With increased consolidation in the insurance industry, we are seeing more clients move towards and ask about the advantages of using a single broker partner for both their risk management and employee benefit programs.
Based on client feedback and our own experiences, we will investigate two main reasons as to why there is value in taking a holistic approach and working with a single broker partner.
First, workers’ compensation and employee health continues to intersect.
Risk management and employee benefit professionals must recognize their mutual position as stakeholders in workforce health more generally. For instance, studies show that short-term disability and workers’ compensation claimants will tend to have multiple claims, and there is more crossover from one system to the other beyond what risk and benefit managers may realize. Employers need to have coordinated strategies to identify employees with a high risk of repeat disability and cultivate engagement with preventive care efforts. This could potentially help mitigate costly medical treatments and lost productivity.
Examples of these interventions could be special programs for treating soft tissues injuries or targeting pharmacy or obesity. By making these types of changes, it will create a safer work environment, healthier employers who are less prone to injury, and reduce recovery time. In some instances, the improvement on the workers’ compensation experience modification factor can be massive! Thus, having healthier and engaged employees helps achieve optimal workers’ compensation outcomes.
Secondly, there is a benefit for leadership, HR, and finance teams to deal with a single point of contact instead of looking at insurance in “silos.”
Clients indicate that having a single point of contact allows for many benefits. These include:
- Streamlined communication with ONE agency ;
- Shared resources – service, safety/wellness consulting, ThinkHR;
- Potential economies of scale (compensation);
- Access to resources that the customer wouldn’t otherwise qualify for;
- Budgeting discussions are collective and target ONE outcome;
- And marketing your account to carriers with all the information can be very powerful.
If you ever considered streamlining your risk management and employee benefit planning and purchasing process, please contact a Horton representative today to find out how you can take your business to a higher level of performance. We would be happy to opine on all considerations and opportunities together.
Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.