#HR Trends and Insights | Money Savings

What’s a benefits broker and do you need one?

February 09, 2023

You may be wondering, what is a Benefits Broker? It is a licensed insurance professional specializing in and services.

You might wonder why an insurance broker, who is primarily paid commissions on policies sold, might wander into the arena of helping their clients develop benefits and wellness programs, but the answer is simple, companies like yours are demanding it.

According to a new employer survey from Zywave, 98% employers are looking to hire Benefits Brokers able to assist them with benefits compliance issues, and 78% want their Brokers to provide them benefits compliance resources.

When implementing a benefits program, whether it be commuter benefits, daily meal stipends, or even gym memberships, the number one concern for employers becomes compliance. And an experienced broker can not only help you implement an extensive, customized benefits program – but a compliant one.

Many Benefits Brokers turn to companies like Edenred to help them serve their clients

It makes sense. In the fast-paced world of insurance, one wants to serve their client to the best of their ability but may not have the time nor resources to immediately add a Benefits Compliance Department to their payroll. This is where companies like us, Edenred, come in to help them create, implement, and administrate fully functional benefits programs. This means we can help brokers and companies implement benefits programs that assist in receiving tax-free money to take public transportation, prepaid debit cards that cover daily meals, gym memberships, access to stipends, and more.

It's all about & employee health

A major incentive for an Insurance Broker to add “Benefits Broker” to their repertoire relates to money that could be saved through lessened employee insurance claims. Let's look at some simple data:

  • 80% of adultsdo notmeet the guidelines for both aerobic and muscle-strengthening activities.
  • The average office worker remains seated 15 hours each day (and that doesn't include their commute).
  • Individuals who lead mostly sedentary lifestyles are more than 2x as likely to develop cardiovascular disease.

Simply put, we sit around too much, and it's really driving up our medical bills. Which is why 91% of employers report that they now offer wellness programs to reduce employee health risks, to reduce health care costs, and to improve employee productivity.

Older generations may find it odd that things like monthly gym memberships, yoga, Pilates, and spin classes are offered by employers. To them it may serve as another example of Millennials and Gen Z being coddled by employers. But the truth is, “back in their day” they simply had more of an opportunity to move around.

According to the American Heart Association, sedentary jobs have increased a shocking 83% since 1950.

If you want to keep your workforce healthy, happy, and productive, offering gym memberships, fitness classes, reimbursements for athletic and camping equipment, and nutritional counseling is the obvious choice.

Offering these benefits isn't a luxury, it's a necessity

If you are an insurance broker looking to expand your services and meet the ever-expanding demand for benefits compliance oversight and information, schedule a meeting with us today so we can discuss what can offer to your clients.

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