Unlocking the Value of a PEO Partnership for Property and Casualty Brokers
Quick look: Property and casualty (P&C) brokers may have viewed professional employer organizations (PEOs) as competition in the past due to some service overlap. However, it’s become clear a partnership can be mutually beneficial, giving brokers a way to enhance client value and secure business for the future.
P&C brokers are an invaluable part of what small- and medium-sized businesses (SMBs) require to keep their companies protected and in compliance with ever-changing regulations. This is especially true for high-risk businesses requiring coverage should employees suffer injuries or illnesses on the job.
Research and implementation of the basics of what this type of benefit offers was the general expectation of P&C brokers. However, the role has evolved as business leaders now seek strategic planning and expert guidance as part of their service.
Here is where a PEO can easily step in to fill any gap in offerings and provide the personalized support SMBs need to grow. Though historically, brokers and PEOs have engaged in friendly competition, the current reality is working together is a profitable advantage which is beneficial to all.
Chart your way toward a win-win solution
Staying siloed as a broker can be limiting as SMB clients always seek new ways to deliver results. Rather than solely relying on specific insurance products, SMBs want brokers who can serve as their advisory counterparts.
By partnering with a PEO, brokers automatically expand clients’ benefit access, as well as introduce them to resources and personalized services from a team of HR professionals. Here are key elements showcasing how P&C brokers set themselves apart by working with a PEO.
Simplifies compliance complexities
Keeping up with changing federal, state, and local regulations is time-consuming and taxing for any SMB. It adds stress for business leaders to wade through the language and nuance of new laws and ensure their protocols are up to speed.
Leveraging a PEO’s risk and management services gives P&C brokers a competitive edge. It ensures clients are equipped with the knowledge and expertise to handle all areas of risk and compliance management. Plus, it minimizes a SMB’s compliance costs by helping them to avoid regulatory fines and penalties.
Expands service offerings
SMBs require several insurance types to protect their company’s best interests and keep employees safe. Making a connection to a PEO instantly extends a broker’s scope of service and reduces HR and payroll overhead costs by outsourcing administrative responsibilities to a dedicated HR team.
Through a PEO, broker clients have access to premium benefits at negotiated rates typically reserved for larger companies. This includes state unemployment insurance, workers’ compensation insurance, and an Employer Protection Program to minimize risks, costs, and claims.
Increases efficiency for clients
Managing insurance coverage is a complex matter. Working as a true extension to a SMB’s team, a PEO streamlines processes and prepares customized solutions designed to help with growth.
Tackling duties like handbook and policy development, employee relations guidance and support, and employee file maintenance alleviates headaches and gives business leaders back valuable time to focus on other areas of productivity and progress.
Solidifies client relationships
Brokers always seek areas where they can add client value. Offering access to expert HR support through a PEO gives their clients a full suite of HR, benefit, and payroll services, in addition to performance management and other employee-related needs.
Building a reputation of reliability and support strengthens current client relationships and makes it easier for brokers to continue building a diverse book of business.
Experience the ExtensisHR edge
As a broker-friendly PEO, ExtensisHR offers support through a comprehensive range of HR services designed specifically to fit SMB clients’ unique demands. Since maintaining a strong reputation is crucial, P&C brokers can rely on the differentiating factors which set ExtensisHR apart from other PEOS. These include:
Premium customer service
Brokers know their clients best which is why a successful collaboration is important in a PEO partnership. By bridging the connection to a team of HR professionals they can trust, it further cements the status of a broker in their client’s eyes.
Each PEO client receives a dedicated, SHRM-certified HR manager who can address problems as they arise and anticipate industry trends to guide strategy. Furthermore, with a customer service team dedicated to delivering answers quickly and accurately, brokers and their clients know they are receiving best-in-class service every day.
ExtensisHR’s Employee Solution Center answers all calls within 10 seconds and delivers a 95% same-day resolution rate to champion client success. Brokers and their clients are prioritized and given a customized level of service designed to reach both their short- and long-term goals.
Industry recognition and expertise
ExtensisHR upholds the highest standards set forth by the PEO industry, serving as a reflection of the commitment to excellence for all clients. With recognition by the IRS as a certified PEO, ExtensisHR is also one of the few organizations maintaining Employer Services Assurance Corporation (ESAC) and Certification Institute (CI) accreditations.
Tailored HR and benefit solutions
Though there is a set suite of HR and benefit solutions offered by every PEO, a one-size-fits-all solution isn’t applicable for SMBs. Instead of following this big-box PEO model, ExtensisHR tailors its approach to adapt to changing business needs and drive real results.
This includes providing personalized HR support and guidance, compliance management, recruiting and retention services, as well as tax, payroll, and benefit administration. Additionally, through ExtensisHR’s centralized HR platform, clients can easily manage HR tasks on the go.
Team up with a broker-friendly PEO
The industry is shifting faster than most can keep up with, particularly when it comes to maintaining compliance in the workplace. Extending HR services through a PEO helps to keep SMBs protected and employees safe as they scale.
Such a partnership is a strategic win for P&C brokers with immediate results to preserve the client relationships and portfolio they’ve built over time.
Connecting with the right PEO can make a significant difference for you and your clients. Contact ExtensisHR today to learn more about how our full-service HR solution can drive growth and secure ongoing success.
