Risk Cooperative Broker Derrick Wong Recognized as a 2023 Employee Benefits Power Broker
Derrick Wong, Practice Leader, Risk Cooperative
Derrick Wong focused on combining his sharp eye for analytics with a deep understanding of his clients’ needs to provide the best employee benefits package possible.
He earned the business of a new client through his proposal and went to work putting together a robust benefits package.
He developed a comprehensive benchmarking analysis to give the client in-depth insights into costs and coverage options, then leveraged his carrier relationships to place the business.
Even with these more robust coverage options, the client saved almost 20% on its overall employee benefits costs. Wong continued working closely with the client through open enrollment, where it saw a 40% increase in open enrollment participation compared to the prior year.
Finally, the client has seen greater employee retention, an important metric as this client grows and expands its business.
Wong worked closely with another client to lead its open enrollment process.
The client commented, “He is outstanding in early preparation, setting deadlines and reviewing the best options to present to us. For me, as an accounting manager supporting over 200 employees and consultants, a resolution to insurance questions or issues is pivotal.”
Another of Wong’s clients is challenged by the volatility of a high turnover rate. It has struggled to implement meaningful wellness offerings because of this risk. Wong found alternative solutions to enable the client to offer helpful wellness options to its employee population, leading to an increase in employee satisfaction.
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they have delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by risk managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.