YOUR BENEFITS TEAM
True or False: Summit's Employee Benefits team has 35 years of combined experience.
False - it's 40!
True or False: A traditional benefits plan can only be changed or cancelled on the renewal date.
False (although some pooled products may restrict amendments)
True or False: When prospecting a mid-size employer, they should bypass the gatekeeper and ask to speak directly with the business owner, as they are the ones typically dealing with benefits.
False -- generally HR or Finance
True or False: A great broker's main job is to simply shop around and find a client the cheapest price.
False - the broker's job is to find coverage that does its job and is sustainably-priced.
True or False: You can claim Botox through a benefits plan or Health Spending Account.
True (for non-cosmetic purposes)
Which of these products do we currently outsource to a trusted strategic partner?
A) Group retirement plans
B) Individual Insurance
C) Travel Insurance
B) Individual Insurance
You're probing a client who has 150 employees, and ask them how often they review the marketplace for their group benefits plan. What is an appropriate answer?
A) Every year
B) Every 7-10 years
C) Every 3-5 years
C) Every 3-5 years
What is the typical minimum employee count for a benefits plan in Canada?
3+ full-time employees
What is it called when an advisor meets with a client annually to review how the plan was used and outline next year's pricing?
Renewal
Which of classes of drugs are the most common to see in an enhanced Prescription drug plan?
A) Erectile Dysfunction treatments
B) Steroids for bodybuilding
C) Medical Cannabis
A) Erectile Dysfunction treatments
Aside from compensation, Summit's "total rewards" plan for our employees is made up of five main providers. Name them.
Wawanesa (group benefits)
Teladoc (Employee Assistance Plan)
myHSA (Health Spending Account)
Wealthsimple (group retirement program)
Pocketpills (extra 10% on prescriptions)
A business owner doesn't offer benefits, as "paying above market is enough". Why should he consider a benefits plan instead?
Higher pay = higher taxes for all
+
Benefits = tax-free compensation to staff + tax-deductible expense for owner
In a larger employer, our benefits team typically needs to win over two Executives: HR who champions a great benefits plan for both current & future staff, and this Executive -- who commonly holds the veto power because they are focused on the cost and tax implications.
CFO / Controller / VP of Finance
A prospect with a current plan has asked us to do a market review. Name 2 things that we need from the client in order to get market rates?
Census
Company Info
Plan Design
3 years' of rate + claim history
List of employees not actively at work
True or False: Critical Illness insurance pays out a tax-free, lump-sum benefit if an employee suffers a life-threatening event, such as a stroke?
True - most policies cover 20-25+ conditions
Which company's has Kandy NOT been the benefits advisor for in her career?
A) ON Running
B) Lululemon
C) Becel / I Can't Believe It's Not Butter
B) Lululemon
A client/prospect mentions that their benefits renewal is always a tough surprise when they see their advisor that one time per year. What can you mention to try and open the door for the benefits team?
We formally meet with clients throughout the year to discuss YTD usage, so that renewal doesn't come as a surprise.
When a sole proprietor or partnership grows and hits this legal milestone, it's a green flag to discuss benefits, because they can now legally write off health & dental expenses as a tax-free business expense.
Incorporation
True or False: Not only does an advisor work on plan design or rates, but we also support the client with day-to-day support, such as onboarding, salary changes, severance requests, and claim issues?
True
1+ (as long as incorporated)
You call a prospect to talk Commercial, but benefits enters the chat. They have 20 employees and are open to reviewing their plan. Who do you currently pass this lead to?
Amy
(Ryan is still transferring licenses to Summit)
A commercial client is up for renewal, and their workforce has grown rapidly in the last 12 months. They still don't have a benefits plan. At what point does this become a legal requirement?
Trick Question! It doesn't.
True or False: When updating a Commercial policy because the business is rapidly expanding, we should make a note on the file to look at cross-sell when the policy is up for renewal.
False -- start opening the opportunity now!
For all of Summit's benefits and retirement clients, how do we get paid?
Commission built into the rates
True or False: On average, employees in Eastern Canada spend more money on prescription drugs than employees in Western Canada.
True - employees in Western Canada typically spend more money on paramedicals