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A Broker of Record (BOR) is the licensed insurance broker authorized by an employer to represent their company with insurance carriers. The broker serves as the employer’s primary advisor for benefits planning and administration.
The broker communicates with carriers on behalf of the employer and assists with renewals, claims issues, and compliance questions.
Employers can change their broker by submitting a Broker of Record letter to their insurance carrier. This letter authorizes a new broker to represent the employer’s benefits program.
Most carriers process BOR changes within a few business days.
No. Changing a broker typically does not change the employer’s insurance carrier, plan design, or premiums. The Broker of Record change simply allows a new broker to service the account.
This allows employers to seek improved service or consulting support without disrupting existing coverage.
The processing time for a Broker of Record change varies by carrier, but most changes are processed within five to ten business days.
Once processed, the new broker can begin assisting with plan management and support.
Employers may choose to change brokers for several reasons, including:
Selecting the right benefits advisor can significantly impact the effectiveness of an employer’s benefits program.
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