much more need of expert guidance on employee benefits administration and management.

There lies a significant opportunity for brokers to help their employer clients manage benefits while complying by all laws and regulations.

While large companies are able to manage the changes easily, small and mid-sized businesses are struggling hard to clearly understand and adhere to the guidelines and mandates as stated by the ACA. Thus, benefits brokers can be of much help to this business community as well as benefit themselves if they effectively capitalize on the opportunity.

Every employer, perhaps, has been struggling with three main agendas: rising costs, mitigating compliance risks and enhancing efficiency. See how brokers can help them:

Guide Them on Cost-Effective Options

Earlier, benefit brokers mainly restricted their scope to benefit options, plan categories and all related aspects. But, with the rising complexities and costs, businesses are under huge pressure to maximize profits within controlled costs and expenditures.  

Apart from the cost-saving option for short-term such as economical plans or a cut-short network, brokers can actually help employers plan for a long-term cost saving mechanism. Helping them manage payrolls, lowered use of cost-intensive techniques, suggesting ways to prevent missing any deadlines or paying penalties and introducing advanced systems for managing work effectively can be the big money savers!

Technology to Improvise Processes

It’s high time, please ask your clients to stop using the manual techniques to manage employee benefits and fall in the trap of resolving issues due to human error. Moreover, employers need to understand that now even the employees want advanced systems and technologies so that even they can get real time access to their benefit details without taking multiple rounds to the HR cabin.

Thus, brokers must provide tech-solutions that know their job well and automate benefits enrollment and administration, running payrolls, time and attendance management and ACA compliance. An all-integrated system that can well-perform all these tasks while keeping the costs low would be a preferable option.

Make Your Client Free From Compliance Worries

Compliance complexities continue to grow for employers as every now and then a new rule is passed making it more difficult and challenging. Every month a deadline awaits them-reporting deadline, filing deadline, tax return filing deadline and many more deadlines!

Though, brokers’ scope is not that far extended to managing compliance issues, but they can protect their clients from getting under the unwanted penalties or law suits for non-compliance. Thus, brokers, having deep knowledge about the industry, trends, and the laws, can always analyze and determine potential risks and resolve errors. This will not only help employers, but will also solidify the employer-broker relations for a long-term association.

There’s no Looking Back for Brokers..

Being in question for some time now, broker’s role is indefinable and has scope beyond the conventional benefits brokerage. Brokers can become the trusted advisors for employers staying by them, guiding them through all the industry odds while keeping close eye on the dynamic benefits environment and stay in business as the strongest pillar.