By Jessica Perkins on Oct 18, 2021 11:00:00 AM
Want to sell more? One business type dental insurance brokers don’t usually consider are PEOs – professional employer organizations. But what is a PEO? And why would they be interested in your services as an insurance broker?
What is a PEO?
A PEO is an organization that co-employs staff along with an employer. They allow the employer to easily outsource HR tasks, such as employee benefits (including dental and vision insurance), compensation, payroll administration, workers comp, and more. Here is the rundown:
- A PEO won’t interfere in or run the business itself. They don’t have any say over the decisions that the company makes. But they do make recommendations as the human capital subject matter experts.
- A PEO is not a temping agency or recruiting firm – though they can certainly help with recruitment.
- If the business stops using the PEO, then the co-employment relationship ends… but the employees stay employed by the business.
Aren’t Insurance Brokers and PEOs Competitors?
You might think that a PEO is your competitor, not someone you want to partner with. In the past, PEOs offered insurance options that potentially displaced what traditional insurance brokers offered.
But today, more and more PEOs and insurance brokers are working with one another to provide the best solutions for clients. Typically, this means helping the PEO find the best dental and vision insurance for their clients so that they can focus on the other areas that they specialize in, such as HR.
Alternatively, you could work with a PEO by offering their services to your clients. Either way, working with a PEO might be advantageous to you.
What Are the Benefits of a PEO for Insurance Brokers?
Instead of seeing PEOs as competitors, look at them as a type of customer. As discussed above, you can sell them your services so they can then pass these on to all their company partners. This is a win-win. It lets the PEO offer even better benefits at a deal for the employer (and, of course, the co-employed staff). Plus, it opens potentially large and lucrative deals for you.
Working with a PEO also reduces the number of new leads you need to bring in. If you normally work with small businesses that only need a straightforward insurance package, then you might find that PEOs offer a great opportunity to diversify your sales and create a steady stream of work.
Ultimately, both insurance brokers and PEOs help businesses offer their employees the best benefits and strengthen companies. If you haven’t explored the possibility of working with a PEO to serve more clients, look into it- it could make all the difference to your bottom line! Speaking of your bottom line, don’t miss out on Solstice’s broker bonus program. It’s a great way to boost your commissions! Click the image below to learn more!
About The Guest Author
A growth hacker at heart, Jess helps SaaS companies rapidly scale their inbound leads through lean marketing strategies. She views content marketing and advertising as the perfect concoction of growth, and loves to write about her insights and experiences working with healthcare and human capital companies.