Brokerage Services — Service Comparison Chart
Precept offers a variety of services that the typical broker does not. The chart below illustrates the many ways Precept can improve your company's bottom line, efficiency, and overall health:
| Industry Standard |  |
|
| Annual Commission | ||
| Commission Type | Commission-Based | Commission-Based, Fee-Based, or Combination |
| Reassess and communicate commission changes annually and allocate additional commission toward other resources (i.e., when total benefit costs go up, broker commissions built into plans increase by the same percentage) | ||
| Financial Resources & Annual Employee Benefit Plan Audit | ||
| Vendor Renewal Negotiation | ||
| Competitive Market Analysis of All Insurance Plans Every Year | ||
| Plan Design Analysis & Recommendations | ||
| Plan Compliance Assessment | ||
| Employee Contribution & Cafeteria/Credit-Based Plan Analysis | ||
| Underwriting Department (6+ years avg. insurance carrier underwriting experience) negotiates directly with insurance carrier underwriters | ||
| Benchmarking of Plans, Costs & Cost Sharing | ||
| Chief Medical Officer evaluates all large claims that adversely affect renewals and negotiates with carriers to remove terminated and improved claims from claims experience | ||
| Ongoing Employee Benefit Plan Support | ||
| Advocacy for Employee Claim Issues | ||
| Vendor Management | ||
| Signature-ready Form 5500s when client grows to over 100 employees | ||
| Monthly compliance and legislative updates | ||
| Quarterly Educational Seminars & Webinars | ||
| Employee Benefit Plan Implementation & Communication | ||
| Review & Submission of Enrollment Materials to Vendors | ||
| Design of Enrollment Presentations (with client's strategy and message, NOT insurance carrier standard presentation) | ||
| Preparation of Enrollment Packets | ||
| Personally coordinate & conduct enrollment meetings (do NOT let the insurance carrier representatives conduct meetings) | ||
| Customized & Streamlined Enrollment Materials (client-branded benefits booklet, single-page consolidated enrollment form, wallet Cards, trifolds, etc.) | ||
| Additional Resources to Scale with Client's Needs | ||
| Retirement Plan Services to help client meet fiduciary liability, control plan fees, and monitor fund performance | ||
| COBRA Administration | ||
| FSA Administration | ||
| Health Management Services Department & Chief Medical Officer to Design & implement wellness, disease management and case management strategies to reduce long-term costs | ||
| Complete Benefits Administration Extension of HR (billing reconciliation & payment, data management, online enrollment, HRIS/payroll & insurance carrier automated feeds) | ||
| Employee Call/Email/Web Chat Center with robust tracking & reporting system | ||
| Customized e-Portal with Single Sign-On capabilities | ||