Sunscreen and Strategies: Summer Prep for Stress-Free Renewals
Sunscreen and Strategies: Summer Prep for Stress-Free Renewals
June 12, 2024
Cup of Joe | Ep. 6 – June
Welcome to the June episode of Cup of Joe with Difference Card CEO Joseph Donovan! In this episode, Joe brings a fun and insightful comparison between the importance of sunblock in the summer and the necessity of proactive planning for your employee benefits. As the days get sunnier and hotter, it’s essential to lather on that SPF. Similarly, businesses should take advantage of the summer months to prepare for a smooth and stress-free renewal process.
“If you have kids or an Irish last name like Donovan, you know how crucial sunblock is,” Joseph quips. Just like you wouldn’t step out into the blazing sun without protection, you shouldn’t wait until the last minute to review your employee benefits plan. The summer sun is strong and can leave you burnt if you’re not prepared—just like unexpected rate increases can scorch your budget if you don’t plan ahead.
Get Ahead of the Rush
While most employers and brokers scramble to discuss renewals in the busy Q3 and Q4 periods, Joe’s advice is simple: don’t wait until it’s too late. “Even if your renewal isn’t around the corner, reach out to your broker now and schedule a proactive, preventative discussion.” Think of it as applying a generous layer of SPF to avoid the pain of a sunburn later.
Benefit from Experience
With extensive experience in the employee benefits space, Joe knows the pitfalls of last-minute renewals. “Trying to schedule a meeting with your broker in late Q3 or anytime in Q4 makes you one of 12 meetings that day rather than one of three in the summer months.” By planning ahead, you’ll get more dedicated time with your broker, ensuring a thorough review and more personalized attention.
Accountability and Summer Strategy
Joe points out that many companies renewed their plans last January, making this a perfect time for a mid-year check-up. “Use this time to take stock of the plan with your broker, rather than three months from now when you’ll be at the bottom of a very long to-do list.” Just as summer is ideal for a leisurely beach day, it’s also perfect for a relaxed, yet productive, benefits review. At The Difference Card, accountability is key. Joe encourages employers to adopt this value by using the summer to evaluate their health plans. “Check in with your broker now. It’s much better to plan ahead than to panic when a double-digit rate increase hits later.” It’s like ensuring you have your sunblock on hand before you head out for a sunny day—prevention is better than scrambling for aloe vera afterward.
Plan Now, Relax Later
Joe ends with the quote: “A little sunblock before is much better than aloe after the fact.” By taking the time to engage in preventative discussions with brokers now, employers can avoid the last-minute rush and ensure a smooth, stress-free renewal season.
Thanks for tuning in to this episode of Cup of Joe! Remember, just as sunblock protects you from the sun, proactive planning shields your business from the stress of last-minute renewals. Start your planning today, and enjoy a carefree renewal season!
