In most cases, brokers work in conjunction with payroll providers—each focusing on their own specialty. However, in recent years, heightened competition between the two entities as payroll service providers have begun to offer additional services may have brokers wondering if they can compete with these big payroll companies. Clarity Benefit Solutions discusses four ways that brokers can compete with big payroll companies.
- Get personal. Big payroll companies have so many clients. But, how well do they actually know a business owner, his or her employees, short- and long-term business plans, etc.? That is where brokers come in. They know how to protect a business and its employees.
- Control costs. First and foremost, brokers focus on benefits. Payroll companies are only beginning to delve into this market. Brokers should know all aspects of the company’s group health plans and regional market options, and they need to capitalize on this knowledge to advise companies on how to best control costs.
- Drive efficiency. Even though brokers are the benefit experts, they need to reach beyond benefits to successfully compete with big payroll companies. That means thinking about all of the ways that brokers can recommend a company become as efficient as possible—like software programs and benefits platforms to automate functions. They may even want to partner with broker friendly payroll companies that don’t sell benefits.
- Recommend compliance. Brokers can consult with compliance attorneys for challenging issues and questions. It is important to be a trusted resource for compliance issues that a company can turn to—and depend on.
Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.