Mindful approach to broker consolidation eases growing pains for long-time client; helps ensure future success

A long-time employee benefits client was experiencing growing pains and looking for a solution to manage benefits, retirement, and property and casualty (P&C) programs more efficiently.

Background and Context

The client’s existing retirement plan and P&C insurance coverage were both with other brokers. They were offering a “cookie-cutter” retirement plan that no longer served its entire employee population and their suite of property and casualty coverages left key areas exposed to risk.

Client overview

  • Client: Major trade association
  • Industry: Financial services/technology
  • Length of relationship: 18 years
  • Number of employees: 120+

To continue growing, the company needed a broker that could fill the existing gaps and work as a consultative business partner to help meet future needs.

Because of the trusted relationship our Benefits team built with the client since 2005, they turned to them for help.

Solutions and Tactics​

Client Needs

1. Broaden property and casualty insurance coverages to cover increasing liability exposures for its activities and its people.

2. Upgrade an underserved retirement plan design so it could accommodate different levels of its workforce and help attract, retain, and reward employees.

By integrating the existing employee benefits program with retirement and property and casualty insurance under a single broker partnership, our team was able to:

Coordinate property and casualty coverage to enhance protection and risk mitigation with:

  • Directors & Officers insurance – to cover members of their Board of Directors Cyber insurance – to protect the organization from the effects of cybercrimes Association liability insurance – to protect against potential lawsuits arising from services they offer Event cancellation coverage – to guard against the financial risk of holding its annual industry event

Bolster retirement plan offerings to provide greater value with:

  • A 457(b) plan that offered a more robust fund lineup for all plan participants A 457(f) plan that enabled our client to offer deferred compensation to a small but critical subset of their workforce

Relieve administrative burdens associated with managing benefits by providing:

  • Comprehensive communications that incorporate retirement details along with benefits information, which can be especially helpful at open enrollment Best practices and tools for managing fiduciary responsibilities to keep retirement plan in compliance with government regulations Streamlined processes that seamlessly integrate benefits provided by the same carrier, for example, funding retirement plan contributions if an employee goes out on short term disability Optics into trends that allows us to proactively meet future needs for additional offerings as the organization continues to grow, e.g. HSAs, estate planning, etc.

Streamline communications to ensure effectiveness of all programs

  • Retirement and Employee Benefits meet with the client together for one open enrollment meeting each year. All teams communicate regularly and have full visibility into all programs to ensure we are delivering the level of service our client expects.

Value and Lessons

BKS’ strategic approach provides value to benefits programs saving members money.

“Our team came to the table with everything this client needed – a deep understanding of their industry, the expertise to provide the full range of products and services they needed, and the ability to grow along with them in the future.” – Partner, Baldwin Risk Partners

Contact us to learn how we can work together to protect your organization's now and it's future. This material has been prepared for informational purposes only. BRP Group, Inc. and its affiliates, do not provide tax, legal or accounting advice. Please consult with your own tax, legal or accounting professionals before engaging in any transaction.

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