Happy Wednesday and International Women's Day! In this week's Big I Buzz, we are discussing trends insurance professionals should know about Gen Z and best practices to build or boost your social media marketing. 

As Gen Z customers move into the insurance marketplace, it's important to know how to properly engage with them. 

The first thing to know is that Gen Z has low insurance confident. To boost their insurance confidence, the author of this article, Deb Franklin, recommends that you prioritize educations before attempting to sell more policies, lead with the basics such as the ins and outs of premiums and deductibles, and finally, check in regularly. Give your clients the opportunity to ask questions and offer a few examples to get them going. 

Next, everyone and everything want Gen Z's attention. They prefer communicating via text, communications should be kept simple and gamify your insurance education. 

Third, social media is king. They start roughly 40% of searches on TikTok or Instagram. Luckily, the next thing we are discussing in this week's Big I Buzz is how to improve or build on your social media marketing! 

6 Best Practices to Build or Boost Agency Social Media Marketing

As we mentioned with the previous article from Property Casualty 360, Gen Z's searches start on social media. However, they're not the only target market that turn to social media to shop and conduct business. According to the 2021 Big I and Reagan Consulting Best Practices Study, "88.9% of agencies with revenues under $1.25 million are on Facebook and 77.8% are on LinkedIn. As for larger agencies, 79.5% of agencies with revenues of more than $25 million are on Facebook and 97.4% are on LinkedIn." 

1. The first step to building or boosting your social media marketing is to build a plan. Determine your posting frequency by creating a content calendar for the next few weeks or months ahead. If you're not already aware, IIAW members receive access to Trusted Choice! They have a variety of ready-to share content PLUS you also receive access to their monthly marketing calendar. Their calendar saves you the time it takes to put content together and decide which day it should be posted on. 

2. Posting consistency and balance are important! If you're just starting out with your social media, start by posting a few times a week and testing out different time slots to see which consistency will impact your social media success. Or, take the testing out of your social media schedule by reading this recent post from HubSpot where they outline the best times to post on social media in 2023. 

3. Use quality content. Demonstrate your knowledge of the industry and issues that impact your clients by posting well thought out social media posts. While you're promoting your agency through your social media posts, the objective is NOT to take a hard-sell approach. You want your followers to recognize you as a valuable resource on the topics at hand. Posts including graphics, visuals and video perform better than those without, so try incorporating those in your agency's social media. 

4. Mind your tone. Property Casualty 360 recommends that your posts should be an authentic mirror of your agency culture. Stay clear of inflammatory topics, or anything others might find offensive as it could reflect poorly and alienate potential clients. People want to connect with individuals, not just a business. Occasionally, sprinkle in personal information to make your agency and employees more relatable. 

5. Build engagement. 

Social media engagement helps spread awareness of your business and increases the likelihood that new followers see your pages too! When you post, tag relevant parties and use hashtags (on appropriate channels) to increase visibility. Once your posting schedule is consistent and you want to build your engagement even more, consider adding your social media handles on marketing materials, in email signatures and on your website. 

6. Track Your Progress.

From the time you start to post on your social media, you should be using the built-in features to track your progress. Understanding which posts receive the most interactions will help you to create similar content so your pages continue to grow. 2023 can be the. year that you commit to a social media strategy or improve the strategy you already have. 

Read the full article here.

For more news, check out the Actions News section of our weekly e-newsletter, Big I Buzz. Additionally, we send out monthly newsletters with content curated for you and your role. Make sure you're on the list to receive these monthly communications by heading to bit.ly/industrynewsforyou.

Happy Wednesday! In this week's Big I Buzz, we are sharing two webinars that you won't want to miss PLUS findings from ACORD polls on future of the industry. 

Don't forget to take advantage of your IIAW membership to receive FREE CE! We are offering two webinars with continuing education credits that you can sign up for right now. 

1. Claims Handling: 2023 The Year of the Customer

9 a.m. to 10 a.m. on March 2

This webinar will review claim handling do's and don'ts for an independent agency. The session reminds an agency of the E&O risks of providing too much guidance to customers on how to handle a claim and whether there is coverage. The presenter, Jim Redeker, will utilize case examples, storytelling and data from one of the largest E&O carriers in the United States, Swiss Re Corporate Solutions. Register now for this webinar here. 

2. E&O Risk Management and Ethics: Less Risk. More Reward. (3 Ethics CE in WI)

9 a.m. to noon on March 8

Do you need Ethics credits? E&O Risk Management and Ethics: Less Risk. More Reward. is a live, virtual course full of storytelling, statistics and E&O risk mitigation tips presented by IIAW's Vice President, Mallory Cornell! This course is open to everyone. Register now for this webinar here. 

ACORD Polls Insurance Pros on Future of Industry

ACORD polled insurance professionals about their perspectives on the outline of the insurance industry over the next 20 years, according to Insurance Business Mag. 

Here are some of the key findings, according to the article: 

• Nearly 50% of respondents anticipated that their greatest source of long-term competitive advantage would be the way in which they used technological capabilities. 
• Survey respondents said that familiarity and proficiency with technology, from the C-suite down, will be increasingly important. 
• Respondents anticipated a rise in the technology vs. people skew in their organizations' capability mix over the next 10 to 20 years, and 52% said technology would be the most critical competency for the C-suite by 2040.
• APIs were widely considered the most important priority for the near to medium term with 24% name it among their top three areas of focus. 
• AI and machine learning will be even higher priorities in 20 years than in 10 years, with quantum computing doubling in importance over the same period. 

Read more from this article here. 

For more news, check out the Actions News section of our weekly e-newsletter, Big I Buzz. Additionally, we send out monthly newsletters with content curated for you and your role. Make sure you're on the list to receive these monthly communications by heading to bit.ly/industrynewsforyou.

Happy Wednesday! We hope that everyone had a great Valentine's Day. In this week's Big I Buzz, we are sharing why you should participate in tomorrow's #DayintheLife Social Challenge, a reminder to register for the IIAW Emerging Leaders Luxe Golf Social and common wedding liabilities. 

#DayintheLife Social Challenge

Your insurance career is more than meets the eye. Join in on February 16, 2023, by sharing a photo or video on your social channels with the hashtags #DayintheLife and #InsureMyCareer. The goal of this social challenge is to promote awareness for careers in the insurance industry by highlighting how a single day in the life can be drastically different from person to person. There is 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 16th - 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 that 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 you 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 your 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.)

Read more here. 

Don't Forget to Register for the IIAW Emerging Leaders' Luxe Golf Social

Join the IIAW Emerging Leaders at Luxe Golf Bays in Franklin, WI on March 2nd for an hour of education and golf. Our guest speaker, Joel Katsma, General Manager - Sales at Acuity INsurance, will start his presentation "Hard Markets Create Opportunity and How Technology is Changing Insurance Distribution" at 1 p.m. Then, enjoy friendly competition while playing golf in Luxe's heated golf suites starting at 2:30 p.m. Register now - space is limited! Click here to sign up. 

A Dozen Common Wedding Liabilities and Risks

Weddings come with a lot of moving pieces from vendors to venues. Zola reports that the average wedding spend in 2023 is $29,000. Investopedia has put together a list of the 12 most common wedding liabilities and risks: 

• Issues with wedding vendors, including financial insolvency

• Injury or illness before the event

• Extreme weather

• Property damage during the event

• Lost and stolen gifts

• Damage to wedding attire

• Military deployment delays

• Liquor liability to protect against alcohol-related accidents and injuries

• Loss of deposits

• Food poisoning at the event

• Vendor no-shows

• Job loss

Read more here. 

For more news, check out the Actions News section of our weekly e-newsletter, Big I Buzz. Additionally, we send out monthly newsletters with content curated for you and your role. Make sure you're on the list to receive these monthly communications by heading to bit.ly/industrynewsforyou.

Happy February! In this week's Big I Buzz, we are discussing increases in auto insurance shopping & switching and how to use the Trusted Choice Marketing Reimbursement Program. 

Now that we're kicking off the second month of the year, it's the perfect time to restart those forgotten New Years' resolutions! If your resolutions were to start the new year by increasing your marketing, you're in luck! Trusted Choice offers Big I members a Marketing Reimbursement Program.  All agency are eligible for up to a $1000 reimbursement for co-branded marketing and certain digital improvements. This is a 50% match base on one allotment per member agency (limited to one location). 

Ways to qualify: 

Co-branding: Use of the Trusted Choice logo on consumer facing advertising. For access to be pre-produced advertising materials visit the Trusted Choice Marketing Campaigns that can be customized for your agency free of charge by Trusted Choice staff. There are print, digital, video and radio ads available. 

  Digital Co-branding: Use of any of the Trusted Choice customizable marketing materials or brand creative that includes the Trusted

Choice logo. This includes video production and advertising costs (display ads, social media ads, YouTube, etc.)

  Traditional Co-branding: Certain traditional advertising options are eligible for reimbursement (billboards, radio, print, client

incentives and some sponsorships), provided they are co-branded with the Trusted Choice logo.

Stationary, business cards and other office supplies are not eligible for reimbursement.

Digital Improvements: Reimbursement is available to make strategic digital improvements for your agency using one of the provides

designated as MRP eligible. You can utilize the funds with one or multiple vendors during the year up to $1,000 limit.

Auto Insurance Shopping - and Switching - Increases

A new quarterly report from J.D. Power and TransUnion, have found that the quote rate for auto insurance in the fourth quarter of 2022 was up 12.1% and the switch rate was 4.1%.

These findings mean that drivers are not only shopping around for auto insurance more than ever, they are switching carriers.

Along with this, J.D. Powers also noted that insurers have decreased spending in advertising.

The report also found that consumer loyalty was strongest for these insurers: USAA, MAPFRE and New Jersey Manufacturers.

Read more about the findings 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.

Additionally, we send out monthly newsletters with content curated just for you and your role.

Make sure you're on the list to receive our communications by heading to bit.ly/industrynewsforyou to stay in the loop!

Happy Wednesday! In this week's Big I Buzz, we are discussing a member benefit that you should be taking advantage of in 2023 and states with the biggest auto insurance rate changes. Plus, as a bonus, we are sharing two upcoming opportunities to earn CE. 

HR Solutions for Your Agency

Planning to hire in 2023? Selecting the right team member is critical to. your agency's success and the IIAW is here to help! Through your IIAW membership, you can access many staffing solutions to help you ensure that you're finding the perfect candidate for your agency. We know that hiring can feel like a daunting task, so we have options to help whether you prefer to do it yourself, need a little help or just want to outsource the entire process. 

Additionally, the IIAW offers the following HR solutions:

• Agency Hiring - The partnership with CareerPlug, gives our members the opportunity to create their own careers page and the opportunity to post available job opportunities on a site that enables them to get better candidates to fill any vacancies. Members have the option to upgrade their subscriptions with CareerPlug at an annual, deeply discounted rate that will allow them to cross-list their open job position on popular job sites like Indeed, ZipRecruiter, etc. 

• Employee Handbook and Other Templates - There's no better time to update your Employee Handbook than the start of the new year. Establishing policies and procedures is one of the best ways to improve workplace communication, set employee expectations and promote fairness, leading to a more productive workplace. Whether it's providing policy updates or creating a handbook for the first time, the IIAW will work with you to craft and brand your employee handbook to your agency. 

• New Hire Training - Start your new hires off right with our classroom and self-study prelicensing courses and online training in insurance essentials, coverages, business skills and more. 

• Remote Staffing with WAHVE - Hire an experienced and qualified remote employee for full-time, part-time or project-based work through our partnership with WAHVE. WAHVE bridges the gap between an employer's need for highly skilled professional talent and seasoned professionals desiring to extend their career working from home. From screening to placement, WAHVE is a comprehensive solution to qualifying, hiring and managing experienced remote talent. 

• Internships & Talent Pipeline - Promote internship and job opportunities with your agency at college RMI Career Fairs with the help of the IIAW. 

Learn more about the IIAW's HR Solutions here. 

States with the Biggest Auto Insurance Rate Changes

ValuePenguin.com has narrowed down the the states that are expected to see the biggest year-over-year rate increase for car insurance. Here's what their study found: 

10. Virginia - year-on-year increase is 12.6% with an average annual cost of $1,416

9. Kansas & New Mexico (Tied) - year -on-year rate increase is 12.9%. The average cost for Kansas is $1,656 and for New Mexico is $1,668. 

8. Delaware - year-on-year rate increase is 13.3% with an average annual cost of $2,052. 

7. Utah - year-on-year increase: 13.4% with an average annual cost of $1,656.

6. South Carolina - year-on-year rate increase is 13.5% with an average annual cost of $1,632. 

5. New Hampshire - year-on-year rate increase is 13.6% with an average annual cost of $1,560.

4. Georgia - year-on-year rate increase is 13.8% with an average annual cost of $1,500. 

3. Pennsylvania - year-on-year rate increase is 14.4% with an average annual cost of $1,488. 

2. Arizona - year-on-year rate increase is 15.6% with an average annual cost of $1,920. 

1. Illinois - year-on-year rate increase is 17.1% with an average annual cost of $1,720. 

You can read more about this study and its findings here. 

Two Upcoming CE Opportunities 

1. E&O Risk Management and Ethics: Less Risk. More Reward.

1 to 4 p.m. (Happy Hour: 4 to 5 p.m.)

February 28th

SECURA Insurance in Neenah, WI

Cost: $24

3 WI Ethics CE Credits

Join us on February 28th at SECURA Insurance in Neenah, WI for this interactive seminar that looks at the risks of E&O claims for an independent insurance agency. This course serves as an educational opportunity for insurance professionals to consider their ethical obligations from both a legal perspective and how it can affect their exposure to E&O claims and allegations. 

This course has been approved for E&O risk management premium credits for Swiss Re policyholders and approved for 3 Ethics CE. 

2. Claims Handling: 2023 The Year of the Customer

9 a.m. on March 2 - 1 WI CE Approved

This webinar will review claim handling do's and don'ts for an independent agency. The session reminds an agency of the E&O risks of providing too much guidance to customers on how to handle a claim and whether there is coverage. The presenter, Jim Redeker, will utilize case examples, storytelling and data from one of the largest E&O carriers in the United States, Swiss Re Corporate Solutions. 

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. Additionally, we send out monthly newsletters with content curated just for you and your role. Make sure you're on the list to receive our communications by heading to bit.ly/industrynewsforyou to stay in the loop!