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Who owns your benefits consultant

Who Owns Your Benefits Consultant? It Matters!

“The Benefit Company is Committed to Remaining Privately Held”, one brochure stated.  We recently had an internal discussion about employers being better off as a client of our firm because we are Privately Held.

One of our team members asked, “Do employers care if we are Privately Held?”  An immediate response included, “…nimble, flexible, entrepreneurial – we don’t have to form a $1,000 committee to solve a $100 problem…”   Someone else finished their sentence with, “blah, blah, blah.”

So why is an Employee Benefits Consulting firm’s private ownership relevant to employers?

  1. Client Service Culture:  Teams focus on clients and their employees before the bottom line and their future employment.
  2. Team Stability and Consistency:  Client team retention is high and service culture is preserved.  Happy employees provide better service.
  3. Decisive:  Clients have direct access to decision makers.

How do you tell if your Employee Benefits Consulting firm is preparing to sell or has sold?

  • Increased turnover of staff
  • Inaccessible employees; “9-5 mindset”
  • Reduced innovation
  • Increased “nickel and dime” fees
  • Waves of disruption – email changes, rebranding, database changes, etc.
  • Long-term contracts required
  • “Tone” changes from employees.

When numbers are crunched and ridiculous multiples are being offered to sell, one thing that never hits the P&L is the human side of the equation.  Why should this matter to employers?

Exhibit A:  Over the past seven years, The Benefit Company has not lost an Account Executive;

Exhibit B:  Our seven-year persistency is 97%, and it increases to 99% when excluding clients acquired; and,

Exhibit C:  A common refrain for our employees is, “I plan to retire here.”

Bottom Line:  People over Profits – culture!  That’s why the Benefit Company chooses to follow the path of private ownership, and such is directly impactful to employers looking for long-term strategy and execution.

 

John A. Hearn

 

 

 

 

 

 

John Hearn
Principal

Contact Information

  • Self-funding
  • Employee Benefits Captives
  • Data Analytics
  • Population Health Management
  • Absence Management
  • Ancillary Benefit Procurement
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The Benefit Company
5.0
Based on 13 reviews
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Michael Taylor
Michael Taylor
15:28 07 Feb 20
I have been working with The Benefits Company for more than 3 years and our organization has been a client for many... more. Every member of the team is very responsive and professional. The often present to our C-Suite and the C-Suite values the partnership.TBC goes above and beyond with any request that we have as it pertains to our benefits or HR programs. Every year they present us with various considerations to consider for the next year. John Hearn is has great knowledge industry. Our account manager, Stacy Cook, is very responsive and is an extension of my team.read more
AngelaA
AngelaA
19:21 05 Feb 20
I can't say enough good things about my experience. During my cancer diagnosis, the last thing you want to worry about... is how your Insurance Company is going to actually work for you. I of course, had many questions, which were always answered in "full detail". Amy Towe, our Insurance representative could not have been more helpful. She would check on things for me and always got me an answer promptly. Amy was always available when ever I had a question. She defiantly made the entire process easier. I truly can say enough about her. Her caring was so appreciated throughout my entire journey.Angela Adamsread more
Anne Lalinde
Anne Lalinde
19:09 05 Feb 20
Have worked with The Benefit Company for years through different companies. I appreciate the boutique level services... provided. The Benefit Company is a class act.read more
Marilyn Wiederhold
Marilyn Wiederhold
17:36 05 Feb 20
I have worked with The Benefit Company for over 8 years. They are the best!! Amy Towe and Christine Muro are so... helpful. they make my life so much easier!!read more
Andrea Glass
Andrea Glass
17:30 05 Feb 20
My experience working with the benefit company has been SENSATIONAL! They are truly customer driven, and go above and... beyond to deliver amazing customer service!read more
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