Question

Topic: Taglines/Names

Naming Of Term Insurance Brokerage

Posted by nichemarket on 3/18/2016 at 8:57 PM ET 250 Points
Looking for a little creative assistance. I'm launching a life long dream - a term insurance brokerage - no other products offered! Addressing the largest area of financial risk by shopping for the best underwriting match and providing cost effective coverage. Have been captive agent for years and delivered many death checks - larger is always better and nobody ever says "I wish he had whole life"

Insurance purchasing often gets complex - whole life, cash value, interest sensitive, universal life - blah, blah blah. Compromises in coverage get made when individuals confuse interest rate of return with coverage.

I have a large network of individuals and anticipate a strong referral based business.

I'm hoping to deputize the creative people on board for your input about an agency name. I have been experimenting with many different names and getting input from others but keep coming back to one name "Stork Term Insurance Brokerage" - for some reason "stork" says to me protecting young families which would be one but not the only market served. the term insurance brokerage part puts out there what people first think to purchase in the insurance space.

In trying to name my brokerage, I'm looking for long term relationships, peace of mind, protection, trusted partner - a person to which you can turn to get an answer without purchasing through a insurance clearing house portal.

insurance purchase would be done old fashion way - face too face

Not looking to re-brand down the road - not looking to expand into property casualty - I like the simplistic educate - advise - select proper amount - select company - pay premium - covered - know that protected in cost effective manner for maximum exposure -refer to others

greatly appreciate help - looking for a late summer launch

thanks

"Term Guy"
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RESPONSES

  • Posted by Jay Hamilton-Roth on 3/19/2016 at 8:00 AM Member
    Are people looking for a term insurance guy? Do people know about how most insurance agents work (through a portal)? Does it really matter to them?

    The values you state (long term relationships, etc) are also fairly standard values for insurance agents.

    So, why would someone contact YOU? What do you offer that others don't/can't/won't? What benefits can you clearly state that matters to someone who doesn't have a clue about who to go to for insurance help?

    Also - what region do you hope to serve?
  • Posted by mgoodman on 3/19/2016 at 1:29 PM Moderator
    I'm not sure "stork" will do it for you. It may not connote what you think it does to the majority of your target audience.

    More importantly, your focus on term insurance doesn't deal with the BENEFIT for your target audience. ("Term insurance" is a vehicle for something else, right?) Who are you trying to reach? Where? What's in it for them? Why should they buy from you instead of a competitor?

    My suggestion: Conduct a dozen face-to-face interviews with folks in your primary target audience. Ask them high-gain questions. Don't try to sell them anything or "lead the witness." Just ask your questions and let them talk. Listen carefully and take detailed notes, including the specific words they use.

    After you've completed at least 12 of these interviews, step back and review your notes. The name will emerge. (If it doesn't, share the notes with us and we'll find the name.)

    Remember, the name doesn't have to be meaningful for US or YOU. It has to resonate with your primary target audience.
  • Posted by nichemarket on 3/19/2016 at 8:30 PM Author
    Thank you for insight so far - in general most people don't really look to buy life insurance - it is sold to them - and in many instances the agent benefits more than the client due to upside down commissions and premiums that can't be sustained - policy lapse / surrender - vast majority of individuals walking around are under insured relying on company / employer policy which would leave survivor in dire straits - those that buy often shop online but prefer to seal deal with someone in the flesh - some sense of peace of mind that this person I met will show up with a check if something happens to them - brokerage located in south east US
  • Posted by mgoodman on 3/20/2016 at 12:10 PM Moderator
    Thanks, nichemarket. That all makes sense to me. (Disclosure: I've consulted in the insurance industry before.)

    So now the question becomes "Why 'stork?'" I would think you'd want to emphasize your reliability, honesty, peace-of-mind for the customer. "Stork" doesn't say any of those things, does it? Better to just call it "Charleston Life Insurance" (insert the right city name).

    One big advantage of using either a city name, nickname, or the name of a familiar landmark is that it says "local" and suggests that you're a neighbor/friend, and not some slick outsider.

    I'd omit the word "term" because it sounds like you are more focused on the type of policy than on the customer's needs.
  • Posted by nichemarket on 3/20/2016 at 3:08 PM Author
    This is a very constructive dialogue - in bouncing verbiage back and forth - i'm moving off stork and gravitating along a thought process of "Referred Protection Provider Insurance Brokerage" which is a mouthful and still may not resonate with insurance purchasers but I'm thinking through things from purchaser / referral source / etc. - not sure if "term" should somehow be in tag line etc. as the marketplace doesn't want to spend money on insurance and "interested parties" - parents spouse say - "you need to pick up a term / family policy with the baby on the way or to cover the mortgage" - any thoughts ... help
  • Posted by nichemarket on 3/20/2016 at 3:12 PM Author
    understand positioning of locality - i.e. Charleston etc. home town service - but I'm more into what the product stands for example Term Insurance provides protection when you need it - young child - mortgage - instant estate to offset premature death - I will leave city proper and into burbs for a client
  • Posted by Jay Hamilton-Roth on 3/20/2016 at 6:38 PM Member
    In that case, why not leverage your existing name, for example:

    John Smith
    The Consumer's Personal Insurer

    Smith Insurance (Agency)
    The Consumer's Personal Insurer

    What's missing from your current naming consideration are some clues: personal insurance (not business) and your desire to be thought of different from the rest of the insurance groups (that's why I suggest "The Consumer's..." as a leading thought - like Consumer Reports).
  • Posted by mgoodman on 3/20/2016 at 7:50 PM Moderator
    You wrote: "... I'm more into what the product stands for ..."

    That's a problem on a couple different levels. First, it suggests you are thinking about the PRODUCT more than the customer's needs. And second you are trying to sell the concept of life insurance, though you've already recognized " ...most people don't really look to buy life insurance." So you are effectively positioning yourself as a person trying to sell something people don't really want to buy.

    You probably need to forget about your product for the moment and focus instead on building trust and being sensitive to your clients' needs.

    As for the "local friend/neighbor" part, you can wander into the burbs whenever you have a prospect there ... but focus your marketing efforts on the primary target audience. If you do a really good job with them you can expand your geographic scope later. The name doesn't mean you are limited in where you can sell.



  • Posted by nichemarket on 3/20/2016 at 9:30 PM Author
    to clarify - the term product in the opinion of many (folks like Dave Ramsey) best serves the customer need - evangelist to the product as it is the purest form of protection for the consumer's needs - not into a self named company - this is great thought provoking feedback
  • Posted by mgoodman on 3/21/2016 at 7:54 AM Moderator
    I'm not addressing "the opinion of many" regarding the term product. Or whether the term product is in fact "the purest form of protection." Or whether it "best serves the customer need."

    I'm dealing with consumer perception. I strongly suspect that most consumers don't differentiate between "life insurance" vs. "term life insurance," so the distinction you are making is irrelevant. The only thing that matters is consumer perception.

    Think about the BENEFIT you deliver to consumers, not the name of the product that offers "the purest form of protection." Stop trying to specify and defend the PRODUCT and start selling the BENEFIT.
  • Posted by nichemarket on 3/21/2016 at 8:10 PM Author
    I'm at a bit of an impasse - many insurance purchasers start out wanting a term policy than get discombobulated when the agent introduces cash value and / or universal life products (both at higher commission rates) - at this point their head spins and either they fail to act or in many instances trade coverage for a cash value at some future date that never materializes if $1 M of coverage generates $45,000 a year (getting a 4.5% rate of return) - would $45,000 and a social security survivor benefit replace your income - but the vast majority I meet are not even close - oh I bought a a whole life mortgage plan on my 175,000 mortgage - yes but what about the other 575,000 of need? I hope that she doesn't need it but look at this cash number at retirement (if I live to retire) - did you max out your 401 k - no should I have - tremendous opportunity I think to give folks what they need at want at the outset - just trying to optimize the contrarian view of the commissioned - thoughts
  • Posted by Jay Hamilton-Roth on 3/22/2016 at 12:38 AM Accepted
    A couple of benefits pop out from your statement: "simplicity" (no head spinning) and "confidence" (you'll get what you need). Either or both of these benefits could be integrated into either a name or tagline.
  • Posted by mgoodman on 3/22/2016 at 11:36 AM Accepted
    If you are really serious about wanting to name your business in a way that will communicate a compelling benefit message to your primary target audience, hire Jay Hamilton-Roth for a naming project.

    You have been so engrossed in the complexities of your business that it will be very difficult to do this yourself. I agree with Jay that SIMPLICITY and CONFIDENCE are good potential benefits, as is "friend/neighbor who shares your values."

    Let an outside expert solve this for you. You need to position yourself correctly, and that's why you need a benefit-oriented name.
  • Posted by nichemarket on 3/22/2016 at 7:45 PM Author
    what about "Referred With Confidence" Insurance Brokerage
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