Should you switch to a single insurer?

A look at the best approach for – and pros and cons of – streamlining the process
By Judy Buckley and Mark Dowdell
|Canadian HR Reporter|Last Updated: 08/08/2016

HR professionals juggle a substantial number of responsibilities, from recruiting, training, compensation and benefits to the company retirement plan. So it’s only natural to look for efficiencies in how they manage their company’s HR programs.

Insurance companies often offer a variety of programs for plan sponsors that can include health and dental, life insurance, disability benefits, accidental death and dismemberment, group retirement services, as well as wellness programs and plan member communications services. For the most part, employers take an independent approach in evaluating the best providers for each.  

Often, the same insurer is brought onboard to manage all the various group benefits and group retirement needs for an organization. Other times, a number of different carriers may be involved. So, what is the best approach? What are the benefits of having a single carrier? Are there any risks?