Happy Wednesday! In this week's Big I Buzz, we are sharing the personal lines shopping activity outlook for 2024, how to fix your content marketing and a look into this week's InsurCon2024 Feature of the Week. 

Personal Line Shopping to See Robust Activity Throughout 2024, TransUnion Reports

In the latest report from TransUnion, it is predicted that the insurance shopping landscape will experience a resurgence in the coming year after a slight decline at the end of 2023. As vehicle supply chain challenges ease and mortgage rates decrease, the anticipation is that consumers will engage in robust shopping activities for home and auto coverages. Positive sentiments about household finances from 56% of consumers may further drive purchasing decisions. Notably, 17% of surveyed individuals plan to buy a new vehicle in 2024, compared to 11% in 2023. Lower mortgage rates are expected to boost the housing market, increasing the demand for home insurance. While carriers approach rate adequacy and anticipate slower premium growth, marketing strategies are advised to be efficient and targeted, focusing on cleaning up consumer data and segmenting high-value and active shoppers, including Gen Z, millennials, and those with high credit scores. Read more here. 

Why Your Content Marketing is Failing (and How to Fix It)

In the world of content marketing, it's not just about creating content; it's about creating content that works. Rick Ramos, a former CMO who played a pivotal role in generating millions in sales through content marketing, shares insights into the power of effective content and the stumbling blocks many businesses face. The key takeaway? Content marketing is a long game that demands a strategic approach, and success requires overcoming common challenges.

1. Lack of Strategy:
Content without a purpose is like a ship without a sail. Define your audience, understand their needs, and set specific goals. Whether it's brand awareness, lead generation, or increased website traffic, a well-defined strategy guides your content creation process.

2. Keyword Neglect:
People need to find your content, and keyword research ensures it ranks well in search engine results. Identify relevant keywords with tools like SEMrush or Ahrefs and integrate them naturally into your content to enhance visibility without compromising quality.

3. Inconsistent Content Creation:
Consistency is key in building an audience and establishing thought leadership. Develop a content calendar and stick to a regular publishing schedule, be it weekly, bi-weekly, or monthly.

4. Unengaging Content:
Content that fails to capture attention is destined to be ignored. Focus on creating valuable, informative, and engaging content that resonates with your target audience. Incorporate visuals like images and videos to enhance understanding.

5. Neglecting SEO:
On-page SEO optimization is crucial for improved visibility in search results. Optimize title tags, meta descriptions, header tags, and image alt text with relevant keywords. It may take time, but the impact on search traffic is significant.

6. Ignoring Lead Magnets:
Content can be a powerful lead generation tool. Offer valuable lead magnets like eBooks or checklists in exchange for contact information. These resources should address your audience’s needs and provide actionable insights.

7. Underestimating Webinars:
Webinars offer a fantastic opportunity to engage your audience in real time and generate leads. While they may be labor-intensive, their impact on the sales pipeline is substantial. A well-executed webinar can provide insights and showcase expertise, making it a valuable addition to your content strategy.

Remember, content marketing is a marathon, not a sprint. By addressing these potential pitfalls and implementing a strategic approach, you can transform your content from a neglected asset into a powerful engine for driving brand awareness, lead generation, and, ultimately, business growth. Discover the transformative potential of your content with these proven strategies from Rick Ramos, author of 'Transform Your Marketing,' and lead your brand to new heights. Read the article here. 

InsurCon2024 Feature of the Week: Earn 3 CE Credits (Ethics)

Last but certainly not least in this week's Big I Buzz, we are highlighting one portion of our annual convention that you won't want to miss! This year's convention is bigger and better than ever as we celebrate the IIAW's 125th anniversary. InsurCon2024 attendees will have the opportunity to earn 3 CE credits! Earn 3 Ethics CE credits during INsurCon2024 with Mallory Cornell's Less Risk. More Reward. E&O Risk Management course, happening from 1 to 4 p.m. on Wednesday, May 15th. This course will be full of storytelling statistics and E&O risk management tips. Plus, it is premium credit approved by Swiss Re. Register now for InsurCon2024, and don't miss out on all that this year's convention has to offer: iiaw.com/insurcon. 

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click  here  to add your email to our emailing list.

Happy Wednesday! In this week's Big I Buzz, we are sharing an upcoming opportunity to highlight the cool aspects of your career in the insurance industry and a reminder of the upcoming FREE CE opportunities for IIAW members. 

#DayInTheLife - February 28, 2024

Join insurance pros around the country of February 28th as we share the cool aspects of your career. This event is meant to promote awareness for careers in the insurance industry, by highlighting how a single day in the life can be so drastically different from person to person. There is a great diversity within our industry, and we want to show that off. Not sure what to share? If it in any way pertains to your work day on February 28th - almost anything goes. Still stuck? Here are a few ideas to start: 

• Your current office: (Example: Working from home? Have a hybrid workforce? Do you set your own schedule? Share the ways your career offers flexibility.)
• Milestones: (Example: Did you or someone you know get a recent promotion? Has your book of business grown? Share a part of your day that reflects job security and income potential.)
• Giving Back: (Example: Did you recently handle a claim that helped someone get back on their feet? Did your office give back to the community? The ways in which you help others is always a fabulous thing to share.)
• A Routine: (Example: You start every morning by walking the dog before work, or maybe you grab a cup of coffee from a customer you insure. Share a piece of your day you never go without.)
• Work Culture (Example: Ability to work from anywhere? Having virtual happy hours? Share the things you love about your work culture!)
• Your Growth: (Example: What do you do to ensure you grow professionally? Share a pic of yourself attending a virtual conference or maybe earning CE through a webinar on your laptop.)

Your insurance career is more than meets the eye. Learn more here. 

Upcoming Free CE Opportunities for IIAW Members

Business Income Basics & Trends in the Post-COVID World

Join us for an insightful journey into the world of Business Income Basics & Trends in the Post-COVID World! Gain valuable knowledge on income calculations, document reviews and the impact of the post-COVID economy on business income claims. This is happening next week from 9 to 10 a.m. on February 27, 2024 (1 WI CE Approved). Don't miss out - this webinar is free for IIAW members! Register here. 

An Introduction to AM Best, the Credit Rating Process and the 2024 Market Outlook

Dawn Walker, Associate Director at AM Best, will introduce AM Best ratings, cover the rating process, and discuss their market applications for stakeholders, regulators, and carriers. This webinar is taking place at 11 a.m. on March 6, 2024.The session will focus on the Best’s Credit Rating Methodology, exploring rating determinants and potential drivers for changes. Dawn will conclude with AM Best’s 2024 Outlook. Click here to register. This webinar is also 1 WI CE approved.

Managing Policyholder Communications

This course, happening at 10 a.m. on March 12, will raise awareness on the importance of: communicating significant changes in policy language, communicating if a client's current limit/coverage is inadequate, communicating and upcoming renewal and requesting any changes in the client's exposures. Register here. This webinar is also 1 WI CE approved.

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click  here  to add your email to our emailing list.

In the dynamic landscape of technology, staying ahead isn't just an advantage, it's a necessity. For you, the insurance agents, keeping up with this landscape can be challenging. Between wondering what technological trends in the industry you should be aware of to where you should start with technology as a new agency, Catalyit is a great resource for IIAW members! 

Catalyit is an insurance technology consulting firm that can help you answer these questions and so many more. When it comes to the how and why of insurance technology, Catalyit is your 'go-to' resource for all things insurance and technology. 

IIAW members receive a free Full-Access Subscription to Catalyit, which gives you the chance to attend their technology demos. The demos range in categories from cyber security to agency management systems.

Sign up for your Full-Access Subscription here. Then, you can register for the webinars of your choice here. 

Happy Wednesday! In this week's Big I Buzz, we are sharing the change in renewal rate for commercial lines from last quarter and 10 insurtechs to watch in 2024. 

Compared to Prior Quarter, All Commercial Lines Saw Renewal Rate Up in Q4: Ivans

Ivans Index reported that the average premium renewal rates increased year-over-year for all major commercial lines except workers' compensation in the last quarter of 2023. Business owner's policy (BOP), general liability, commercial property, and umbrella insurance reached year-end highs in renewal rates during this period. Commercial property led with a 10.34% increase in Q4, reaching 10.67% in December—the highest monthly average renewal movement of the year. BOP and general liability also saw significant monthly rate increases in December, up 9.72% and 6.16%, respectively. Workers' compensation, which reached its highest rate in November, experienced positive average premium renewals for the first time all year at 0.15%. The data suggests an overall trend of rate increases, and industry experts are closely monitoring market trends and macroeconomic factors in 2024.

10 Insurtechs to Watch in 2024

The InsureTech Connect Forward50 Americas Report outlined the top ten insurtech companies highlighted for their leadership and potential. Here are those findings listed on PropertyCasualty360:

10. Armilla - The Toronto-based software development company has developed an assurance platform enabling them to comprehensively verify the quality and reliability of AI-powered products in an efficient and cost-effective manner. 

9. Converge - U.S.-based Converge is a cyber insurance, security and technology MGA focused on the SME sector. Their holistic approach enables them to understand each business' security vulnerabilities, identify threats and take steps to mitigate them.

8. Voxel - Voxel is a US-based B2B startup that has developed an AIpowered risk monitoring and analysis solution for commercial properties. It uses security camera feeds to identify potential hazards and high-risk activities in real-time and encourage safer behavior. 

7. Propeller - Propeller is a US-based insurtech that operates as a virtual agent or MGA focused on the surety bond market. Their platform automates the entire bond trading process, enabling instant underwriting and issuance of surety bonds directly to customers.

6. Elpha Secure - Elpha Secure is a US-based cyber insurance provider, focused on the SME market. Their comprehensive insurance offering comes with the added support of their cybersecurity software to assess, monitor and mitigate the risk of an attack. In the event that a business is affected, they also work with a panel of cyber incident providers to minimize its impact.

5. GloveBox - GloveBox simplifies insurance policy access for consumers by aggregating policy documents, regardless of carrier, in one centralized location. Consumers are also able to compare policies, pay bills, initiate claims and get updates on policy changes. This enables them to enhance customer experience for insurance clients. 

4. Founded in 2018, Roots Automation has created Digital Coworkers that leverage advanced AI to augment human staff in the insurance industry. Digital Coworkers are able to read, think and intuit like a human. They are domain experts, pre-trained to understand and interact with documents, applications and processes commonly found in insurance. 

3. Cover Whale - Cover Whale is a commercial trucking insurance startup for individual vehicles and small fleets. Their solution is powered by vehicle telematics and dash cameras to provide real-time analysis of driver behavior and proactive coaching. 

2. Instride Health - InStrde Health is a virtual pediatric behavioral health startup providing outpatient care for kids, teens and young adults living with anxiety and obsessive compulsive disorder (OCD). Their individualized treatment plans are managed by a coordinated care team, which can include both individual and family therapy, medication management, group therapy and on-demand coaching. 

1. Comp Science - CompScience's safety analytics platform aims to reduce the 2.6 million on-the-job injuries suffered by US workers each year, which cost more than $167 billion in compensation payouts. The company's flagship product is the Intelligent Safety Platform, which analyzes the security video to continuously identify risks, provide mitigating guidance and offer competitive workers' comp insurance. 

Read more here. 

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click  here  to add your email to our emailing list.

Happy Wednesday! In this week's Big I Buzz, we are sharing an upcoming webinar you won't want to miss and what J.D. Power says is changing the insurance industry.

J.D. Power: The Factors Changing Insurance

The P&C insurance sector is undergoing a significant transformation driven by economic forces beyond insurers' control. J.D. Power's Senior Director of Insurance Business Intelligence, Stephen Crewdson, emphasizes this in the report 'The Five Forces Influencing P&C Insurance Shopping.' Crewdson notes the industry's departure from tradition, attributing the shift to socio-political and economic factors. Here are the five forces J.D. Power Insurance Intelligence says is reshaping the landscape of P&C insurance: 

5. Less satisfying claims experiences are beginning to influence more consumers to shop. 

4. Insurers are pulling back as more consumers are shopping.

3. Insurers are increasingly targeting more profitable consumers.

2. UBI is taking a larger role in shopping and may break the 'bundling mold.'

1. Inflation is driving rates, and rates are driving consumers to shop. 

Read more from this article here. 

An Introduction to AM Best, the Credit Rating Process and the 2024 Market Outlook

11 a.m. on March 6, 2024

1 WI CE Pending - Free to IIAW Members

Presented by the IIAW

Dawn Walker, Associate Director at AM Best, will provide an introduction to AM Best ratings and walk through rating process. Dawn will discuss how ratings are used in the market by varying stakeholders and regulators, as well as how a carrier might use their AM Best rating. The session will highlight the Best’s Credit Rating Methodology building blocks, which are used to determine a carriers rating, and potential drivers for ratings changes. In conclusion, Dawn will present AM Best’s 2024 Outlooks. 

Register for this webinar here!

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click  here  to add your email to our emailing list.