By Kyle Sloane, President, Newtek Insurance Agency, LLC, a subsidiary of NewtekOne
Another steep health insurance renewal can wipe out money a business owner planned to use for hiring, wages or growth. Credit unions should act now: refer business members to Newtek for a review of employee benefits, health insurance, and workers' compensation policies before they renew.
Newtek Insurance Agency, LLC works with multiple carriers to shop available options and compare coverage and pricing. Members deserve to know what else is available before accepting a higher bill.
The Cost Pressure Demands Action
Marsh's 2026 national employer health plan survey projects an average 11% increase in the cost of current plans for 2027 if employers take no action to reduce costs. Even after planned changes, total health benefit cost per employee is expected to rise 8.2%, the largest increase since 2003.1
An owner facing that increase must find the money somewhere: accept a smaller margin, reduce spending elsewhere, or shift more expense to employees. None of those decisions should be made without first examining available alternatives.
A referral to Newtek gives the member time to compare available options before making a renewal decision.
Business Members Deserve a Complete Insurance Review
An insurance review is incomplete when an agent or broker does not shop available alternatives and compare competitive quotes with the current policy. Simply presenting a renewal price leaves the business owner without the information needed to make a sound decision. That is a disservice to the member.
Newtek shops across multiple carriers and helps business owners evaluate available quotes against current coverage and renewal terms. The comparison must go beyond the premium to include deductibles, employee out-of-pocket costs, provider networks, and prescription coverage. A lower premium has little value if the coverage no longer meets the needs of the business and its employees.
Include Workers' Compensation in the Review
Health benefits should lead the conversation, but workers' compensation should be part of the referral. Ask Newtek to review those policies, coverage, and pricing as well. Renewal dates may differ; each policy deserves attention before the next commitment is made.
Newtek's non-commissioned insurance specialists help members understand the available options and tradeoffs. The credit union makes the introduction. Newtek handles the insurance review and helps the owner make an informed decision.
Better Service Earns a Deeper Relationship
Helping a member address a major operating expense demonstrates that the credit union understands the business beyond its account balance. That is a practical reason for the member to stay, engage more often, and consider bringing more business to the credit union.
Reducing avoidable insurance expense can leave more cash in the business. Combined with a credit union that takes the initiative to help, that creates an opportunity to retain and win deposits, strengthen the lending relationship, and earn more of the member's financial business.
The member receives a useful service. The credit union earns the opportunity for a more loyal, more engaged relationship. That is the business case for making Newtek referrals part of member outreach now.
Bring This Service to Every Business Member
Credit union business teams should make an insurance review part of outreach to every business member. Ask about employee benefits, health insurance, and workers' compensation, confirm renewal dates, and introduce members to Newtek before the next renewal decision. Do not wait for an owner to complain about an increase.
Encourage members to have their current policies and renewal proposals ready for Newtek's review. Follow up on the introduction so the member gets help while there is still time to act.
Rising health benefit costs deserve a conversation with every business member. Make a Newtek insurance review a standard part of member service. Refer members before they renew, help them compare their options, and give them another reason to keep their deposits and do more business with the credit union.
Connect with NewtekOne to learn more.
1 Marsh, August 31, 2026. 2027 employer health benefit cost projections.
Insurance services are provided by Newtek Insurance Agency, LLC, a subsidiary of NewtekOne, Inc. [NASDAQ: NEWT].
