Hint or Tips on Picking an Agency Name?

[LostDollar]

One, don't use your city. "Peoria Insurance" wil offend people in Mattoon and Springfield etc

Two dont use your name. It makes you look like a one man operation

Three DONT use Medicare or final expense etc---then you are limited as to what you sell in the future. If you decide to pivot then your name doesnt work

"Benefits For Seniors" or "Senior Assurance"????

A man, who I now understand was an independent insurance agent, ran a successful insurance business in my hometown for 40 years with the "last name, agency" name model and a cartoon picture sign asking "Are you fully covered" on the front of his office building.

(And having said that, it probably would not surprise you to learn that I personally find Newby's office model the most desirable approach to Med Supps.)

 

[entrep1776]

I would absolutely not go with any name that has a city or state in it, in case you expand into phone sales in multiple states.

Whatever you choose do it quickly, get the test out of the way, and start selling ASAP. Which is what really matters.

Before paralysis by analysis takes over.

I took action & Scheduled/& paid ($300 for class & materials) to take required Illinois in classroom class July 20. I want all my ducks in a row to hit ground running. Be set up to be working in my business vs on my business.

Agency name
Website name
1st Prospecting campaign figured out.
???

Agree I need to sell ASAP.

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something catchy and/or also describes what you do.....


Geezer Pleaser Health and Life Insurance

Lol.

geezerpleaserhealthandlifeinsurance.com

is available!

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You are in trouble. May I just have the fee you are spending on the classroom?

There is an FE agent who speaks of suits who can't sell, teaching others how to sell. Speaking in that mode, I have the following comments:

If you are that defensive now, you are setting yourself up to be steamrollered in the field.

I have not read the whole book, but I have read in a book suggested by DHK about an "Insurance Salesman" named Ben Feldman. His pride in providing insurance and THE ABILITY OF INSURANCE TO PROVIDE AND PROTECT THE WELLBEING OF AN INDIVIDUAL, HIS FAMILY AND HIS BUSINESS is evident in every page I read.

In order to sell a medicare supplement, you must first be willing to acknowledge you are, in fact, making a living selling insurance. Then you must be willing, in the face of some resistance, to explain the characteristics and benefits of that insurance to a prospective client.

Illinois Required classroom is $175. I bought $125 in materials. print book, cds, flash cards.

After much paralysis Analysis and research, I will be serving seniors on their Medicare supplement needs. I have 100% confidence in product & need for products. Confident that after some learning/experience I will be able to provide great service.

My belief in life insurance needs some work.

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Sooner or later they are going to find out what you do so why start out trying to deceive them by hiding it?

Not mentioning buzzword Insurance initially is not deceptive IMO. I don't see need to say Medicare Supplement insurance. I will be helping seniors save money with quality Medicare supplements & medicare advantage plans.

If I see opportunity to help customers improve their situation with life insurance, then I will work with them to find best products.

I'm torn whether I want insurance as part of company name. Especially, if in 5 years I decide to branch into P&C insurance products.

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And having said that, it probably would not surprise you to learn that I personally find Newby's office model the most desirable approach to Med Supps.)

How do you mean?

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Might want to remember those using phone book still.....AAAA insurance agency

Good point. Although, I haven't gotten paper phone books this year.

brainstorming something with "goo" as first letters because everyone types Google a million times.

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If you are going to start out with Medicare Supplements, IMO you will be making a Major, Major mistake if you use "low price" as the very first competition item to hit a potential client/customer in the face with. MA agencies will "undersell" you every day of the week because you are not educating the prospect about the distinction between supplementing Medicare and replacing it. Also, I suspect that some of the Med Supp agents coming behind you will steal business based on plan features.

Suggest rethinking your marketing approach a bit and putting some more steps in it.

I might be confused but I thought a plan F was a Plan F no matter which company and had Exactly same features. So price becomes very important.

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How are you going to compete on price with the big boys unless you're selling an inferior product where the lower price reflects that?

Is not a Plan F a Plan F just less expensive depending in which company?

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One, don't use your city. "Peoria Insurance" wil offend people in Mattoon and Springfield etc

Two dont use your name. It makes you look like a one man operation

Three DONT use Medicare or final expense etc---then you are limited as to what you sell in the future. If you decide to pivot then your name doesnt work

"Benefits For Seniors" or "Senior Assurance"????

Torn on limited by using specific like Medicare in name. If I in 5 years decide to sell P&C cyber insurance to businesses. But then maybe just have 2 separate entities.

Torn on using my name in agency. Some people like to deal with "support your small veteran owned businesses." You're right does look like small operation.

Thinking limiting by using town/County. State like Illinois in name but then if I decide to sell in Florida....

 

[Yagents]

Stick with "john doe, health agent" for now.

 

[LostDollar]

So you lead with price to Paul Smith.

My agency sells MA. I get ahold of Paul Smith. Paul says, well Jones says he has the lowest price. I say Ha! Check this out. When you go with Jones you are having to pay your Medicare part B premium. You are having to buy his supplement. You are having to buy a drug plan. Now I have this nifty little plan that includes your drugs. All it requires is that you continue to pay your part B premium. In your particular zip code, the company is doing some marketing specials-not only are your drugs included in the plan, but they will give you back $25 a month of your part B premium. Who's your family doctor? Let's see, she is in network so you don't have to find a new doctor. Now there is a $5,000 annual deductible with this plan, but you are healthy right? How likely do you think it is you will spend $5K on medical expenses? Jones is talking about the lowest price, but he can't touch this price for Medicare coverage.

Or something to that effect. I don't know the fine points of MA-MedSupp differences or the fine points of selling MA-but something like that is what I think you will set yourself up for.

That video you posted is crap. It is entertainment caricature. "I am an insurance agent. I am proud to be an insurance agent. My job is to educate you about the Medicare insurance products that will help you preserve your finances as you get older and have medical conditions."

You are going to have people talk to you about "free" medicare plans. Those are most likely Medicare Advantage plans. Do you know that if you sign up for one of those you are no longer in the "original medicare program"?

And so on.

And If you lead with Plan F, another Illinois agent will come along and replace all your business with a plan G.

Price has a place, but it is not the very first thing. Education is first. Anticipating and clearing objections and competition is first.

 

[entrep1776]

So you lead with price to Paul Smith.

My agency sells MA. I get ahold of Paul Smith. Paul says, well Jones says he has the lowest price. I say Ha! Check this out. When you go with Jones you are having to pay your Medicare part B premium. You are having to buy his supplement. You are having to buy a drug plan. Now I have this nifty little plan that includes your drugs. All it requires is that you continue to pay your part B premium. In your particular zip code, the company is doing some marketing specials-not only are your drugs included in the plan, but they will give you back $25 a month of your part B premium. Who's your family doctor? Let's see, she is in network so you don't have to find a new doctor. Now there is a $5,000 annual deductible with this plan, but you are healthy right? How likely do you think it is you will spend $5K on medical expenses? Jones is talking about the lowest price, but he can't touch this price for Medicare coverage.

Or something to that effect. I don't know the fine points of MA-MedSupp differences or the fine points of selling MA-but something like that is what I think you will set yourself up for.

That video you posted is crap. It is entertainment caricature. "I am an insurance agent. I am proud to be an insurance agent. My job is to educate you about the Medicare insurance products that will help you preserve your finances as you get older and have medical conditions."

You are going to have people talk to you about "free" medicare plans. Those are most likely Medicare Advantage plans. Do you know that if you sign up for one of those you are no longer in the "original medicare program"?

And so on.

And If you lead with Plan F, another Illinois agent will come along and replace all your business with a plan G.

Price has a place, but it is not the very first thing. Education is first. Anticipating and clearing objections and competition is first.

I'm aware plan f is not equal to plan g.

My point is Company A's medicare supplement plan f is same as Company B's medicare supplement plan f. so if I can get customer through underwriting, it comes down to price. customer do you want to pay $200/month for plan f or do you want pay $150 for exact plan f.

Maybe other risk is company A raises rates and customer had change in health conditions and can no longer qualify 2 switch to company B?

 

[Yagents]

If u focus on price, u r building a transactional biz that has weak legs. This is a relationship biz.

 

[Bevo]

So if I can get customer through underwriting, it comes down to price. customer do you want to pay $200/month for plan f or do you want pay $150 for exact plan f.

Unless we get on the phone with them after you do and quickly determine through our sales process that price is NOT their dominant buying motive. We will then find out exactly what is that motive, and get the deal. We do it all week long over here.

I would suggest you try working on obtaining a sales process in which you can determine the major psychological factors of someone's decision making, rather than just assuming it's always price because I assure you it won't be.

No charge for the advice.

 

[entrep1776]

If u focus on price, u r building a transactional biz that has weak legs. This is a relationship biz.

Agree lowest price is not very sticky. But shopping their policy fairly often... I'll have to think of value I can provide besides just price.

Also liked your advice first name last name, health agent. Do you use this?

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A man, who I now understand was an independent insurance agent, ran a successful insurance business in my hometown for 40 years with the "last name, agency" name model and a cartoon picture sign asking "Are you fully covered" on the front of his office building.

(And having said that, it probably would not surprise you to learn that I personally find Newby's office model the most desirable approach to Med Supps.)

What's Newby's office midel?

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Unless we get on the phone with them after you do and quickly determine through our sales process that price is NOT their dominant buying motive. We will then find out exactly what is that motive, and get the deal. We do it all week long over here.

I would suggest you try working on obtaining a sales process in which you can determine the major psychological factors of someone's decision making, rather than just assuming it's always price because I assure you it won't be.

No charge for the advice.

Thanks Bevo. I'll have to work toward psychological factors vs. price.

 

[LostDollar]

http://www.insurance-forums.net/for...if-so-did-you-get-many-walk-ins-t87773-3.html

scan that thread for Newby's posts. Basically his wife runs an office and, among other things, he did seminars which sent people into the office. That and high volume drive by offfice signage got his wife to the point they now pretty much have a referral based business.

there was another agent posting in some office thread talking about doing monthly seminars in a rotation of towns around the place he lived. He was at the point it would be useful for him to have an office too.

goillini52 cold door knocks. Somarco sells by phone. Kgmom does face to face along with some education events. Newby's wife sells from an office. ds4 sells from an office too, I think pretty much all referral based. There are a variety of approaches. You have to choose some way to be in front of people and create a customer base until you can get to the point you have a significant volume of referrals. That's one reason the relationship comment earlier is important.

However, keep in mind those are reading only based comments from a person who is not a Med supp agent and who is probably not going to become one. Also-in regard to the office comments-I think, but am not sure, that I can get an office on a 20k vehicle a day thoroughfare at something less than retail rates. If that is not a true assumption, it would have some effect on my personal approach to the business.

 

[Yagents]

I answer my phone. It has always been me, Bill, at their beckon call. 7 days a week. No assistant or office ever. In 13 years, never been asked for my company name. If anything, they know me by my website domains, which are different than Corp name. Rarely get leads from sites. 100% referral for past 6 yrs. Snowball effect comes to mind. Activity is key in beginning years.

I sell rate consistency, not price. AARP med supp seems to b the winner in both my states. Never had a client call to move for any reason in 5 yrs. Most consistent book of easy clients I've ever had. Turning over clients in first 5 yrs won't allow for revenue growth.