Pull Back the Curtain: Are You Partnered with the Right People?

ARE YOU PARTNERED WITH THE RIGHT PEOPLE?

Are you partnered with the right people? The collaboration of Spotify and Uber is just one example of a successful business partnership. Both companies created a unique experience for their users and then partnered together to broaden their audience. Whether you are partnering for shared ownership or looking for a trusted associate, who you choose to work with can have a dramatic impact on the success and sustainability of your business.

Most successful partnerships are built on trust, transparency and the desire for both parties to achieve their goals. The relationship with your benefits consultant or advisor should be no different. When properly aligned, this partnership can generate significant value for your business. A consultant who knows how to navigate challenges and understands the healthcare industry is essential to getting to the finish line.

WORKING TOGETHER TOWARDS THE SAME GOALS.

A report by the International Foundation of Employee Benefits Plans states that the majority of North American employers experienced $1 to $3 decreases in their overall healthcare costs for every dollar spent. The report found that organizations who saw a positive return on investment used employee program incentives. Gathering information and using data to analyze your benefits program is necessary for proper planning. A consultant who takes time to understand your core values, culture and long-term goals and has extensive experience and expertise can develop a program that generates cost-savings. However, the right partners need to be in place.

A benefits consultant brings in who an employer works with and provides a wide range of advice on selecting, purchasing and implementing benefits. Your consultant should have certain criteria in place when selecting providers for your business, and the selection process should be thorough. For example, reputation, price, and customer service should all be considered when sourcing a provider. Every provider has a different set of qualities and care should be taken when choosing a partnership.

QUALITIES THAT MATTER.

Who you work with can mean the difference between an advantageous benefits program and a costly, underutilized one. When selecting a trusted partner, whether you are looking for a new consultant or provider, ask for client references and a proven track record for successful benefits programs. Some of the key variables to consider are:

• High reliability. Choose a partner that provides quality performance and dependability. One who delivers what they say they will.
• High accountability. Partners who accept responsibility for mistakes that may happen and how they address and correct those mistakes.
• Trustworthiness. Most importantly, choose partners that put your people first. A partner who is honest and truthful with their offerings.

Your benefits are an important part of your business and should reflect your business mission and culture. Be straightforward with your expectations, and don’t be afraid to ask tough questions. If you aren’t satisfied with the answers you receive, don’t settle. Your consultant should be flexible and creative when finding solutions for plans. They should bring in new ideas, not settle for the status quo.

Also, conversations with your benefits consultant should occur throughout the year, not right before renewal time. The fourth and first quarters are a busy time for consultants and benefits leaders. Delays in approvals, information processing or implementation of new vendors can be common and frustrating. By waiting until the last minute, you could miss tremendous opportunities to improve your benefits program and strengthen this essential partnership.

YOUR BUSINESS IS UNIQUE. YOUR BENEFITS SHOULD BE TOO.

The right business partners can make a tremendous difference in the success of your benefits program. As you think about your employee benefits this quarter, be sure you are receiving the support and quality you deserve.

At Conner Insurance, we take pride in building relationships. This February, Ben Conner will speak about the importance of plan partner selections for consultants at the You Powered Symposium.