The Changing Landscape for Small Businesses
The last few years have been some of the most tumultuous in living memory, especially for small businesses trying to navigate the effects of the pandemic and a rapidly changing workforce. Generational shifts, technology innovations, and legislative changes have put enormous pressure on business leaders to adapt and respond and much of that pressure has fallen to HR leaders to manage. An explosion in complexity of compliance requirements, changing expectations from the workforce, and a need to move ever faster has left HR departments struggling to stay on top of even day-to-day tasks. As a result, business leaders are leaning more and more heavily on their existing relationship with their insurance broker for help.
Brokers Today
Insurance brokers often form a close relationship with their business customers, helping guide them through the process of optimizing and personalizing their insurance needs. The size of broker businesses in the US vary from very small, one-person offices to international, multi-billion-dollar businesses with thousands of broker partners.
Faced with escalating complexity of business operations, and the associated risk, it’s not surprising that many business leaders are turning to their broker partners for help in tackling some of their thorniest business strategy problems, and that includes those around managing the workforce.
About This Report
In this report 3Sixty Insights will explore the changing nature of the relationship between insurance brokers and their customers as the demands from customers evolve and the range of financial service and consulting offerings from large brokers grow to match. We met with leaders from three of the nation’s largest brokers, and with leadership from isolved, a human capital management (HCM) solution vendor who works closely with brokers to meet the expanding needs of businesses.
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