What P&C Clients Really Want From Their Broker in 2020February 14, 2020
Tina Houston, CPCU, ASLI
Senior Broker, Commercial Lines
Do you know what your business clients really want from you? Two recent surveys offer insights into the complex property and casualty broker-client relationship and identify the broker services that are most valued by today’s business clients.
The purpose of both surveys — one by Zywave and the other by National Underwriter Property Casualty 360 — is to uncover what’s most important to clients so brokers can prioritize their services and address pressing business challenges.
The following are key highlights from the 2019 Zywave survey.
The top three most important services a broker can provide for business clients are:
- Coverage and policy language expertise.
- A detailed understanding of a client’s individual needs.
- Management of exposures using expertise and insight to help reduce the frequency, severity and expense of claims.
The survey revealed that when selecting a broker, business clients expect:
- Prompt and effective service and timely answers to their questions (83%).
- A trusted adviser rather than a salesperson (80%).
- Information regarding compliance resources to keep the business up to date on regulatory changes (78%).
- Regular communication (77%), with 43% saying they would consider changing brokers due to a lack of consistent communication.
- Competitive premium pricing (77%).
For the P&C market, the top three areas where service gaps were identified are:
- Delivering information that can help reduce the frequency and expense of claims (46% gap).
- Providing employee-focused health and safety information (46% gap).
- Providing risk-mitigation services and information to help a company identify and manage emerging risks (45% gap).
According to the National Underwriter Property Casualty 360 survey, the top five challenges P&C clients faced in 2019 were:
- Managing exposures (40%).
- Keeping up to date on changes in regulations (39%).
- Controlling workers’ compensation costs (37%).
- Dealing with cybersecurity issues (32%).
- Educating employees about safety (30%).
When you’re a busy broker, it isn’t always crystal clear what your business clients want and need from you or where you can unknowingly fall short. Therefore, these survey findings may or may not come as a surprise. That’s why it’s good business to take stock now, then identify areas that need improvement with the simple first step of opening up the lines of communication between you and your client.
At Worldwide Facilities, we have the experience and commitment to place virtually any size P&C risk, offering our retail brokers a wide range of specialty insurance underwriting and brokerage markets to better serve their clients.
For additional information, please contact Tina Houston, CPCU, ASLI. Tina is a Senior Broker of Commercial Lines at RIC, a division of Worldwide Facilities, and can be reached at email@example.com or 425-409-2854.