Are you getting value from your employee benefits broker?
While many employee benefits brokers appear to offer similar services, the support, expertise and strategic value they provide can vary significantly. A good broker should work in partnership with your business to deliver benefits that are competitive, fit for purpose and valued by employees. Done well, this can improve employee engagement and help you achieve a stronger return on investment.
Even if you are satisfied with your current arrangement, testing the market can provide reassurance and highlight opportunities for improvement. Moore Kingston Smith has extensive experience across the employee benefits market and can provide a comprehensive service at a competitive price.
If you are considering switching brokers or reviewing your employee benefits offering, Moore Kingston Smith’s employee benefits consultants can provide a no-obligation review of your current arrangements. We will identify areas for consideration, highlight potential improvements and help you assess whether your benefits programme is delivering value for your business and employees. There is no cost for the initial review.
How to assess whether your broker is delivering value
The questions below can help you assess whether your broker is adding strategic value or simply managing administration.
1. What’s the difference between a good broker and a great broker?
A good broker will understand the requirements needed to ensure your policy is implemented correctly, remains in force and is renewed efficiently and on time. They should also be available to provide ongoing support and answer queries throughout the year, not just at renewal.
A great broker will go beyond policy administration. They will take the time to understand your business, people and objectives, providing tailored advice and strategic guidance based on your culture, workforce profile and long-term goals.
They should act as a trusted partner, helping you maximise the value of your benefits programme, manage costs effectively and maintain compliance with relevant legislation and regulatory requirements.
2. Does your broker help you develop and maintain an effective benefits strategy?
As your business evolves, your employee benefits strategy should evolve with it. A proactive broker will help ensure your benefits remain relevant, competitive and aligned with your workforce’s changing needs.
They should also help you identify emerging trends, assess market developments and explore opportunities to improve employee engagement, attraction and retention.
3. Does your broker provide market benchmarking and access to the wider market?
A proactive broker should provide meaningful benchmarking and market insight to help you understand how your employee benefits compare with those offered by similar organisations.
They should also have access to the wider market and regularly review providers to help ensure your arrangements remain competitive, appropriate for your business and employees, and deliver value for money.
In addition, they should actively manage provider relationships, monitor service standards and conduct periodic market reviews to ensure your benefits continue to meet your objectives and changing workforce needs.
4. Does your broker take a proactive approach to renewals?
A proactive broker should begin renewal discussions well in advance of the renewal date. This allows time to review whether existing arrangements remain suitable, consider potential changes and plan strategically.
At Moore Kingston Smith, we typically contact clients around four months before renewal to review whether their policies continue to meet their requirements and objectives. Formal renewal invitations are then issued approximately three months before renewal.
5. Does your broker help with employee communication and engagement?
Employee communications should be clear, engaging and easy to understand so that employees fully appreciate the benefits available to them.
Regular communication is especially important when a scheme is introduced or changes are made. A good broker will provide tailored communication materials that support understanding, encourage engagement and help improve take-up of available benefits.
6. Does your broker help with claims and general scheme enquiries?
A broker’s support should continue throughout the life of your schemes, not just at implementation and renewal.
They should be available when issues arise and provide support with claims, provider queries and service concerns.
A great broker will also have established provider relationships and dedicated contacts to help secure prompt responses and efficient resolutions when problems occur.
7. Is your broker transparent about its fees and services?
Your broker should be clear about how they are paid and which services are included.
Brokers use different remuneration models, including commission from providers, fees paid directly by your business or a combination of both.
All fees and services should be documented within a client services agreement, clearly setting out what will be provided and at what cost.
8. How did your broker measure up?
Whatever your answers, it is worth considering whether your current broker is delivering the support, insight and strategic guidance your business needs.
Employee benefits represent a significant investment. To achieve maximum value, your broker should do more than administer policies. They should help you develop a benefits strategy that supports your people, strengthens your employee proposition and aligns with your business objectives.
How can Moore Kington Smith help
If you would like an independent review of your employee benefits arrangements, Moore Kingston Smith’s employee benefits consultants can provide a no-obligation assessment of your current programme and identify opportunities for improvement.
Contact us to arrange your complimentary employee benefits review and find out whether your current broker is delivering the value, insight and support your business needs.
