How to Find the Best Agency Name
As a new Medicare insurance broker, choosing a compliant name for your Medicare Marketing Agency can be a challenge. Not only must the name be memorable, convincing, and functional from a marketing standpoint, it must comply to the Medicare guidelines. Add to that the fact that once you have created the name and branded it to a website, business cards, and potentially even an office space, changing the name can be very difficult. It can feel like there is no turning back.
Fear not, in this article we will break down a process to create a name for your agency that turns the naming from a stressful endeavor to a fun, creative, and successful project. Choosing your business name is the gateway to getting your business off the ground, all you have to do is create, and crosscheck.
Create: Craft a Name That Best Markets You as a Medicare Broker or Agent
Brainstorming is a process of divergent thinking where you suspend criticism and allow your creativity to shine. But the one top-down constraint when choosing a name for your Medicare business is whether or not to use the term Medicare or not.
Beneficiary complaints and surveillance efforts by CMS have resulted in restrictions on using the name Medicare in your agency name. Additionally, some states are considering legislation that would ban the use. With that in mind, it is generally inadvisable to use the term Medicare in your name. Be sure to check your state guidelines if you choose to take that risk.
With that out of the way…let’s create a name for your business.
Being Creative is Healthy and Fun!
As an insurance agent, coming up with a name for your business should be fun. The first step is to brainstorm as many possible names as you can come up with. During this step, try not to critique, write every idea down.
The brainstorming process is meant to be a foot-on-the-gas activity. Here are some goals to strive for:
- Volume
- Ideas that build off each other
- Novelty
- Marketability
Run Your List of Business Names Across Family and Friends
Get a few friends and family involved in your process. Their input in your licensed Medicare brand name can be invaluable. You don’t have to go it along but remember, the choice is yours! Family and friends are always a great source of input and will also have questions to ask that may generate even more ideas.
Crosscheck: Questions to Ask to Ensure Business Compliance and Give You a Medicare Advantage
Now that you have a large volume of potential insurance company names, and the input of people you trust, it is time to make your selection. During this step, it is important to cross-check your list for compliance at both the state and federal level. Here are some things to watch out for:
- Avoid Misleading Names:
Ensure that the Medicare insurance agency name accurately reflects the nature of your business and the services you offer. Avoid using names that could potentially mislead or confuse consumers about the type of insurance products you provide. - Compliance with Medicare Guidelines:
Familiarize yourself with Medicare regulations and guidelines, including those related to marketing and advertising. Ensure that your Medicare insurance agency name does not imply any affiliation with Medicare or the federal government unless you are authorized to do so. - Trademark Search:
Conduct a thorough trademark search to ensure that the Medicare insurance agency name you choose is not already in use by another company in the insurance industry. Avoid infringing on existing trademarks to prevent legal issues and potential confusion among consumers. - Clarity and Transparency:
Choose a Medicare insurance agency name that is clear, concise, and easy to understand. Avoid using complex or ambiguous terms that may confuse consumers or obscure the nature of your business. - Professionalism and Trustworthiness:
Select a Medicare insurance agency name that conveys professionalism, trustworthiness, and reliability. Choose words that inspire confidence and reassure consumers about the quality of your services. - Relevance to Target Audience:
Consider your target audience and the demographics of Medicare beneficiaries when choosing a Medicare insurance agency name. Select words and phrases that resonate with this audience and address their specific needs and concerns. - Avoid Superlatives:
Avoid using superlatives or exaggerated claims in your Medicare insurance agency name, as this may violate regulations against misleading advertising practices. - Consult Legal and Compliance Experts:
Seek guidance from legal and compliance experts specializing in the insurance industry to ensure that your Medicare insurance agency name complies with all relevant regulations and guidelines. - Feedback and Testing:
Before finalizing your Medicare insurance agency name, gather feedback from potential customers and industry experts. Test the name for clarity, memorability, and appeal to ensure that it resonates with your target audience. - Domain Availability:
Check the availability of domain names and social media handles associated with your Medicare insurance agency name to ensure consistency across online platforms.
Filtering your list by these guidelines is the convergent activity that puts the brakes (as opposed to the gas pedal of brainstorming) on any non-compliant names and eliminates names that won’t work for you, helping you come up with a handful that are both compliant and marketable.
Once you have worked the list down to a handful, don’t be afraid to think about it for a bit. Take a few days and see if one really sticks, and if it is one of the ones your friends and family liked too…all the better!
Start Branding Your Original Medicare Company Name!
Congratulations! Now that you have settled on your new name, it is time to begin branding. Be sure that your social media, website, cards and pamphlets have a consistent look to highlight the trustworthiness and professionalism of your business.
Let everyone know:
- What Medicare plans you have available
- Other Medicare coverage you may offer (Medicare supplement insurance, prescription drug plans, etc.)
- Anything one might need to know about enrollment
- If you are enrolling people in Medicare advantage
- Any other plan options or drug coverage that may help
Here’s to Your New Name and Your Client’s Health!
Your business has a compliant new name and your clients have a path to find the coverage options and an insurance plan that suits them when state health insurance may not.
As a Medicare agent it is always exciting to choose a name and begin the process of helping people. Here at Medicare Marketing 24/7, we know how hard you have worked and that having to choose one name can also be stressful. If you need any help with your business, we would be more than happy to help. Contact us at any time for more information!
