What is an employee benefits consultant, and why might I need one?

As medical and health insurance costs continue to rise, so do employees’ expectations of employee benefits. 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 this article, we discuss the advantages of hiring an employee benefits consultant or working with employee benefits consulting firms.

What does a benefits advisor do?

Benefits consultants offer the best 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 or employee benefits consulting firms 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 or an employee benefits consulting firm?

Whether your business is preparing for a big change 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 or employee benefits consulting firm works hard to ensure you have a corporate solution that truly matches your needs. An established benefits consultant will come to the table with the following qualities:  

Insider knowledge

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 consulting does not divulge company names or in-depth solutions of other organizations, what they can do is leverage their insider 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. A benefits consulting specialist will be able to advise on the most effective cost containment measures to ensure long-term sustainability.

Staff communication

One of the top issues faced by companies in Singapore, according to our Cost of International Health Insurance Report (COHI), 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.

Dedicated point-of-contact

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.

Influence

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 negotiate 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 a 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 and 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 comprises 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 national and international 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 employee benefits insurance Singapore team so we can outline exactly how a relationship with Pacific Prime Singapore can benefit you and your staff today. Get in touch with Pacific Prime Singapore to know more. 

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Serena Fung

Senior Content Creator at Pacific Prime Singapore

Serena Fung is a Senior Content Creator at Pacific Prime, a global insurance brokerage and employee specialist serving over 1.5 million clients in 15 offices across the world. With 2+ years of experience writing about the subject, she aims to demystify the world of insurance for readers with the latest updates, guides and articles on the blog.

Serena earned her Bachelor’s Degree in Psychology from the University of British Columbia, Canada. As such, she is an avid advocate of mental health and is fascinated by all things psychology (especially if it’s cognitive psychology!).

Her previous work experience includes teaching toddlers to read, writing for a travel/wellness online magazine, and then a business news blog. These combined experiences give her the skills and insights she needs to explain complex ideas in a succinct way. Being the daughter of an immigrant and a traveler herself, she is passionate about educating expats and digital nomads on travel and international health insurance.

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