Every year Zywave does a survey to employers asking what they are looking for in an insurance broker or consultant. The result is a treasure trove of information that can help guide a broker into double digit organic growth. This year is no exception as over 5,500 employers from all over the United States weighed in with their thoughts. These employers represent virtually every industry and are equally distributed across the United States.(It should be noted for the employee benefit results that 37% of the respondents are under 50 lives while over 55% are under 100 lives.)

When employers want service…

This survey digs deeper to see what employers really mean when they say they want service. For example, employers surveyed feel the following are most important in their broker: exceptional service, education on compliance issues and competitive pricing. Education on compliance issues has jumped up considerably from last year and even is more highly rated than the broker’s ability to negotiate a good renewal. When probed further, employers offered the following specifics based on line of business.

Benefits

On the benefits side, employers rated the following very highly:

1. Updates on HCR and other legislative changes
2. Employee communications to help employees understand benefit decisions
3. Offer communications to help employees understand HCR

Sounds obvious given today’s headlines – here is where it gets real interesting: 20-35% of those surveyed felt their brokers only partially or did not provide those services at all!

Drilling down further, on average three quarters of employers felt that providing an annual stewardship report, providing a mid-year renewal and providing employee handbooks were important. Yet astoundingly, two-thirds of those surveyed felt their broker was falling short in those areas. Sticking with hot topics, brokers are also coming up surprisingly short on wellness. While over 80 percent of employers feel it is important for their broker to assist with wellness, over 66 percent reported that their broker only partially or does not even provide assistance in this area!

Look no further than this information to begin crafting a story and value statement that really sticks with a prospect.

Property Casualty

On the P&C side, the results are similar. The top items of importance to the employers surveyed were:

1. Helps our organization become a more educated insurance buyer
2. Proactively provides regulatory and legislative updates
3. Delivers information that will help reduce the frequency and expense of claims

Yet, on average, 30–50% felt their broker partially or did not provide these services at all.

If we look at this further, real opportunities open up for brokers. Well over 70% the employers surveyed felt it was important for brokers to provide:

• Access to OSHA compliance information and recordkeeping
• Employee focused health and safety information
• Creating and maintaining a workplace safety program

Yet well over two-thirds stated their broker only partially or did not at all provide these services.

The Game Changer

Here is the game changer and the point to focus on. Looking at this year’s results versus last year’s, there was a common theme when asked about the various services mentioned above:

• Overall, more employers than last year felt it was important that their broker deliver a particular service (wellness program, legislative updates, stewardship report, etc.)
• Employers reported being less satisfied than last year with their broker’s delivery of said service

What does that mean? In a time when market challenges are skyrocketing for employers (and employers indicate they need and EXPECT more help than ever from their broker), brokers are actually delivering less. What a huge opportunity for those brokers willing to be proactive and support those unmet needs.

We work with thousands of brokers and the game is changing. While yes it is about people and service, the reality is the definition of service is changing. Challenging the incumbent on this new definition can be the key to a compelling story – and the key to growing market share, whether on a commission or fee for service basis. Over 5,000 employers across the United States are telling us what the roadmap should be. The question is, which brokers will listen?