Zywave’s 2024 Employer Survey Shows Optimistic Outlook

Date – 16-Aug-2024

A growing number of employers express optimism about their organization’s performance and satisfaction with their insurance broker.

Zywave’s 2024 Broker Services Survey Highlights Positive Trends in Employer Sentiment and Broker Satisfaction

Zywave, a leading insurtech provider, has published its 2024 Broker Services Survey, offering valuable insights into U.S. employers’ perspectives on their top business challenges and their expectations from insurance brokers.

The survey reveals a positive outlook among employers, with nearly 92% reporting that their performance outlook for 2024 is either stable or improved compared to the previous year. Additionally, nearly 86% of respondents expressed satisfaction or high satisfaction with their insurance broker’s services.

“Consumers today are demanding, and insurance buyers are no exception,” said Patrick Noonan, Vice President of Content Development at Zywave. “The positive feedback indicates that many brokers are meeting these high expectations. However, it’s crucial for brokers to stay attuned to their clients’ evolving needs to maintain strong relationships and retention.”

The 2024 survey results align closely with previous years, emphasizing that employee attraction and retention, compliance, and technology remain key areas of focus. Most employers continue to seek regular updates from their brokers, with nearly 83% wanting communication on insurance topics weekly or monthly and expecting prompt, effective service.

Top Broker Services Valued in 2024

Employers placed high value on client service and broker expertise. The most important criteria when selecting a broker were prompt and effective service (57%) and being trusted advisors rather than salespeople (53%). Other valued criteria included the ability to negotiate renewals (48%) and offering compliance resources (33%).

Key Business Challenges for Clients

The survey identified financial considerations and policy coverage as top challenges in the current hard market. For employee benefits, the top three challenges were:

• Mitigating health care costs
• Offering a competitive benefits package
• Attracting and retaining employees

For commercial insurance, the top challenges were:

• Understanding the required level of insurance
• Affording insurance
• Implementing risk management and employee safety strategies

“The survey results show that while the core challenges for employers remain consistent, the evolving insurance market is increasing the demand for brokers to bring deeper industry knowledge and expertise to their clients,” Noonan added.

Zywave has been conducting its Broker Services Survey for over a decade to help brokers align their services with client priorities and address key business challenges. For more detailed insights, download the full 2024 Broker Services Survey.