What is an employee benefits consultant, and why might I need one?
As medical and health insurance costs continue to rise, so too do employee and job candidate expectations on compensation packages. This, coupled with the ever-evolving global regulatory landscape, can make it hard for any HR team and business owner to find, implement, and manage benefits packages that remain contextualized to their business’ and employees’ needs. As a result, a growing number of companies are partnering with employee benefits consultants for specialist advice on all things benefits-related. In today’s article, we discuss what an employee benefits consultant does, and the top benefits of working with one.
What does a benefits consultant do?
Benefits consultants offer specialist advice on employee benefits and/or corporate insurance related matters for businesses of all sizes. An exceptional consultant, like Pacific Prime Singapore, leverages their expertise and influence in the benefits industry to match clients with tailored, cost-effective solutions.
Established employee benefits consultants advise, design, implement, and manage a vast array of corporate solutions, such as:
- Employer-provided health insurance
- Life and long term disability insurance
- Wellness programs
- Employee assistance programs
- Mental health benefits
- Dental benefits
- Vision benefits
- Property and casualty
- Liability insurance
- Workman’s compensation
- Multi-jurisdictional benefits
- And many more
Why might I need an employee benefits consultant?
Maybe your business is preparing for a big change in the makeup of your staff. Or perhaps you’re an HR manager searching for the best ways to stay ahead of your competition when attracting new talent. Whatever your main goals and dilemmas are, a top employee benefits consultant works hard to ensure you have a corporate solution that truly matches your needs. An established benefits consultant will come to the table with:
Determining whether your current benefits are competitive in your industry can be near impossible, as companies don’t often disclose all the benefits they offer. While benefits consultants won’t divulge company names or in-depth solutions of other organizations, what they can do is leverage their insider’s knowledge to ensure you have the most optimal and competitive benefits.
Cost containment advice
Comprehensive employee benefits are in high demand, but ever increasing premium costs can make it difficult to offer these perks sustainably in the long term. Geared with specialist knowledge, a true consultant will be able to advise on the most effective cost containment measures to ensure the long term sustainability of a corporate solution.
One of the top issues faced by companies in Singapore, according to our State of Health Insurance report, is how best to inform staff about their coverage, as well as any changes that will be made. Full-service consultants not only advise on the best communication methods, but make staff education much easier for HR by offering members orientation, Q&A services, and more.
An extension of your HR department
Acting as an extension to your HR department, top employee benefits consultants can lessen your team’s workload by offering extra services such as data analysis, processing claims, handling inquiries, and more – often at no extra cost vs going direct to an insurance provider.
Implementing international employee benefits can be a full-time job on its own. Large benefits consultancy firms with multiple office locations will allow you to have a dedicated point-of-contact across the different countries or regions of your business.
Last but not least, the more established a benefits consultant is, the more likely you’ll be in a better position when it comes time to negotiating the most optimal benefits, at the best possible price. Well-regarded benefits consultants will give you a major step up by virtue of the fact that their influence will be more powerful than if you negotiated with providers alone.
How do I choose the right employee benefits consultant?
Employee benefits consultants come in all shapes and sizes, so how do you know you’re choosing the right one? You could start by sending out a request for proposal, but it’s also important to consider the following:
- Are they focused on you? A consultant should be able to demonstrate how they can address your benefits pain points, as well as how they will make your current processes more efficient. An established consultant will guide you through all the stages of your employee benefits journey, whereas lower-tier consultants may simply match you with a benefits package, but lack the resources to manage and administer the plan on your behalf.
- Are they accessible? You and your employees should be able to get in touch with your consultant whenever you have any questions concerning your employee benefits. Lower-tier consultants may not be equipped with the manpower necessary to provide clients with year-round support, and usually only have enough resources to support them around purchase/renewal time.
- Do they have specialist knowledge? Look for a consultant who is knowledgeable and well-established in the industry. Don’t be afraid to ask them questions, e.g. what your current claims data tells them. If they’re telling you something that you could’ve found out easily on your own or from an insurer, then they might not be as knowledgeable as they appear.
What makes Pacific Prime Singapore believe it’s your best option?
At Pacific Prime Singapore, our unique service approach is embodied by what we refer to as a ‘broker framework’, which is comprised of three key elements: consulting, policy broking, and plan administration. Together, these three elements work together holistically to ensure that we offer unparalleled service to all clients, no matter what size or industry. Here are just some of the many benefits you can expect from partnering with us:
- Specialist experience: With almost two decades of experience in the benefits administration industry, we’ve become the benefits consultant of choice for over 3,000 clients.
- A global footprint: With an extensive network of offices located in China, Hong Kong, Thailand, Dubai, and Singapore, and over 25 languages represented, our consultants can meet the diverse needs of all clients, no matter where in the world they’re located.
- Close relationships with all major insurers: As one of only a few benefits consultants that all major insurers choose to partner with, we leverage our influence in the insurance industry to negotiate the most competitive premiums and benefits.
If you’d like to get started with Asia’s leading employee benefits consultant, simply get in touch with our team so we can outline exactly how a relationship with Pacific Prime Singapore can benefit you and your staff today. To learn more about the Pacific Prime Singapore difference, please have a look at our online corporate flyer, or our global partner’s corporate website.
When she's not typing away on her keyboard, she's reading poetry, fueling her insatiable wanderlust, getting her coffee fix, and perpetually browsing animal Instagram accounts.
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