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Group Benefit Quote | What is the process

I always get requests for group employee benefit quotes with the expectation that I can give a quote instantly. Unlike, an individual health benefit or life insurance quote this is unfortunately not the case. The process does take quite a bit longer. Especially if you want to find the insurer that is the best fit for your industry/company.

How should you start?

When you have made the decision that you require a quote, the first thing you should do is find an advisor that can access all the major insurers and one that you want to work with. If that advisor provides great service I suggest you stick with that person. In my case you would work with a team.

There is no reason, if your advisor is doing his or her job, that you will need quotes from multiple advisors/brokers unless that advisor only works for one insurance company. Insurance companies like to work with only one advisor at a time, so you will be wasting the time of not only the advisor but also the insurance company and your time as well.

Example: If you hire two advisors to do the same work, here is what could happen. The first advisor requests quotes from all the insurers. This process can be time consuming and after two weeks the quotes are almost all in but you get impatient so a second advisor steps in with a request to quote blocking the first advisor. The second advisor blocks the first advisor from receiving any outstanding quotes and the exact same quotes are provided in a matter of days from the same insurer to the new advisor.

An independent advisor is responsible to shop the market for you. If you have a good advisor they will go to market and provide you with a detailed comparative analysis with all the competitive insurers for your company.

To get started with the process

These are the general steps that normally takes place in the quotation process;

  1. Initial Meeting (Find an advisor you want to work with)
  2. Data Collection Provide the advisor with answers to a questionnaire and an employee data sheet
  3. Go to market (the advisor sends quote requests to the insurers)
  4. Analysis (In one to two weeks the advisor should normally receive most if not all quotes from the insurance companies.)
  5. Recommendation (advisor presents the analysis and recommendation to you)

Group Benefits BrochureThat’s it! The process should not be difficult; the key is the data collection, you will need to prepare the necessary information such as all the necessary employee information or if you have an existing group, you will need to provide things like the renewal information and booklets. For more information, to schedule a meeting or to receive a group benefit brochure, please contact me.

About the Author

Neil Lecky

Neil Lecky

Neil Lecky is a Life Insurance Advisor, Group Employee Benefit Specialist and an Investment Funds Advisor with Alliance Financial Group. He is also a Branch Manager and Investment Funds Advisor with Investia Financial Services Inc., a mutual fund dealer.

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Alliance Financial Group
Investia Financial Services Inc.