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2017 Broker Services Survey: What are clients really looking for?

4 minute read
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Written by Zywave

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Tap into the 2017 Broker Services Survey to find out.

 It’s that time of year again (drumroll, please)—our annual Broker Services Survey has been published! This year, our survey was conducted in mid-2017 and received more than 600 responses from employers across the country who told us what they look for in a broker. 2017 was an odd year of waiting for P&C and benefits brokers alike, but we have some fantastic insight from your clients on what you could be doing to ease their burdens and win or retain their business right away.

Gimmie the skinny.

Let’s get right to it. Here’s what is most important to your clients across all business lines:

Fact: 70% of respondents would change brokers due to slow communication and poor service.

So what?: No brainer here. Regular communication and prompt service will and should always be part of your day-to-day operations.

Fact: Approximately 3 out of 4 clients want to hear from their broker every month, including 31% who want weekly communication.

So what?: If you don’t have a communication plan, you could be in trouble. Make sure you’re sending out, at the very least, monthly emails and newsletters.

Other highly valued factors include a broker’s ability to negotiate renewal and provide compliance support, legislative updates and benchmarking information.

P&C agents—listen up.

The most important services a P&C broker can provide are a solid understanding of each client’s business needs, coverage and policy language expertise, and timely delivery of certificates of insurance and ID cards.

Where’s the opportunity?

For P&C clients, a broker’s understanding of their company’s business is important to 98% of respondents, but only 65% feel that their broker fully provides this expertise. That’s a 33% gap just waiting to be filled by you.

There is also a significant service gap between the number of clients who want to receive claim frequency and cost reduction information from their broker (93%) and the percentage of brokers fully satisfying that demand (41%). A great way to tackle this gap is with comprehensive mod analysis.

FYI: Top-rated risk management challenges

  1. Controlling workers’ compensation costs
  2. Keeping up to date on regulatory changes
  3. Cybersecurity

 

Benefits brokers—check this out.

Compliance-related support is the most important service brokers can offer, especially regarding ongoing legislative changes concerning the Affordable Care Act (ACA). That’s right, even though there has been no repeal under the Trump administration, this is STILL top of mind for your clients. Don’t take your eye off it. Employee communications and strategic benefits plans are also vital components of brokers’ services for a majority of employers.

Where’s the opportunity?

For benefits clients, compliance, as stated above, is the most important issue, with 99% of brokers listing compliance-related questions as important. However, only 70% report that their broker fully provides this support, which is nearly a 30% gap! That’s a huge selling opportunity for brokers if they have what it takes to answer compliance-related questions.

FYI: Top-rated healthcare challenges

  1. Managing health care costs
  2. Staying in compliance with changing legislation such as the ACA
  3. Helping employees become better consumers of healthcare

Let’s get after it.

You can tackle any of the above opportunities with the right attitude, the right people and the right support. Are there any gaps in what your agency is providing? If the answer is yes, let us know how Zywave can supplement what you are already doing. We’re your partner in it all. We’re here to help.

Send me the full 2017 Broker Services Survey report.

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