Broker Services Survey 2012

For the complete survey (pdf) please email: paulac@bcspec.com 

Broker Services 2012

Broker services were in the spotlight for the survey available in early 2012. Key findings from the survey are fairly consistent with last year’s results. Top criteria used in selecting a broker included broker/client relationship, services provided, the broker’s ability to negotiate renewal, regular communication from the broker, compliance support and competitive pricing options.

Additionally, most clients are using technology to assist in their business operations, and over half want to hear from their broker weekly or monthly. Respondents’ top two metrics for success in their positions are staying in compliance and happy/informed employees.

What Clients Value From Their Brokers

Over three-fourths of survey respondents seek brokers who provide exceptional service and have a good relationship with their clients. Regular communication and the ability to challenge/negotiate renewal are also crucial. Other valued services respondents look for in a broker are: keeping abreast of compliance issues (72 percent), competitive pricing (77 percent) and ability to compare plans/coverages to benchmark data (64 percent).

Nearly two-thirds of respondents felt they would switch to a new broker if they found lower premiums elsewhere. Thirty-one percent would consider switching if they felt that their current broker did not monitor their business needs and perform proactively.

Challenges

Top risk management challenges for respondents include keeping up-to-date on legislative changes (55 percent) and controlling workers’ compensation costs (41 percent). Managing health care costs continues to be the top employee benefit challenge (74 percent), followed by keeping in compliance and up-to-date on changing legislation (41 percent).

Communication

Thirty-seven percent of respondents want to hear from their broker at least monthly. When it comes to renewal, 6 out of 10 respondents prefer they be contacted by their broker at least three months ahead of time.

Three-fourths of survey respondents indicated they primarily use email to communicate with employees, although 51 percent hold company meetings. Twenty percent report they communicate most often with employees via a self-service portal or intranet.