A 2024 survey by Zywave, a leading insurtech provider, revealed that an increased number of employers had a positive outlook of their insurance brokers over the past year. According to the survey, employers noted their performance outlook in 2024 was either about the same or better as last year’s, and nearly 86% of respondents indicated that they were either satisfied, or very satisfied with their insurance broker’s services.
However, when employers were asked about their top employee benefits challenges, they cited mitigating health care costs as the top concern, followed by ability to offer a competitive benefits package as well as attracting and retaining employees.
Employers identified their top commercial challenges as understanding the level of insurance needed, affording insurance and implementing risk management and employee safety strategies, policies and procedures.
“The responses to this year’s survey suggests that employers continue to deal with many of the same challenges as they have for the last few years,” said Patrick Noonan, vice president of content development for Zywave. “However, challenges within the insurance market are turning up the pressure on brokers to bring a new level of industry knowledge and business expertise to their clients.”
When considering the most valued broker services in 2024 employers said they most valued client service and a broker’s level of expertise. The survey found that nearly 60% of employers said the most important criteria when selecting a broker was someone who provides prompt, effective service and timely answers to questions.
Additionally important, employers said they look for brokers who are “trusted advisors rather than insurance salespeople.”
“Today’s consumers are demanding, and insurance buyers are no exception,” said Noonan. “The encouraging news is the majority of survey respondents reported satisfaction with their broker’s services, meaning many brokers are meeting those high expectations. Of course, it’s still vital they stay informed of their client’s evolving challenges and needs to maintain strong relationships and retention numbers.”