The new 2024 Broker Service Study, which has been conducted by Zywave for over a decade, has been released and offers significant insight into the expectations for insurance brokers. While this study was conducted in the United States, many of the findings and beliefs are applicable to the UK and the rest of the world and can be used as trends and indicators for what to expect and where to focus attention.
According to the survey, almost 86% of respondents reported satisfaction with the services provided by their insurance brokers. On the surface, this is an extremely positive statistic, though one that does leave room for improvement. Nearly 83% of respondents expressed a desire for consistent communication with their brokers, with weekly or monthly updates on specific insurance topics, highlighting the ongoing expectation for prompt and effective service. This reflects a broader trend in the industry where clients increasingly value brokers who are proactive and engaged rather than reactive.
When selecting a broker, 57% of respondents prioritized the ability to provide prompt and effective service, along with timely responses to their questions. Additionally, 53% sought brokers who act as trusted advisers rather than merely salespeople, emphasizing the importance of building trust and long-term relationships.
The above statistics show a key expectation of communication for their brokers. In a fast-moving sector, being able to maintain lines of communication is vital to maintaining good relationships and being more than just a salesperson. Brokers who can anticipate client needs and deliver timely, relevant information are likely to retain clients and attract new business.
In terms of commercial insurance, understanding the appropriate level of insurance coverage, affording insurance, and implementing risk management and employee safety strategies, policies, and procedures were identified as the main concerns. Addressing these issues not only helps in meeting client expectations but also positions brokers as essential partners in their clients’ business success.
Patrick Noonan, Zywave’s vice president of content development, noted that while consumers, including insurance buyers, are demanding, the majority of respondents are satisfied with their brokers’ services.
He also emphasised the importance of brokers remaining attuned to their clients’ evolving challenges and needs to maintain strong relationships and client retention.
Noonan remarked that the survey responses suggest many of the same challenges as in previous years, with the current insurance market conditions increasing pressure on brokers to deliver a higher level of industry knowledge and expertise.
Mark Griffin, Chief Executive Officer at Exance, said: “Reading and understanding the data collected by Zywave could be hugely important for everyone in the brokerage sector as it highlights key expectations of those within.”
“At Exance, our primary mission is to empower UK insurance brokers and we do this with the expert knowledge of our team to take findings like these and implement them effectively.”
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