Stressed business owners and HR professionals are turning to their insurance brokers for services and advice more than ever–on everything from workplace wellness to employee communications. But in nearly every category that employers ranked as important for their brokers to deliver, fewer than last year are satisfactorily delivering, according to a broker services survey report by Zywave, a provider of software-as-a-service (SaaS) technology solutions for insurance and financial services.

The "2013 Broker Services Survey" used insight from more than 5,500 respondents nationwide to examine how corporate risk management expectations measure up to what brokers are providing.

Respondents said their top criteria for selecting a property-casualty broker were exceptional service, education on compliance issues and competitive pricing. This translates to at least two-thirds of employers seeking regular communication, access to benchmark data and industry expertise. Most employers expect to hear from their broker monthly on topics like benefits, HR and health. However, while employers expected more than ever, brokers' delivery actually decreased.

The study found that: 

  • 86 percent of employers expect their broker to provide employee safety and health information, but 75 percent say their broker is not doing a satisfactory job
  • 75 percent want their broker to assist in creating or maintaining a safety program, but 68 percent are not satisfied with their broker's current support
  • 85 percent of employers want assistance with their workplace wellness program, but 66 percent say their broker is not delivering
  • 85 percent expect an annual stewardship report from their broker, while 58 percent of respondents say their broker is not providing this.

"These are huge disconnects between what employers are looking for and what insurance brokers are currently delivering," said Dave O'Brien, division president of insurance solutions at Zywave. "While it is unfortunate that so many clients are unsatisfied with their current brokers' services, it does present a huge opportunity for those brokers who do offer a comprehensive package of services and solutions to support their clients' business needs."

Employers ranked their top three risk management challenges as keeping current on regulatory changes, controlling workers' compensation costs and managing exposures. Top three employee benefit challenges were managing health care costs, keeping in compliance and up to date on changing legislation, including health care reform, and benefits administration and employee benefits education.

NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.