Review of Literature

When reviewing and investigating the literary works used in the creation of the recommendation report, there were 4 main themes that continued to show up:  the building of the agent-client relationship, increasing insurance literacy among Gen Z,  transparency within communication, and the creation of trendy educational content. 

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Insurance Literacy – Increasing Insurance Literacy Through Short, Entertaining and Educational Media Content:  
 
Insurance professionals express that the lack of insurance literacy is common so using social media to educate can be effective. Insurance professional Jen Matteis states “An informational approach on social media can be the best online marketing strategy and a way to increase sales” (Matteis, 2024). She explains how when you cater to people's educational needs sales go up. Daniel Clark, a guru of B2B marketing and professional networking, agrees with this. He states “Provide valuable information about insurance policies, coverage options, and industry trends. Educational content positions you as an expert in the field” (Clark, 2024). Here he is explaining how to incorporate educational aspects in social media marketing for insurance. These authors both support the idea that it is important to contain educational aspects in social media marketing for insurance. 
 
 
Trust Building – Show the Clients the Humanity of the Agent and the Company:  
 
Social media can be used as an outlet for insurance brokers to build trust with clients, this leads to long lasting clients and expanding the range of clients. Laehn, an employee benefit advisor, states “The key to success in this new digital era is to marry sophisticated technology with real-life human beings to create meaningful connections between advisers and consumers” (Laehn, 2018). These meaningful connections build trust and enhance sales. Christina Newberry, an award-winning author and editor, agrees with this. She states “social media provides two-way communication. And it’s a great vehicle for behind-the scenes content. These are both opportunities to humanize your brand. You can show that your workforce is made up of real people who have your clients’ best interests at heart” (Newberry, 2023). Here she explains a few ways to build trust between insurance brokers and clients via social media. These authors both support the idea that building trust is an important aspect to include when marketing insurance via social media. 

 

Consistency in Social Media Content and Posts: 
 
To be successful, most businesses possess social media influence, but what separates successful businesses from unsuccessful ones is the ability to use social media to grab the viewers' attention with transparency and consistency. According to Isaac Deel, an undergraduate student at East Tennessee State University, researched what to do to promote the most engagement. One business he studied found that consistency is key: “The content plan that worked best for Green Llama on Facebook and Instagram was 2-3 reels per week, 1-2 posts in per week, and 1-2 stories each day. Over a three month period, this plan increased organic reach on both platforms by over 368.9 % and total followers by 50%” (Deel, 2023). Along with consistency, a business also needs transparency, and a study done by business.com shows this, agreeing with Isaac Deel. According Bussiness.com, a top costumer rated business website, “Social media platforms play a key role in successful brand-consumer relationships and are some of the best places to be real with customers since it is more personal than other marketing channels. This is especially true with millennial and Gen Z consumers, with 79 percent and 74 percent, respectively, saying that company transparency is important” (Nab, 2024). If a business pairs these two methods together of transparency and consistency within their social media platforms, their business will be more successful over time.   

 

Transparency with the Client- No Hidden Agendas:  
 
Social media has greatly affected the wants and desires of Gen Z costumers, and a big value for Gen Z individuals is the transparency offered by their insurance companies. According to ASNOA (Agent Support Network of America), the leading independent insurance network in America “Gen Z values simplicity and transparency in insurance products. They prefer policies with clear terms and conditions, straightforward language, and no hidden fees. This generation seeks to understand exactly what they’re buying. Insurers who provide educational resources, such as blogs, videos, and interactive tools, are more likely to gain their trust” (Larson, 2024). These individuals have access to more information at the tips of their fingertips from such a young age, and the ability to have more information comes with the side effect of more lies along with the information; therefore, Gen Z wants insurance companies who are honest with them. The insurance industry’s top online resource, InsuranceBusinessmag.com, agree withs ASNOA, stating “transparency should be top of mind for carriers who are catering to this growing consumer base... Gen Z is also interested in having more insight into what exactly a policy covers and excludes, and not having to read exhaustive fine print to locate that information” (Saric, 2023). People want to know straight to the point what is being offered to them, and both of these leading industry resources and networks agree. To grow a customer base with Gen Z individuals, companies need to advertise the facts and carry the truth over to the conversations with the clients being transparent and truthful above all else.   

 
Customer Interest- Meet the Clients Known Need and Investigate Unknown Needs Further Needing to Be Discovered:  
 
Companies that post and promote what customers like on their Facebook pages are more likely to gain and keep loyal customers. Angela Brown-Peterson stated, "Although existing research had contradictory results, companies who give customers what they want on their Facebook pages in regard to posts and promotions are more likely to attract and maintain loyal consumers" (Brown-Peterson 2017). Since younger clients are more likely to engage with and trust companies that meet them where they are online, like on Facebook, and by sharing relevant posts and promotions, we can better inform them about insurance and build loyalty. In addition, we can succeed in the digital age, small businesses need to see how social media and digital scaling help each other. According to Sagar Gawde "The key to small business success in the digital age is to acknowledge the mutually beneficial relationship between social media and digital scaling" (Gawde 2024). Since younger clients use social media frequently, and by being active online, we can share helpful information about insurance and build trust with them. Social media can help us gain and keep younger loyal clients.  
 

Relationship Building - Key to Costumer Loyalty:  
 
Small businesses owners can effectively use social media to enhance customer engagement, build relationships, assess performance, and address client issues. According to Joanne Chinen-Moore "small business owners successfully developed and implemented social media marketing strategies to increase their sales and revenue" Using social media can help us find more engaged clients, build stronger relationships with them, and address any client concerns more effectively. In addition, we can use social media to show off their values, mission, and personality, which can help attract and keep clients. According to Alexander Jr. Edlam "SMEs may utilize social media to highlight their business’ beliefs, purpose, and personality, attracting and retaining clients." Using social media can help our insurance broker show what they believe in, what they aim to do, and their personality, which can help attract and keep clients. Social media helps our insurance broker to keep and attract clients and build relationships.  

 

Our research into client-agent relationship, transparency, Gen Z illiteracy, and creation of trendy and educational content helped our team better understand the scope of the challenge as well as emerging best practices and industry trends. The Analysis portion of the Recommendation Report explores only our most relevant findings in more depth and supports each of the team's recommendations with this compelling evidence. Link to Analysis Section here.

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