Searching for Quotes and Currently Have a Plan – Be Prepared to Share Plan Information

We receive a lot of inquiries from business owners looking to change their group benefits provider. In most cases, the quoting process starts with the exchange/collection of information. Some business owners are reluctant to share information regarding their current plan – however, if you’re looking to change providers or searching for quotes and currently have a plan you should be prepared to share plan information.


Why do you need to share claims history, current rates and plan design?

This is comparable to asking a building contractor – “How much to build a house?” without providing any information about the budget, location, design or timeline etc. Without the necessary information, Northern is unable to present your case to the insurance companies. Your current insurance broker has the required information and in order for Northern to represent you, we require the same information.


This isn’t the insurance company’s first dance…

Another thing to remember is that the insurance companies have been at this a very long time. Insurance companies realize that businesses may want to search the market for best rates – that being said, insurance companies are reluctant to deal without information regarding plan design, current rates and usage. Collecting information is part of the insurance company’s due diligence process and they will not quote a group without it! Put yourself in their shoes – would you deal quotes to a group that you have no idea about their usage or history?


The benefits of sharing plan information…

Besides the insurance companies requiring information about your current group benefits plan – Northern will use the information to make recommendations on plan design and negotiate lower premiums. Being in business for over 30 years we’ve seen all scenarios and can help find you a plan that suits your needs.

If you’re interested in reviewing your options and ready to start the quoting process please contact us.