When a business wants to review its benefits, one option is to have an advisor take the plan to market and request quotes from insurers. Before that happens, it's worth deciding who you want representing you.
How quoting generally works
Insurers generally work with one advisor or consultant at a time when quoting a particular employer group. Once you authorize an advisor to approach the market on your behalf, another advisor may not be able to obtain quotes from those same insurers for your group during that market exercise.
That means the choice of advisor is usually made at the start of the process, not after comparing results.
What to understand before you begin
- Their approach — how they learn about your business, your people and your goals before looking at quotes.
- Their service model — what support you and your employees can expect after the plan is in place.
- Their capabilities — the range of plan designs, funding arrangements and insurers they can work with.
- How they communicate — whether they explain options clearly enough for you to make confident decisions.
Going to market isn't always necessary
A market exercise can be useful, but it isn't the right step for every business every year. Sometimes understanding your renewal, reviewing plan design or adjusting how the plan is managed addresses the underlying concern more effectively.
The bottom line
Taking time to choose the advisor you want representing you, before authorizing a market exercise, helps make the process clearer and more productive. The appropriate approach depends on the circumstances of the business, its people and the specific plan arrangement.
This article is general educational information, not individual insurance, legal, tax, accounting or financial advice.
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