Happy Wednesday! We're less than a month away from InsurCon2023 and this week's Big I Buzz will cover everything you need to know about our kickoff Networking Event at InsurCon. We'll also share the 10 least expensive cars to insure according to WalletHub. 

InsurCon2023: Mineshaft Social Hosted by the IIAW's Emerging Leaders

Attention all InsurCon attendees! Don't miss out on the exclusive social networking event at the iconic Mineshaft in Oshkosh. Join us for an unforgettable night of connecting with industry professionals. As an added bonus, registration for InsurCon grants you free access to the Mineshaft social, and we will have a hosted and cash bar throughout the night. Mark your calendars and make plans to join us at Mineshaft! They have a great selection of drinks and even an arcade room! Learn more and register here. 

WalletHub: 10 Least Expensive Cars to Insure in 2023

WalletHub has listed the least expensive cars to insure and here are their findings: 

10. Nissan Versa -  WalletHub's annual premium estimate $2,011

9. Chevrolet Tahoe -  WalletHub's annual premium estimate $2,006

8. Jeep Grand Cherokee - WalletHub annual premium estimate $1,999

7. Toyota Tacoma - WalletHub annual premium estimate $1,989

6. Toyota Highlander - WalletHub annual premium estimate $1,978

5. Toyota Sienna - WalletHub annual premium estimate $1,966

4. Ford Escape - WalletHub annual premium estimate: $1,877

3. Honda Odyssey - WalletHub annual premium estimate: $1,800

2. Dodge Grand Caravan - WalletHub annual premium estimate: $1,786

1. Subaru Forester - WalletHub annual premium estimate: $1,774

Read more from these findings here. 

Don't forget if you haven't already updated your information to head back to this week's Big I Buzz email so you can receive our monthly email curated for you and your role. 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're sharing the priciest places to own a car and why you'll want to join InsurCon's Kickoff Presentation on May 16th. 

Forbes Advisor: Priciest Places in the U.S. to Own a Car

Forbes Advisor recently tabulated the various expenses associated with vehicle ownership to determine the most and least expensive states in the U.S. to own a vehicle. Here are their findings: 

10. Wyoming (tie) - "Drivers in the Equality State have the second highest average monthly auto loan payment ($636) and pay the 13th highest amount for check engine light-related car repairs ($397.79) on average. "

10. Washington (tie) - "Gas prices in Washington are the fourth highest in the nation. ($4.21 per gallon of regular gasoline)."

9. Louisiana - "Louisiana ranked third highest in the nation for two of the metrics that we considered: average annual cost of full coverage car insurance ($3,629), and average monthly auto loan payment ($627)."

8. New Mexico - "Drivers in the Land of Enchantment have the fourth highest average monthly auto loan payment in the nation ($616)."

7. Georgia - "Georgia's drivers pay the fourth highest amount for car repairs ($407.71 on average), and have the eighth highest average monthly auto loan payment ($590)."

6. Maryland - "Maryland is the fifth most expensive state to buy full coverage car insurance ($3,349 per year) and the 11th most expensive state for check engine light-related car repairs ($399.07)."

5. Alaska - "Alaska drivers pay the seventh highest gas prices ($3.84 per gallon of regular gasoline) and have the ninth highest monthly auto loan payment ($583 on average)."

4. Florida - "Florida drivers pay the second highest amount, on average, for full coverage car insurance ($4,326 per year)."

3. Colorado - "Centennial State drivers pay the second highest amount for check engine light-related car repairs ($417.14). 

1. Nevada (tie) - "Gas prices in Nevada are the third highest in the nation ($4.24 per gallon of regular gasoline."

1. California (tie) - "With the second highest gas prices ($4.76 per gallon of regular gasoline) and the third highest average car repair cost (415.66), California tied with Nevada as the most expensive state to own a car in the country."

Read more from PropertyCasualty360 here. 

InsurCon2023's Kickoff Presentation

Gain valuable insights from Brent Kelly, President of Sitkins Group, the leading firm for empowering independent insurance agencies. With his deep expertise and extensive hands-on experience in the insurance industry, Brent has worked with several of the top 100 agencies in the country to help them gain clarity, build consistency and maximize their performance. As a sought-after expert in the industry, Brent has partnered with the Cincinnati Insurance Company and Reagan Consulting as an integral part of the Agency Leadership Institute. 

In our kickoff presentation for this year's event, Brent will share his knowledge and expertise to help you gain influence, maximize your potential and grow your book of business. Don't miss out on this opportunity to learn from one of the best in the business. 

Register now for InsurCon2023 and don't miss this year's kickoff presentation from Brent Kelly. 

Don't forget if you haven't already updated your information to head back to this week's Big I Buzz email so you can receive our monthly email curated for you and your role. 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 and last week of March! In this week's Big I Buzz, we are highlighting the three breakout sessions you can choose from when you attend InsurCon 2023, 6 ways to avoid burnout at work and states with the highest speed-related traffic deaths. 

Register Now and Select Your InsurCon2023 Flight Path

The IIAW's annual convention, InsurCon2023, has something for every attendee. You can choose the breakout session that aligns with your interests. Here are the options: 

1. Agency Planning: Mapping Future Flight Paths
   
   There has never been a better time to be an independent insurance agency owner. Multiples are at an all-time high, technology solutions are plentiful and 63% of all agencies are growing. In this session, a group of experts will help you prepare for your future. Whether you are looking to grow by acquisition or transition your agency's ownership planning ahead will position you to have the most opportunities possible. This path will walk you through practical topics like understanding and calculating your proforma EBITDA and why that is important to know the value of your agency. It will also cover industry benchmarks that you should know and cover the common risks inside your agency and provide you with strategies to minimize those risks. 
   
   The group of industry experts will help you define the criteria for your ideal acquisition targets and how synergies, time and mechanisms can all impact the price of an agency. You will leave this session knowing how you can leverage your banking relationships as a strategic partner and be well-prepared to map your agency's future flight plans! These highly respected and desired industry experts will lead you in this workshop which will help take your agency to new heights. 
   
   Speakers: Carey Wallace (AgencyFocus), Curt Van Auken (Security Financial Bank) and Josh Johanningmeier (IIAW General Counsel - Godfrey & Kahn)
   
   
2. Flight Path to Digital Marketing
   
   Enhance your digital presence, both personally and as a brand, during this hands-on digital marketing experience. The superstar pilots at Viral Solutions will lead this Flight Path to Digital Marketing, guiding you through developing a balanced and effective marketing strategy, creating compelling content for your website and enhancing your company's internal and external communication with tips for generating clear and simple messaging.
   
   Speakers: Meagan Van Ahn, Aaron Salata and Thomas Von Ahn from Viral Solutions
   
   
3. Top Gun Communication & Negotiation Skills
   
   Every insurance professional must be skilled to influence or negotiate on a regular basis, so this flight path is open to anyone looking to improve these areas. New Level Partners will lead the engaging & interactive Top Gun Communication & Negotiation Skills flight path. This interactive workshop will help attendees plan and communicate for maximum impact and influence, represent their best self, negotiate to gain positive outcomes, understand 'no' and adapt to challenges in the negotiation process. The content in this workshop draws from New Level's direct experience in the insurance industry and then reinforced by the expert research and authorship of many key contributors to the field of negotiation.
   
   Speakers; New Level Partners

Don't miss this year's convention. Register now and select your flight path here. 

6 Ways to Avoid Burnout at Work

Addressing burnout at work starts by addressing the symptoms. According to Property Casualty 360, some signs to watch out for are  frequently feeling overwhelmed or exhausted, becoming frustrated and cynical, suffering performance, work is always a top priority, lack of sleep and experiencing health issues."

However, Life Hacker Guy, a nutrition and health site, offers these ways to address the symptoms of burnout: 

1. Get enough sleep. 

2. Exercise regularly

3. Eat well

4. Take a break. 

5. Don't forget to treat yourself. 

6. Ask for help. 

You can read more about recognizing and addressing burnout here. 

These States See the Most Speed-Related Traffic Deaths

According to the National Highway Traffic Safety Administration (NHTSA), found that car crashes cost Americans $340 billion in 2019 when an estimated 36,000 people were killed in automobile accidents, 4.5 million were injured and some 23 million vehicles were damaged. 

These are 10 states that saw the most speed-related traffic deaths from 2010-2020, according to Forbes Advisor. 

10. Arizona - 33% of roadway fatalities were caused by speeding (353 speed related fatalities total)

9. New York - 36% of roadway fatalities were caused by speeding (378 total)

8. Georgia - 23% of roadway fatalities were caused by speeding (380 total)

7. Missouri - 43% of roadway fatalities were caused by speeding (421 total)

6. Pennsylvania - 41% of roadway fatalities were caused by speeding (459 total)

5. Illinois - 39% of roadway fatalities were caused by speeding (460 total)

4. North Carolina - 32% of roadway fatalities were caused by speeding (489 total)

3. South Carolina - 46% of roadway fatalities were caused by speeding (494 total)

2. California - 32% of roadway fatalities were caused by speeding (1,228 total)

1. Texas - 37% of roadway fatalities were caused by speeding (1,446 total)

Don't forget if you haven't already updated your information to head back to this week's Big I Buzz email so you can receive our monthly email curated for you and your role. 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.

The ability to adapt quickly to change is not only a virtue in life, but also a tenet of any good business. As agents know oh-so-well, the insurance industry is changing rapidly and so are the needs of independent agents. The IIAW recognized many of these trends early on and strategically invested in Independent Market Solutions (IMS). 

IMS provides markets to agencies with the goal of perpetuating the independent agency system, especially for small and rural agencies that can sometimes struggle to keep markets. It also works to solve problems when markets are distressed or the need for new specialty or niche markets arises.

Because IMS takes a broad approach to market access, it means any member agency, whether a start-up or a mid-to-large sized, can take advantage of the greater efficiencies through scale, enhanced insurance company-agency relationships, and competitive terms the program offers. Thanks to the partnership among several state associations through IMS, the program creates greater volume, leverage, and, ultimately, better terms for IMS sub-producers.

As the industry evolves, the menu of product offerings at IMS continues to expand to provide a robust market access alternative for our members—with no strings attached. To get started with IMS, click here.

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.