This webinar provides an overview of the PEO model and how it can help small to mid-sized businesses with various employment-centric solutions for companies with 2 or more employees, allowing them to focus on growing their business. For decades, insurance professionals that sell employee health benefits, workers' compensation, and other lines have competed with Professional Employer Organizations (PEOs). We will discuss how the PEO model grew, sometimes at the expense of lost clients from benefit brokers. This is changing. During the past 5-7 years, most PEOs have embraced channel partnerships to varying degrees. We will review how generally, PEOs deliver their services and price them and how that differs by PEO. This webinar will also educate the webinar participants on best practices for evaluating right-fit PEO prospects. We will briefly discuss generally accepted proposal submission practices (RFP), underwriting practices, and finally, how PEOs compensate brokers and the disclosure requirements accompanying this.
The overall objective of this webinar is to educate & inform insurance professionals (primarily employee benefits brokers) on how to assess if the PEO model is a fit for their prospective clients and clients alike and what makes a PEO broker friendly.
Attendees in this class can expect to learn the following from this webinar:
- Understanding the generalities of PEOs, ASOs, and Payroll companies
- Understanding the basics of co-employment and the compliance requirements that accompany this
- Understanding of the PEO industry history and its impact on employee benefit brokers
- Understanding the service delivery differences between PEOs
- Understanding what a “Broker-friendly” PEO means and how they engage with benefit brokers
- Understanding how PEOs price their services
- Understanding how to evaluate fit and finding the right PEO based on their business requirements
- Understanding how PEOs generally compensate brokers that work with them
- Understanding what makes a PEO friendly.