Do You Really Need Insurance Broker for Group Health Insurance ?


iamge of insurance broker explaining - Do you really need a Insurance Broker for Group Health Insurance

Finding a well-planned and comprehensive Employee Benefits Program for the employees can be a real challenge and that’s why insurance helps in designing a well-structured benefits program so that the right people continue to work for an organization.

Furthermore, the whole customer experience in group health insurance or group mediclaim is driven by a triad between an insurer, a third-party administrator, and hospitals. An insurance broker is the balancing or the administrative force on TPA and the insurance company’s customer promise and delivery standard.

Apart from just a watchman or external administrator, the insurance broker can offer a great deal of value-addition in the whole experience and in the administration of group insurance. Before you can compare your premiums and benefits, you need to know why you need the right insurance broker.

insurance claim issues - graphic illustrator

Now let’s get to the core and see what the role an insurance broker here:

What is the need for an insurance broker?

An Insurance broker is bound by the regulations laid down by the IRDA. They need to protect the interest of the client (you) at every stage. Right from insurance purchase to claims assistance, they represent the client and not the insurance company, and so everything they do is in your best interest.

Now, because they are experienced and have worked with various clients, they know the best practices and hence can help you set up the right insurance program for your organization with ease, saving your time and effort.

With the help of the right insurance broker, a tailor-made plan for the organizations financial and employee benefits concerns can help with:

• Improving organizational productivity
• Decrease the Absenteeism
• Reduce health claims costs and disability claims costs
• Improve the organizational work environment
• Increase Employee Engagement
• Reduce Employee turnover, and it will attract new talent as well

Typically, one should expect the following from an employee benefits insurance broker:

• Personalized quotes from a broad selection of top insurers and Side-by-side, comparisons of plan rates and benefits
• Special online platforms for the enrolment of employees
• Personal and unbiased claim assistance
• Consulting on Benefits Strategy including benchmarking and alignment to corporate benefit
• Audit of existing benefit structure with recommendations for optimization, consolidation, plan design, and cost containment
• RFP Management and in-depth carrier analysis from financials to account management to support services
• Recommendations on specific benefits or unique situations
• Renewal analysis and negotiation and support on escalated questions or issues
• Strategy to minimize health risk by increasing employee engagement

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By working with an authorized insurance broker like Ethika, all these points can be taken care of, and you will end up saving your time and in return get a selection of quotes from top insurance companies. This will, therefore, provide an organization with a calming, assuring, and dependable experience at the time of claim settlement.

We would be glad to assist you in the event of any queries.

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Susheel Agarwal

Susheel is the CEO of Ethika Insurance Broking P Ltd. This company, which has a current value of 10 million dollars, was bootstrapped by him and two of his friends. He attributes his success to his ability to inspire others to seek happiness at work.