BenefitMall entices advisers with new payroll service quoting tool
Employee benefit and payroll services provider BenefitMall has added payroll quotes to its small group benefits quoting suite, Client Ready Quote System. The updated CRQS allows benefit advisers to generate pricing for payroll services provided by BenefitMall.
The CRQS is aimed at what BenefitMall calls “Small Groups” -- small to medium-sized business with an emphasis on firms with 2 to 150 employees. Brokers can run an initial payroll quote through CRQS for free. If a business proceeds with coverage, they will be charged for the cost of the service.
Since its launch in mid-February, the updated CRQS has processed more than 800 payroll quotes. The cloud-based quote system is used by 20,000 brokers in 13 states. Advisers can use it to generate payroll and other employee benefit quotes from their desktops, laptops, smartphones or tablets. The tools can be used by advisers themselves or they can work with a payroll adviser that BenefitMall assigns to them.
“When they run their Client Ready Quote in our benefits quoting system, we create their choice of a PDF or Excel spreadsheet based on their employer clients’ needs,” says BenefitMall.
An adviser can generate estimates based on an employer client’s preference for weekly, bi-monthly or monthly paydays. The CRQS does “a ballpark estimate” of what the payroll service would cost for each payment schedule and the complexity of the payment routine. The estimate is then fine-tuned after further consultation with the employer.
After the employer’s payment preferences are added, a final proposal is displayed in a dashboard on the adviser’s desktop. Advisers can forward the PDF or spreadsheet proposal to the client or the assigned BenefitMall adviser can call on the adviser’s behalf.
When advisers offer their clients BenefitMall’s payroll service, they are falling into step with their clients preferences, according to BenefitMall, which claims that small group employers are seeking out single sources for all their services and software.
“There's so many regulatory issues that they face. Just getting on the phone and talking to one service after another [for] HR, compliance, payroll or employee benefits coverage can be very taxing on a small business owner,” says a BenefitMall spokesperson.