Offering insurance to your employees instead of making them look for coverage elsewhere is a great way to decrease turnover rates and improve employee satisfaction overall. There are a variety of tools you can use to make offering insurance to your employees easy and effective for your company – the following are just a few to consider.
1. Agency Networks
If you plan to run a division of your business as an insurance agency in order to get exclusive insurance plans, group rates, and discounts for your employees you may want to sign up for at least one insurance agency network to work within. Agency networks function by bringing a group of corporate and independent insurance agents together so they can provide support and mutual benefits to one another.
For example, network members can work together to purchase insurance plans at steep discounts for their employees and customers. Each network is sure to offer different benefits and support tools to rely on, so it's important to carefully compare the fine print in any contracts presented to you by prospective network providers.
2. Plan Aggregators
You can incorporate an insurance plan aggregator into your intranet or employee website portal to give your employees a wide variety of options when it comes to choosing insurance coverage for their families. An insurance aggregator will allow employees to compare plans offered by a variety of insurance companies on the market without bias.
So, they can make educated decisions about what type of coverage to purchase and what kinds of discounts to take advantage of. A plan aggregator can be embedded right into an internet or intranet page where your employees can interact with it whenever they need to. This should help save your human resources department some time and energy, especially during insurance sign-up season.
3. Insurance at Wholesale
Another tool you can use to offer your employees quality insurance plans is to work as a cooperative with employees and purchase policies in bulk based on the overall needs and expectations of the entire co-op. Through meetings and surveys, you can figure out what kind of policy to purchase for your employees in bulk that will cover most of their needs as time goes on. And you can always purchase two or three different kinds of plans through multiple company cooperatives if necessary.
An insurance management agency should be able to provide you with access to these tools, and more so you can offer your employees flexible, affordable, and convenient insurance options to rely on while working for your company. For more information, contact your preferred managing general agency.