BrokerSuite provides competitive differentiator for mid-market advisors

October 3, 2005 BenefitNews.com
By Bruce Shutan

Agents and brokers who are in search of a competitive leg up in an increasingly cluttered middle market are turning to BrokerSuite's customized employee benefit Web sites. One such customer is Steve Nadeau, president of Corcoran & Havlin Benefits Group, a Wellesley, Mass.-based property and casualty broker that also has an employee benefits division.

He credits the product with playing a critical role in helping grow business about 100% since its introduction roughly 18 months ago. "This solution has allowed me to win more business and has more than paid for itself," he reports, noting a substantial return on investment (ROI).

Corcoran & Havlin can compete with so-called "alphabet" houses and regional brokers in the large-case market by offering a key source of differentiation in cold calls to prospects. "It has taken us to the point where we're able to look much bigger than we really are, which is a 50-person firm," Nadeau boasts. "They've put together a nice package."

Appropriate horsepower

BrokerSuite proved to be a perfect fit for Corcoran & Havlin's target market of small and midsize employers, offering enough functionality without charging for unnecessary bells and whistles. There are now more than 30 sites operating across the broker's customer base.

Prior to the service being activated, the main objective was to secure a high enough level of technical sophistication and expertise needed to do the job justice. For example, a flexible spending account calculator was one of several features that couldn't be delivered under the broker's previous in-house arrangement.

He also says less is more, noting that reining in features complements ease of use. Indeed, BrokerSuite President Jim Giglio designed the system for organizations with 50 to 150 employees in mind, which don't require the ability to track salary reviews, time off and other areas delivered to firms with 10,000-plus lives. "You don't need all that horsepower or expense to satisfy this market," he says.

What impressed Nadeau most about the product were an affordable price and superior functionality, though he also appreciated the way it was packaged and depth of service that far exceeds the capabilities of off-the-shelf software.

"I could call and say I want one little thing changed, and they'll change it," he says, noting how rates on medical plan renewals that surfaced during the eleventh hour were easily accommodated. "People behind the scenes have been very responsive to any changes, customization and special requests clients have had that were outside the box."

Clients have expressed a comfort level with the product's overall packaging, look, feel and ease of use. While users are given enough information to drill into the details of their benefits coverage, the emphasis is on providing a high-level summary to speed side-by-side plan comparison - and ultimately, employee or dependent decisions. "It's not complicated to use and everything they need is clear and concise," Nadeau notes.

Strategic focus

By arming employees with all the data they need at their fingertips, HR professionals and their broker partners can focus on more strategic functions, vastly reducing their tactical involvement within the organization.

Nadeau's team, for instance, now receives about 20% fewer telephone inquiries concerning employee enrollment, which allows them to work more proactively with clients rather than reactively. That means they're able to devote time to quarterly and mid-year reviews of benefit plans, industry updates, benchmarking and wellness programs to improve employee health. Prospecting for new business is another hugely important task that can be stepped up.

Nadeau predicts that all brokers will need to offer their clients some sort of online solution for employee benefit plans within the next three to five years because it's becoming the preferred way to communicate this information and enroll covered lives.

"With more people spread out across multiple locations and working from home, communicating and delivering benefits information in this manner is much more efficient than paper," he says. "It's a real feather in my cap if I can go to a client and provide a solution that will help them communicate the plan they placed with me."

The product's ROI isn't so surprising when viewed in a larger context. "The reality is companies are paying a lot of money for their benefit plans," Nadeau observes, "and you're going to get a much better return on your investment if you find a way to communicate these plans in a clear and efficient manner, which essentially is what BrokerSuite does."

Bruce Shutan, former managing editor of Employee Benefit News, is a freelance writer based in Los Angeles.