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Ask the Experts: Biggest Challenges Facing Brokers in 2020

Tuesday, December 10, 2019
Written By
Zywave

We recently released the findings of our 2019 Broker Services Survey, which revealed what businesses across the country are asking of their insurance agents and brokers and which of those services are most valued.

Key stats regarding what employers look for when selecting a broker include:

  • 83% want prompt and effective service and timely answers to questions
  • 80% of employers want a trusted advisor, rather than an insurance salesperson
  • 78% want their broker to offer compliance resources
  • 77% expect regular communication from their broker
  • 77% want competitive pricing

Within those top five responses, an overarching sentiment emerges: employers expect prompt and consistent communication from a trusted expert; and they want compliance resources and answers to insurance-related questions. While this may sound reasonable, according to top industry consultants, many brokers are struggling in these exact areas.

We asked the experts: “Based on your conversations and work with clients, what do you think their number one business challenge will be in 2020? What strategies are you recommending to help them overcome those challenges?”

Communication is Key

According to Wendy Keneipp, partner and coach at Q4intelligence, her clients’ biggest challenge is learning how to communicate effectively in the increasingly complex business environment.Wendy-Keneipp-Quote-2-1

Andy Neary, co-founder and business coach at Major League Mindset, agrees that communication remains a top priority.Andy-Neary-2

Adaption is Essential

Other consultants we spoke with viewed adaptation to the evolving industry and change management as the biggest challenge brokers will face in 2020.

Today, more than ever before, agents and brokers are expected to wear multiple hats, serve as an endless fountain of knowledge and respond to difficult questions without missing a beat. But, especially for those who’ve been in the business a long time, this can be a difficult transition.

Karen Kirkpatrick, founder of On Your Mark Consulting explains:Karen-Kirkpatrick-Zywave-Quote-1

Frank Pennachio, principal at Oceanus Partners, a ReSourcePro Company, agrees that agents and brokers need to re-evaluate their business operations in today’s marketplace.Frank-Pennachio-Zywave-Quote

Looking Ahead

From implementing clear, consistent communications to streamlining and optimizing business operations, the theme that emerged from the experts really boils down to one’s willingness to change and modify their approach. Brokers and agents will need to continue to build upon and refine the very foundation of their businesses if they want to thrive in 2020.

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