Netchex is a broker-friendly platform that allows brokers to use our HCM technology as a true service differentiator to win new business. The Netchex platform provides a closer connection between brokers and their clients by giving brokers unprecedented real-time access and alerts to their clients’ activities. Forward-looking brokers see Netchex as a growth engine, while others see us as a defensive weapon against the new competitors like Zenefits, Gusto, Namely, and the host of others that will soon be entering the space. We can work with any broker who wants to refer a prospect or client to Netchex, and they can feel comfortable that we are not a competitive threat.
Netchex does indeed have a Benefits division, but we do not directly sell core benefits (Medical, Dental or Vision) without a NetBroker partner on the AOR with us. In fact, our goal is to help our brokers realize more revenue from the clients they have already acquired. In addition to online capabilities to support your core benefits offering, Netchex has developed unique solutions for Integrated 401(k) and Workplace Insurance automation. Even if you have not specialized in these product categories in the past, we provide you with an experienced support team that will take on as much or as little of the process as you desire. Through our specialists, you gain immediate expertise and product credibility.
The capabilities needed to compete in today’s market must include the ability to eliminate much of the ACA burden placed on employers. Getting your clients on a single system to measure hours for FTE status, ALE determination, and record benefits offerings and election activity for Forms 1095-C and 1094-C is critical to staying relevant in the new world of compliance and automation. Netchex’s ACA Central puts you out front of your competition and places your clients on a solid foundation for future ACA reporting. Imagine if your employer on-boards a new employee and automatically, the system has the intelligence to measure their Initial Measurement Period based upon their hire/rehire date. If the employee averages 30 hours or more, they are automatically offered coverage, and are allowed to enroll online, which updates payroll deductions, sends out COBRA notices, updates reports and ACA forms, and feeds all the way to the carrier! This is what the future holds for our mutual clients.
No, in a single source system the data integrity relies on data being instantaneously updated in all areas of the application. Most times when brokers usher in stand-alone or one-off systems, they are unwittingly creating more work for their client, not less. This excerpt from a Wharton paper captures the problem correctly:
“Some HR departments have tried to modernize in the past few years by purchasing one-off software packages for perceived needs such as performance management or leadership development. But while this may have served as a quick fix, says David Ludlow, Group VP of Solution Management at SAP, it ultimately caused greater complexity and inefficiencies. ‘Now I have to configure my master data in every single system,” Ludlow said. ‘I’m moving a bunch of employee data back and forth … and reporting tends to get isolated, as well. So I really don’t have one view of the truth.’ Having multiple databases also creates a greater risk for error and leads to increased expenses because of the time and personnel needed to maintain them.”
Netchex eliminates the need for multiple databases and creates a dependable system of record from which clients can produce records and documents of proof at a moment’s notice in the event of an IRS audit. Now this is a broker vision that goes beyond just great renewals!
No. Netchex makes it easy to use our technology as your differentiator. We don’t require an upfront commitment, neither Initial investment nor PEPM volume commitment.
Not today. Currently, our fees are invoiced and collected at the same time and from same account that payroll taxes and other employer obligations are drafted.
There are two different ways we can ensure that activity captured in Netchex reaches the respective carrier without the client having to manually manage these tasks.
- Netchex can build an EDI feed to the carrier – assuming the client meets the carrier specifications and gains approval from carrier. Client is billed for this work $1,000 per carrier feed built + $1.00 PEPM per benefits eligible employee. (Typical time for implementation = 8-12 weeks depending on carrier responsiveness.)
- Broker can receive e-mail alerts and/or retrieve information from Netchex application. The broker’s office will use the information from Netchex to manually enter into the carriers’ websites. (0% Commission split required)
- Call our main number 877-729-2661…ask for the sales manager in your area.
- Visit our NetBroker website at www.netchexonline.com/netbroker and request to be contacted.
Netchex works with any broker who refers us into a case, but a NetBroker is a broker partner who has committed to growing their business through the power of a combined service/technology approach.
All brokers receive:
- Technology Differentiator to win new clients
- Protection from the invasion of the AOR snatchers, or other payroll companies
- Netchex User/Login access, Alerts, and Broker Reports (census) for referred clients.
- Additional revenue streams without adding staff. (Integrated 401k, Automated Workplace benefits)
In addition to the above, a NetBroker receives extended partner benefits that include:
- 5% revenue share from payroll revenue on referred clients
- Co-branded marketing materials
- Personalized Broker portal to request /view proposals, order marketing materials and training updates.
- Potential for NB360 referral cases
- Work together with your Netchex representative to present the NetBroker solution to prospects for new GROWTH, or refer existing clients that you wish to PROTECT from competitive threats.
- You and at least one member of your service team complete the NetBroker Certification course.
- In-person in a city near you.
- Signed Selling Agreement with Roles & Responsibilities returned to Netchex.
Relationships with our brokers are important to us, but we only help protect the clients you bring to the Netchex platform. Once a broker ushers us into a client introduction, there is an indicator in our system so that the entire Netchex team is aware that this is a broker partner case. If Netchex is in an account, we will work hard to protect our partners – assuming we know they are your clients. Alternatively, we suggest that you find out which of your clients are mutual Netchex clients, walk them through their ACA Central Set up, and activate your Broker Dashboard. This way, there will be no chance for miscommunication.