Investing in compliance is a big decision, and we recommend that any investment consider the business upside to determine whether it makes sense. With a typical 200-life group commission over $75k, efforts to land or keep such accounts can make or break a firm’s goals. When you focus on the upside, you make decisions that drive your business forward. That’s why you see the largest brokerages investing heavily in compliance. It makes business sense.

Most compliance services focus on do-it-yourself checklists, question and answer databases, or cookie-cutter software solutions. There’s little in terms of hands-on assistance with complex subjects, and if there is a hands-on solution (as with an ERISA attorney), the responses are often purposefully vague, or are hard to understand, rather than a response that answers the question “What do I do?” Not only are we experts in compliance, but we are also experts in the business and administrative side of benefits - which means we have deep experience in putting compliance to work within traditional agency operations.

In most scenarios, the answer is no. We’ve found that the employers’ expectations of brokers are usually high in the realm of insurance products, features, and administration, but generally lower when it comes to the finest details of compliance. As a result, we’ve found the response of employers is much more frequently one of gratitude – a response brokers seek when interacting with their groups.

Small groups have compliance needs as well. Remember that these are the groups that can least afford to receive a fine, penalty, or lawsuit. It’s often forgotten that most ERISA requirements, many ACA requirements, many State-level requirements and filings apply to small groups.

While certain seasons are busier than others in the benefits industry, there are no seasons where compliance is irrelevant. Your competition doesn’t stop calling on your key groups, looking for what you're missing just because it's busy season.The IRS, DOL, HHS, and other enforcement bodies don’t take a break either. We strongly feel that if you’re not confident with compliance, the best time to do something about it is now.

That’s great - you obviously see it as a priority. What you may not recognize is how hard or expensive it is to find an expert. Most recs for full-time compliance positions take many months (or a year) to fill, cost $150-$200k/year, and have a long ramp-up period. Partnering with BCS, on the other hand, is fast, painless, uses a proven process from day one, and costs a fraction of a full-time hire.

Most of our clients do as well. What we’ve found is that the supplemental help and unique processes and perspectives of BCS make these existing resources far more productive, and provide an even greater level of care for your employer groups.

We get it. On a scale of 1-10, compliance usually scores a negative on the fun scale. That doesn’t mean it isn’t vital for your business. It’s easy to imagine a 6-figure revenue client leaving because you missed something important - and we see it all the time. Often the most important efforts in your business are the ones you least want to tackle - but you’re always happy that you did. Our human approach, administrative background, and process remove more pain from compliance than you might think.

We're glad for your success - but the benefits business is changing. Even in smaller markets, HR professionals are getting more technical and more aware of the compliance responsibilities for employers. Combine this with new products and approaches to group plans and we’re seeing even the well-established agencies losing long-standing accounts to those providing new insight and approaches. The only constant in business is change - and benefits business is in the middle of a renaissance.