Come see the Stars! As part of our ongoing coverage of the best brokers in the commercial insurance space, Risk & Insurance®, with the sponsorship of Philadelphia Insurance, is expanding its coverage of the Rising Stars, those brokers who represent the next wave of insurance brokering talent.

Look for these expanded profiles on the Risk & Insurance website and in your social media feeds throughout the year.

Below, we hear from Molly Belmont, employee benefits consultant, Gallagher, and a 2024 Employee Benefits Power Broker winner.

Risk & Insurance: What are some of the keys to your success as a commercial insurance broker?

Molly Belmont: Passion and building relationships are two crucial factors that have contributed to my success.

As nerdy as it may sound, I am passionate about my clients and supporting their needs by bringing together innovative solutions and the right partners. I love using data to understand an employer’s population and customizing a solution to address their unique needs. I have an unending curiosity to learn about the latest trends or regulatory challenges and the everchanging nature of the employee benefits industry gives me plenty of opportunities to continue to learn and grow.

Building strong relationships is another key to my success.

Ever since I was an intern, I have heard people say this is a relationship business, but it is difficult to understand what that means until the first time a client comes to you for advice or assistance in solving a strategic issue. In those moments, you realize that you have built trust with that client, and you also know who in your partner network you can count on to get the resolution for your clients.

As a broker, we bring together clients and partners/vendors and have to build win/win propositions, which can be challenging, but that is how you build strong, resilient relationships.

R&I: In the economic sectors you work in, what are some of the biggest challenges insureds face?

MB: It’s no secret that health care costs are rising faster than most other goods and services. While this presents a challenge for many of my clients in managing their employee benefits plans, a deeper issue lies in offering a sustainable benefits package that supports both the financial wellbeing of the organization and its employees.

Traditionally, employers have responded by raising contributions or increasing deductibles and cost-sharing. However, these adjustments have their limits, and with inflation affecting all aspects of life, there is growing concern that employees might forgo essential health care services due to cost.

Unfortunately, there is no one-size-fits-all solution. To address it effectively, we have to thoroughly understand an employer’s population, organizational needs and risk tolerance. This is where bringing together innovative solutions and the right partners comes into play. Many times our larger clients have more options available to them, and we can craft unique solutions using multiple partners, carve out solutions and funding mechanisms.

The challenge that I enjoy is working with partners and clients to build creative solutions down market that allows a smaller employer the opportunity to create an out-of-the-box solution that creates a sustainable benefits package, enhancing the financial wellbeing of both employees and the organization.

R&I: If you could name one thing the commercial insurance industry could improve on, what would it be?

MB: Transparency. Health care costs are rising, but sometimes it is challenging to get the data needed to accurately assess what is driving an employer’s cost and provide solutions to mitigate those costs.

Transparency for employees is important too. Health insurance is hard to understand and becomes even harder when you are dealing with a health problem while also having to navigate the world of prior authorizations, networks and explanation of benefits. I would love to see more data available to employers of all sizes and funding structures and more support for employees in navigating the health care system.

R&I: Where do you find the most joy in your work?

MB: Solving problems for my clients, whether it is a smaller issue like helping an employee with a claim question or finding a solution to save thousands on prescription drug costs at renewal.

HR teams have so much on their plate, I love being a trusted advisor to help offload some of that work and so they can focus on supporting the strategic needs of the organization. Each day there is a new challenge, and it always feels like a big win when you can shut your laptop knowing you solved a problem for someone. &