Last updated on November 15th, 2019
There are plenty of insurance companies in any given niche making the industry highly competitive. In such a competitive market, new players face tougher competition from established companies. A simple and unique company name can help in drawing the attention of potential customers, which is essential for business growth.
Naming any business, including your insurance company, sometimes becomes a tedious task, especially when the naming process takes many days. The delay is because you want a unique, simple but creative name that stands out from your competitors. They already have exciting company names. So, amongst those names, it is difficult to come out with a naming idea that stands out.
Remember that the right name can help in driving the potential customers, while a wrongly picked name can even damage the prospects. If people get no message and instead some confusing signals from your business name, it will create doubts in their minds. They may even take your company as unprofessional. So, a brand name is essential to a new company.
Let’s Have A Look At How To Generate Business Name Ideas For Insurance Companies
01. Include Your Insurance Niche In The Name
Insurance companies have policy covers for almost all aspects of our life. The policy covers are no longer restricted to life insurance and property insurance. This is because of increasing competition in this field. Now, to compete well, even a new company wants to target only a certain class of people.
For example, a new insurance company may offer the policies only to active military people, or it may target only federal employees. Other insurance niches could be group life insurance, business policies, dangerous sports or hobbies, seniors, overweight people, and so on.
Therefore, your company name should include some words that reflect your specialization, which is your niche. When such name appears on an insurance company logo, this will help in promoting your expertise, such as life insurance or general insurance, as the logo will be published everywhere in your company’s website and different marketing campaigns.
02. Consider Your Brand Message
What message do you want to give to your target customers? That is an important question to answer. If you are clueless about what the message is all about, then know that it is about reflecting your customers’ expectations from your business. You should write down the message on a piece of paper and make sure that your company name reflects it. So, think of a name that gives hints to your customers that your company can take care of their worries.
Moreover, if, for example, you insure businesses from the auto sector, your company name will appear in your logos, brochures, business cards, auto insurance designs, promotional materials, etc. These visuals will further help deliver your message if it is there in your company name.
03. Pick An Easy Name
Give preference to an easy business name. Your customers should be able to pronounce the name easily. So, avoid the spellings that are difficult to spell, write, and remember.
With such a complicated name, they will ignore it when searching your type of insurance businesses online. Also, avoid using a misspelled version of your name. Instead, pick a name that people can spell out naturally.
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04. Choose A Long-Lasting Name
As an insurance company owner, you will be planning to expand the business. It could be that you will cover some more niches to build a strong clientele. Therefore, choose a name that accommodates your company’s future growth. The choice of words should be such that they can still represent your company’s expansion after a decade or so. A common name for various insurances niches is the trick to name your business.
Another point to note here is that your logos such as home insurance logos have company names in most cases. But customers tend to identify a business with its logo. As they do not like to see frequent changes in a company’s logo, it is better to pick a name that is still appropriate after decades of business growth, and there is no need for redesigning of a logo.
05. Research Your Competitors
Like other businesses, your insurance business also should stand out from your competitors. In any of the niches, there are already dozens of companies actively providing their services.
Your insurance company can stand out in so many ways. But a unique name of your company is the first and primary tactic to tell the clients that you run special insurance services and operate professionally.
Therefore, make a list of your competitor insurance companies’ names. Pick a name that clearly looks different from them.
07. Choose A Catchy Name
A catchy name is a surefire way to grab the attention of your potential customers. They will naturally pay attention to your company name if it not only stands out but is attractive, catchy and has some humor and fun.
Such names are memorable. People can recall your insurance company when they chat about the insurance sector or the services. So, the companies in the life insurance business, if they have catch names that appear in their life insurance company logos, people have a double impact of the name and the logo on them.
08. Brainstorm The Names
Brainstorming for the names with your company’s officials, friends and whoever matters to you is a good idea. It helps you to see the pros and cons of the names that you think are right. It also helps in preparing a shortlist of the names.
But make sure that you take help of some online platforms such as Visual Thesaurus.com, NameMesh.com, Naminum.com, and Shopify Business Name Generators. Such sites give you names around a keyword of your life insurance niche and let you generate names around a theme.
09. The Name Should Convey Some Meaning
While a name is simple, unique, and you brainstormed to find it, but make sure that it conveys some meaning as well. For example, if you pick a simple name but people cannot get what your company is about, then it will be useless for them. If you pick some abstract names that people can define in many ways, then they will not get anything from it.
Remember that a name with meaning is also useful for search engine optimization. People will search for your type of business, which means that your company name will come up in the search results. With a meaningful name, your professional graphic designer also will be inspired to come out with unique ideas for your company’s logo, business cards, brochures, websites, etc.
10. It Must Be Available As Your Trademark
Another most important point to make is to do the trademark search. Trademark registration of your insurance company’s name along with its logo design protects your business in many ways. Once registered, the name and the logo are safe and secured from any potential theft and misuse.
To research, if the names you brainstormed are available for trademark registration, visit USPTO.gov.
11. Perform A Secretary Of State Search
One of the advantages of doing a Secretary of State search is that it allows you to find out the names that sound similar to your company’s name that someone has already registered. The Secretary of State will not allow you to register the name if it sounds too similar to a name of any other company.
12. It Should Also Be Available As A Domain Name
While .com is a popular and most sought-after domain name, it may have already taken for the name you choose. If this domain is unavailable, then either try other name or other domain address such as .biz and .net. If you are obsessed with a .com domain that is not available, then see if the owner can sell it to you.
You can visit sites such as GoDaddy.com, NetworkSolutions.com to search for a domain name. Do not forget that the domain address is essential to have when you put your insurance business online using your website.
13. Get The Name As Your Social Handle
Find out if the name you picked is also available as your social media handle. After you created a remarkable social media page design to promote your insurance services on social channels like Facebook and Twitter, you find out that the handle is already booked by someone else. Avoid such things. So, check if you can get the name or its variants as your handle for most of the social channels.
14. Do Not Forget To Get Feedback
People’s opinion does matter when you want to know how your customers will react to your company name. So, get feedback from your friends, neighbors, and even your followers on social media on a list of chosen names of your company before you hire a graphic designer to insert the name in your logo and website.
These are the key considerations for choosing the names for insurance companies. Pay attention to the details at every step during the naming process.
After you have named your company appropriately, you should be promoting it aggressively. To do that, you need to create a logo, business cards, websites, and brochures. At this point, you can visit Designhill, a leading marketplace for business owners to get unique design ideas. As you launch your design contest, many designers work to create a unique design solution for your company.
Insurance companies should have simple and unique names that can convey a message to a target audience. Brainstorm with your friend and team members to discuss the pros and cons of different name ideas. But the name should also be available as your trademark, domain address, and social handle.