Congrats! You made it to Q1, and your busiest time of year is over. While the fourth quarter is a whirlwind with open enrollment and client support, securing and maintaining Broker of Record (BOR) status requires more than just a Q4 push. To stand out, brokers must adopt a year-round strategy that prioritizes technology, partnerships, proactive communication, and compliance updates. By taking a strategic approach in every quarter, you can strengthen client relationships and differentiate yourself from the competition.
Keeping Technology in Mind
In a competitive industry, standing out is critical. A strategic approach allows you to differentiate yourself by proactively engaging with clients and prospects. It’s about uncovering their pain points—not just in benefits but in related areas, such as their ben-admin system. If their current technology isn’t meeting their needs, you have an opportunity to deliver more value, paving the way to secure BORs.
If you're hesitant about discussing technology because you’re not an expert, consider this: someone else is having that conversation. If you’re not addressing your clients’ technology needs, you risk losing them to a competitor who will.
The time to explore these options is now, in Q1. Picture this: you explored every option that would be the best holistic approach for your whole book of business, found a great partner, and transitioned all of your groups before your busiest time of year. Doing this will ensure you will have the smoothest open enrollment period yet.
Finding the Perfect Partnership
You don’t have to be the expert. Being strategic doesn’t mean becoming a tech guru. Instead, it’s about forming partnerships with experts while positioning yourself as the advisor who connects clients with the right solutions.
Many brokers shy away from tech conversations, fearing they lack the expertise. Avoiding this topic could cost you clients. Competitors who are willing to discuss technology—even without being experts themselves—gain an edge by aligning with specialists. You can do the same by partnering with industry experts, allowing you to confidently address technology needs without shouldering the burden of expertise.
The right partner can help you secure BORs by offering tailored solutions. Here’s what to look for:
Comprehensive Support: In an industry notorious for poor client service, a partner with dedicated support can set you apart. Ensure your clients have access to consistent, responsive teams from implementation through ongoing service.
Enhanced Services: Look for partners that offer additional services like 1095 reporting, COBRA administration, or integrated billing. These extras streamline processes, reduce the need for multiple vendors, and enhance client satisfaction.
Time-Saving Solutions: It’s important to choose a partner that will make your job easier. Find one that will offer time-saving tools such as build-out support and carrier integrations.
Using Proactive Communication
Aside from the focus on technology, keeping year-round communication with clients is important to protect and maintain BORs. Adding value throughout the year can be what sets you apart from other brokers who just check in during renewals. Here are some ways you can add value to your clients throughout the year:
Regular Check-Ins: Schedule periodic meetings to review benefit performance and address client concerns. Staying in touch with clients on a consistent basis ensures you remain their trusted advisor. These check-ins reinforce your commitment to their success and help you anticipate their needs before issues arise.
Employee Resources: Offer educational materials or webinars for employee benefits questions. Clients value brokers who go the extra mile to support their employees. By addressing common concerns like open enrollment or voluntary benefits, you help employees maximize their plans and enhance overall satisfaction.
Sharing Important Updates: Keeping clients informed about industry changes positions you as a knowledgeable and indispensable partner. Regularly sharing updates on regulatory shifts, new plan options, and market trends demonstrates your expertise. Whether through newsletters, personalized emails, or one-on-one discussions, proactive communication ensures your clients always feel supported and ahead of the curve.
Keeping Up With Important Compliance Updates
Staying ahead of compliance deadlines is essential for employers to avoid penalties and maintain regulatory adherence. As a broker, you can add significant value by keeping clients informed and prepared for upcoming compliance obligations. Here’s how you can help:
Deadline Reminders: Provide timely reminders and accessible resources for key compliance deadlines, including ACA reporting, ERISA requirements, and COBRA administration. By offering structured guidance, you help clients navigate the complexities of benefits compliance with confidence.
HR Calendar: A well-organized HR calendar serves as a proactive tool for tracking critical compliance dates and HR-related obligations. Sharing a customized compliance calendar with your clients ensures they stay ahead of deadlines, such as Form 5500 filings, employee notices, and benefit plan renewals. This resource minimizes the risk of missed deadlines and reinforces your role as a trusted compliance partner.
Employee Resources: Clients value brokers who go the extra mile to support their employees. Offering educational materials, webinars, or on-demand resources for employee benefits questions can make a significant impact. By addressing common concerns like open enrollment, wellness programs, or voluntary benefits, you help employees maximize their plans and enhance overall satisfaction.
Securing BORs isn’t just about being reactive during the fourth quarter; it’s about consistent, year-round effort. By aligning with technology experts and offering tailored solutions, you become an indispensable advisor who solves problems and delivers value.
Start conversations early, embrace strategic partnerships, and focus on your clients’ evolving needs. This approach will help you not only protect your BOR status but also thrive in an ever-changing industry.
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