A benefit advisor’s primary role is to educate your organization’s stakeholders and HR professionals on the range of benefits available—including medical plans, dental plans, vision plans, life insurance, disability insurance, and other ancillary coverages.

What Services Does an Employee Benefits Advising Firm Provide?

Though the service experience of an employee benefits advising firm will vary based on their unique experience, pricing, etc. — you can typically expect these ‘core services’ from any advisor:

Identifies High-Performing Benefits – An employee benefits advisor will design plans (health insurance, pharmacy strategies, other perks) that strike a balance between minimal disruption, performance, and cost-optimization – creating harmony between HR and CFOs.

Manages Vendor Relationships – An employee benefits advisor should manage relationships with carriers and other vendors to ensure that plans are meeting the needs of the employees, rates/increase remain stable, and contract language is written to favor the employer.

Ensures Plan Compliance – An employee benefits advisor should research and provide regular updates on market conditions, industry trends, and changing laws/regulations to ensure your plans are up-to-date and compliant.

Guides Negotiations & Renewals – An employee benefits advisor can assist with the negotiations, paperwork, and other contract nuances that inevitably slow down strategic planning and plan renewal season.

How will an Employee Benefits Advisor Support Human Resources (HR) Teams?

The significant advantage of partnering with an employee benefits advising firm is that your HR team is empowered to focus on strategic/valuable initiatives. As opposed to spending their time managing day-to-day benefits administration. Additionally, you should consider an experienced advisor a wealth-of-information to consult with on other human resource best practices, including:

Recruiting – An employee benefits advisor will make recruiting efforts easier by designing an attractive total compensation package based on an organization’s specified employee attraction and retention goals.

Improving Employee Engagement – An employee benefits advisor can help you plan and implement employee engagement initiatives, such as wellness programs.

On/Offboarding – An employee benefits advisor can provide required plan information to new hires and assist with the exit process for departing employees — minimizing potential disruption to the organization.

What is a Typical Employee Benefits Advising Firm’s Support Structure?

Your account should be led by an experienced benefits advisor — who will guide high-level strategic planning, renewal negotiations and the decision-making process. Depending on the size/scope of the firm (and your organization), you can typically expect additional support from the following team members:

Account Manager – Serves as your main point of contact for ongoing plan administration, service issues, implementation, employee communication(s), and open enrollment.

Financial Analyst – Conducts financial and funding analysis, renewal negotiations and request for proposal activities. Additionally, analysts will monitor your plan’s performance and provides actionable reports throughout the year.

Population Health/Wellness Strategist – Designs health/wellbeing programs that engage your organization’s employees and empowers them to live healthier lifestyles.

Pharmacist/Pharmacy Expert – Evaluates pharmacy benefit contracts, terms, and conditions at the plan level to maximize pharmacy spend.

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