What your clients expect – and how you can deliver
At a glance, what employers expect from their benefits brokers and consultants hasn't changed dramatically in recent years. The expectations that top the list are largely the same from year to year.
However, MetLife's latest employee benefit trends report takes a deeper dive into the responses of employers and employees to uncover insights into how expectations are evolving – and how brokers can deliver for their clients.
The size difference
Not surprisingly, a company's size drives what they expect from their broker. While the largest companies are more likely to look to their brokers for insights, innovation, and financial wellness, small and mid-size companies expect brokers to deliver a combination of strategic and tactical guidance.
For example, as employees seek increased options that enable them to meet their individualized needs, 59 percent of all employers expect product bundling recommendations from their brokers. But the interest spikes to 70 percent for mid-size employers with 100 to 4,999 employees and 71 percent for larger employers with 5,000+ employees. Small employers with fewer than 100 employees also express an increasing desire for bundled solutions, with nearly half (48%) interested in broker recommendations for multi-product bundles.
Company type factors in
Expectations among white-collar, blue-collar, union, and non-union companies also provide interesting insights for brokers. For example, white-collar employers are slightly more interested in cost-saving options from their brokers compared to their blue-collar counterparts.
Differences between union and non-union companies are more pronounced. Seventy-three percent of union-based employers are interested in their brokers sharing expert guidance around new and innovative benefit solutions. In contrast, only 49 percent of non-union employers feel the same.
The meaning of cost-savings
Of course, no matter the size or type of the company, employers expect brokers to help them identify cost-saving opportunities. But the strategies employers are looking to explore differ across the segments.
For example, while mid-sized and larger employers are looking to increase employee contributions to benefits, blue-collar and smaller employers are the most likely to implement plan design changes as a cost-cutting strategy.
In addition to the deep dive on what clients expect from brokers, MetLife’s report also shares insights about employer interest in emerging benefits and employee perceptions. To learn more, download the full report and start turning the insights into action for your clients.
For questions, please contact a member of your B&P Sales Team - 888.722.3373.