3 Impactful Ways a PEO Helps Insurance and Benefits Brokers
Quick look: The interest in partnering with a professional employer organization (PEO) has grown steadily as brokers search for creative, cost-effective ways to add value for small- and medium-sized business (SMB) clients. When efforts are optimized with this type of all-encompassing HR solution, it drives client success and simultaneously helps brokers secure their own portfolio growth.
The value of PEOs has become widespread, as awareness and utilization have increased among SMB owners wanting to save costs and stay competitive. With HR continuously growing more complex, establishing a PEO partnership is becoming a go-to solution for company leaders struggling to keep up with rising healthcare costs, new employee benefit trends, and changing HR regulatory and compliance laws.
However, a PEO partner doesn’t just benefit SMBs. This solution also provides tremendous value to insurance and benefit brokers who choose to add PEO services to their list of offerings. There are numerous advantages, which can shape how brokers and their clients grow their businesses and secure their future success. Here’s how:
1. Extends the scope of services
With the rise of HR outsourcing, SMBs have more options available to them than ever before. By connecting clients with a trusted PEO partner, there is availability of a wider range of cost-friendly benefit options with premium-level plans and providers. This allows SMBs to compete with big corporations when recruiting and retaining top-level talent.
Furthermore, expanding client offerings to also include access to HR and compliance experts, as well as traditional HR and benefit services, delivers added value and cost savings. And, rather than working in opposition to each other, brokers and partner-centric PEOs like ExtensisHR find collaboration creates better client opportunities.
2. Differentiates brokers from competitors
Not all brokers offer a PEO solution as an option, which presents an opportunity to differentiate themselves and stand out in an extremely competitive market. Working with a PEO partner enables brokers to provide both prospects and clients with an all-in-one personalized HR resource with the same quantity and quality of benefits as much larger employers.
Also, not all PEOs are the same. Fortunately, unlike big-box PEOs, ExtensisHR delivers a tailored solution to adapt to clients’ unique and changing needs and goals. With a proactive, people-centric approach, brokers can feel confident their clients are prioritized and well taken care of.
3. Protects and strengthens client relationships
While adding new clients is a key goal, often, the number one priority for brokers is protecting the book of business already built. And as the competition grows, it’s becoming more and more challenging.
Not only do brokers have to worry about losing a client to another brokerage, but national and regional PEOs selling directly to a client could mean a loss for a broker’s book of business. Partnering with ExtensisHR provides a true collaboration and connection throughout the entire sales process to identify opportunities and prepare a personalized PEO solution for clients.
Additionally, with a customer service model designed to promote business growth on all levels, brokers find it easier to secure their portfolios, knowing they have added value to offer.
Experience the advantage of ExtensisHR
The PEO industry has experienced a spike in growth over the past few years because of the benefits and value a PEO brings to SMBs. As a broker-friendly PEO, ExtensisHR is committed to delivering comprehensive HR and benefit services and an unparalleled client experience to foster growth. This includes:
Customizable HR, benefit, and payroll services and support
Broker clients are connected with a dedicated SHRM-certified HR manager to help guide strategies and stay proactive in changes to workforce objectives. This includes but isn’t limited to HR consultations, handbook and policy management, compliance support, employee relations, and performance management—all tailored to meet the unique needs of each client’s business.
Brokers know their clients are in good hands with a team of friendly HR professionals who are well-versed in each client’s distinctive challenges and demands and can help drive results.
Risk and compliance
Maintaining a compliant workplace is a complex undertaking. With changes to local, state, and federal regulations happening on a regular basis, it can be time-consuming and overwhelming for SMB leaders to keep up with the latest.
A PEO partner simplifies HR, including managing compliance to minimize risks and penalty costs through workers’ compensation management, implementing workplace safety best practices and an Employer Protection Program, and more.
Complimentary recruiting and retention services
Most PEOs offer talent management a la carte with fees additional to the standard solution.
Whereas, ExtensisHR understands the importance of employee retention as part of an overall growth strategy and includes full-cycle recruiting, onboarding, and employee training and development as part of its full scope of service.
Centralized HR tech platform
Staying up-to-date with modern technology is essential to streamline operations and support distributed workforces. ExtensisHR’s proprietary mobile-first HR platform allows SMBs to securely manage HR tasks from anywhere, anytime, including employee benefits enrollment and time off requests to ensure activities continue to align with business goals.
Industry credentials and expertise
ExtensisHR has established itself as one of the best in the industry with credentials including CPEO status, ESAC accreditation, and Certification Institute recognition, a trifecta only 1% of PEOs maintain. Additionally, with a net promoter score (NPS) of 82%, which is over double the average of other outsourced HR providers (37%), customer satisfaction is shown to be prioritized.
Compared to cookie-cutter options offered by other PEOs, the extra advantage of working with a PEO partner like ExtensisHR is personalized attention from a dedicated team of HR professionals. With calls to the Employee Solution Center answered in 10 seconds or less and a 95% same-day resolution rate, it illustrates the importance of delivering exceptional customer service.
Brokers wanting to extend their service offerings, differentiate themselves, and ultimately, protect their book of business stand to gain significantly from considering a PEO as a new business solution.
Want to learn more about the benefits of working with a PEO partner like ExtensisHR? Contact our team today.
