For insurance brokers, offering payroll services can be a beneficial and game-changing strategic decision. It not only creates opportunities for added revenue, but can strengthen client relationships and empower your business to provide holistic services that exceed what’s offered by competitors. Even with these benefits in mind, brokers should familiarize themselves with the nuances of offering integrated payroll services to ensure they have the right resources and partners, like CAVU HCM, to effectively deliver services. Let’s explore the advantages of providing payroll services to support business growth as an insurance broker.
Benefits of Integrated Payroll for Insurance Brokers
Increasingly, clients working with insurance brokers and payroll providers seek a more comprehensive, one-stop solution. From a broker’s perspective, the need to offer more robust services – including payroll and HR support – increases as national payroll companies target their existing and potential clients to gain traction as alternative providers of 401K management, workers compensation, multiple forms of insurance, and related services.
Retain and Attract New Clients
The key benefit of working with a qualified payroll provider like CAVU HCM is that we focus on helping your business attract new clients and retain (with expanded service offerings) existing clients. Since CAVU HCM is neither a PEO or a provider of health benefits insurance, we serve as a partner rather than a competitor, helping you supplement your service offerings with automated payroll and HR functions that can be easily integrated into your existing services and platforms. We can even help you offer your clients pay-as-you-go solutions for workers compensation through our partnerships with workers’ compensation carriers.
Streamlined HR and Payroll in a Single Platform
CAVU can support your clients’ HR needs throughout the entire employee lifecycle – during recruitment, onboarding, payroll processing, workforce management, career development, and all the way to retirement. By offering your current and future clients these additional (and sought-after) solutions in a single consolidated platform, you decrease the likelihood that they will search for outside services from a payroll company, PEO, or otherwise to secure all of the business support they need.
Partnering with a qualified payroll provider also lets you shift focus back to your own core tasks and specialized skills, knowing that your related HR and payroll services are being responsibly managed while attracting increased revenue and an expanded client base.
Business Growth & Customer Service
We work with you from the start of our partnership to understand your goals, your existing client base, and to develop prospecting strategies that support new client acquisition, client retention, and seamless integration of your expanded services with existing apps and platforms.
Along the way, we offer dedicated customer support to you and your clients. Our HR and payroll professionals leverage years of expertise to help your clients thoughtfully navigate regulatory and payroll requirements based on industry, business size, and jurisdiction, regardless of where they operate. All of our clients are assigned a dedicated Payroll Guide who works with them throughout the partnership to answer questions, assist with compliance concerns, offer clarification about service offerings, or to support software utilization.
Simplified Reporting and Integration
Using our unified HR & payroll platform, you or your staff can easily review and manage client data to assess payroll information, summary reports, or to utilize historical HR data and analytics to gain insights about client utilization of services. Our cloud-based HR and payroll solutions minimize administrative work for you and your clients while improving integration with third-party apps, reducing the likelihood of costly errors and avoiding common compliance missteps.
Enhanced Services with CAVU HCM
Many existing and potential clients seek a streamlined and simplified solution to address their payroll and HR needs. Expanding your insurance broker services through an integrated payroll and HR partnership increases client retention, attracts a wider customer base, and grants you access to additional revenue without detracting from your core business tasks.
Considering enhancing your insurance broker services with payroll? Discover how partnering with CAVU HCM can simplify the process, support the growth of your business, and expand service offerings for your clients. Contact us today to learn more.