Benefit brokers invest their time, resources and money to research and understand the services in our industry and deliver solutions to help employers and group health plan members. But if and when the client chooses to move on and hire another consultant to fit their evolving needs, should the replaced broker “own” a vendor relationship — and if so, for how long?
Insights provided by the broker of record, who is paid to advise and recommend partners based on an employer’s specific requirements, are considered intellectual property. In the insurance business, the broker’s mission is to provide value to their clients as they evolve and grow. Value can come in many forms; it’s the duty of the consultant to determine what is in the best interest of each client.
