Benefits of the RFP Process

Employers issuing RFPs for insurance services benefit from the competitive nature of the process. Brokers and insurance companies know their proposal will be compared side-by-side with others and will typically make their best offer the first time. This leads to faster contracts and getting the new plan in place.

Insurance brokerages can provide a wealth of services above and beyond consulting on insurance purchases. An RFP helps to explore and compare each broker’s additional services. For example, firms may have risk management information services, underwriting & analytical services, HR consulting, wellness options, and more.

During the RFP process, companies can easily verify that each prospective broker has experience navigating relevant regulation policies. This allows you to make sure you are selecting the best broker for your industry. it’s a good idea to evaluate the current broker you are still with the best fit for the current state of your company and your future growth goals. 

Employers should have a strong relationship with their broker and a broker should be evaluating and advise the employer on a regular basis. Brokers that show up once a year at renewal time are not doing their job. Benefits change every year and often increase in cost. Remember, just like everything else your benefits should have an ROI for your business.