Health and Wellness Offerings for Corporations
Starting a Career in Employee Benefits
For those exploring a career change, employee benefits, like property & casualty insurance is one of the most recession-proof industries in America. Businesses are required by law to maintain certain lines of coverage, and companies utilize a robust benefit plan as a means to recruit and retain talented employees. At the same time, an aging workforce within the current marketplace presents a significant opportunity for new producers to enter the field. By building personal books of business, employee benefit producers enjoy new and renewal commissions and compensation that can reach mid six figures. Above all, a tenured benefits producer enjoys a flexible work-life balance that is unparalleled in any other industry.
Employee Benefits Insurance Defined
Employee benefits are a critical component of any successful business. In addition to providing employees with a sense of security and well-being, benefits can help companies attract and retain top talent, boost morale, and increase productivity. From health insurance and retirement plans to paid time off and tuition reimbursement, employee benefits show that a business values and invests in its employees. When employees feel supported, they are more likely to be loyal, engaged, and motivated, leading to a positive impact on the bottom line. By offering comprehensive and competitive benefits packages, businesses can create a workplace culture that fosters loyalty and success.
At the same time, the Affordable Care Act (ACA), also known as Obamacare, mandates that certain employers offer health insurance to their employees. Under the ACA, businesses with 50 or more full-time employees are required to offer affordable health insurance that meets certain minimum standards, or face penalties. The law also requires that insurers cover certain preventive services at no cost to the employee, such as annual wellness visits, immunizations, and cancer screenings. Small businesses with fewer than 50 full-time employees are not required to offer health insurance but may be eligible for tax credits if they do. The ACA aims to make health insurance more accessible and affordable for individuals and families, while also encouraging employers to offer coverage to their employees.
Responsibilities of an Employee Benefits Producer
As an Employee Benefits producer, your top priority is helping business owners develop the ideal health and benefit plans for their workforce. You provide guidance on various types of coverage, including health, dental, vision, retirement, life, disability, PTO, and flexible spending. Every business is different, so you must work closely with ownership and human resource managers to create a health and wellness plan that meets their specific needs. As an Employee Benefits producer, you strive to establish a long-term relationship with clients by offering ongoing support and advice. Your mission is to provide business owners with peace of mind by safeguarding their most valuable asset – their employees.
The best types of businesses or industries to sell employee benefits and health insurance to are those that prioritize employee satisfaction and retention. Generally, businesses with a larger number of employees benefit more from offering comprehensive benefit packages. Industries such as healthcare, finance, technology, and education tend to have a higher demand for employee benefits and insurance policies due to their competitive hiring environments. Additionally, companies with a younger workforce or a significant number of employees approaching retirement age may find it particularly beneficial to invest in comprehensive employee benefits packages to attract and retain top talent. Ultimately, any business that values its employees’ well-being and wants to stay competitive in the job market would benefit from offering comprehensive benefits packages and insurance policies.
Building a Book of Business – Building Wealth
The long term goal of a producer is to build a book of business that provides new and renewal commissions. New business is developed through cold calling, knocking on doors, networking, referrals, association involvement and online tools such as LinkedIn. The key to establishing a book and generating wealth is building and maintaining relationships with clients, being proactive and attentive to their needs, and adding value to their operations. This is a 5-6 year process, so a big picture mentality and a willingness to take a few steps backwards to take many more steps forward is required. The lifestyle, work-life balance of a tenured producer is unlike any other sales position. Do you have what it takes? For more information on the financial benefits of building a book of business, click here.
