Have you ever wondered: why can’t I just go straight to the insurers for my benefits? Why do I have to go through a brokerage and benefits advisor? There are reasons – and we’re here to break them down for you.
In this month’s Beyond Benefits, we’ll take a look at why it’s necessary to go through a brokerage and advisor when it comes to your benefits, and why Humi stands out from other brokerages.
How it works
Insurance companies in Canada distribute their products through third-party brokerages (like Humi). They do this because the Benefits Advisors that work at these brokerages are equipped with the knowledge and tools necessary to assist companies throughout the management of their benefits plan. They help with obtaining quotes, providing benchmarking reports to compare their plan to others, negotiating renewals, and answering any questions related to the plan.
Simply put, brokerages help insurance providers ensure that inquiries from their clients are answered by highly trained and licensed professionals, like Humi Advisors.
What makes Humi different from other brokerages?
So, what sets Humi apart from all the other brokerages out there?
Basically, we can do everything that your typical brokerage does, plus more – but other brokerages don’t do everything we do.
Unify your benefits with HR and payroll
Humi clients can link their benefits information to their Humi account for one-stop information housing. We pair our benefits services with our leading HR and payroll system to serve small businesses in Canada. This means transparency on your benefits plan, and it allows our team of advisors to be proactive by taking a virtual seat in our clients' offices.
Top-notch customer service
The biggest difference between Humi and other brokerages is our approach to customer service. Humi takes on the work of managing benefits plans from our clients so they can focus on other aspects of their business. They can trust us to help them be proactive with their group benefits needs – we are industry experts that find and communicate what is new in the world of benefits, so our clients don’t have to.
The Humi Benefits team also ensures constant communication with clients throughout the year – not just at renewal (which is typically how other brokerages operate). We provide:
- Employee/plan sponsor sessions, to provide advice for plan admins, and help them understand their responsibilities, reduce potential liabilities to their business, and explain employee benefits offerings to employees
- A monthly newsletter, with valuable information for plan admins on insurance-related news that helps them to be the best admin possible
- A team Inbox that expedites response time for clients
- A focus on inbound sales – at Humi, we don’t focus on outbound sales or go hunting down leads, which gives us more time to service our current clients’ needs
Better provider/carrier relationships
Humi is carrier-agnostic, meaning we work with all Canadian insurance companies. Since we aren’t tied to one carrier, there’s no conflict of interest; our goal will always be to find the right plan that brings the best value for your company and your employees.
We have a strong partnership with various insurers due to the sheer volume of leads we provide them. Carriers are eager to work with us as one of Canada’s fastest-growing and most technologically advanced brokerages, so they give us access to reduced premiums as well as a sharp pencil (i.e. better offers) on renewal negotiations.
Lastly, we have Block Arrangements with carriers, to provide large-organization pricing to small businesses. This includes:
- Higher target loss ratios (TLR) or a higher break-even point, which means lower administration costs paid to insurers
- Increased maximums and non-evidence limits on pooled benefits: this helps to ensure employees receive the financial benefits they need in a catastrophic event, without having to provide evidence of insurability
- Buying power for our clients with the volume of business we provide to carriers
Staying ahead of the curve
We are a forward-thinking, innovative brokerage that works with strategic partners to create the best plan design for your group. Namely, we’ve partnered with several companies to offer exclusive pricing to our clients through the Humi Marketplace. Products such as Inkblot Therapy for virtual mental health and Common Wealth for RRSP and TFSA plans provide services that naturally complement your benefits plans.
The bottom line: we are a young, eager team in the traditional world of benefits. So much has changed and there is so much we can do to help evolve your business with the ever-changing insurance industry.
Want to speak with someone directly?
We’re here for you. Reach out to us at firstname.lastname@example.org for additional assistance.