I hope this compilation of insurance industry lingo brings you a chuckle or two amidst this long, strange year of 2020.
And just a quick note – please add whatever I'm missing to the comments section at the end!
1. There's an acronym for that!
This year has been a crazy year. MYGA rates went down, MACRA took effect, our CNA is more popular than ever, and tons of new carriers came out including MAC, CNHIC, and UA.
Sometimes, I'll be sending a message to a team member, and it'll be a long string of acronyms stitched together by determiners and indefinite articles.
In the world of senior market insurance, if a phrase has more than two words, there's a strong chance it'll be shortened. Medicare Supplement? Too long. Med Supp! Compensation? Too many letters. Comp! Pre-existing condition? Pre-x.
And oftentimes, that's not short enough, so we string the first letter of each word together. Much more efficient.
Fixed Index Annuity? That's a FIA. Medical Savings Account? That's an MSA. Qualified Medical Expenses? Those are QMEs! Field Marketing Organization is obviously an FMO, Long-Term Care Insurance is LTCi, and Medicare Advantage with Prescription Drug benefits is MAPD.
The list goes on and on, but I'm still shocked at how many acronyms we use on a daily basis. Hey, it's a big time saver! Just be sure to break it down for your clients.
2. We're obsessed with fruit.
We love fruit here in the senior market sales – especially fruit that grows on trees.
The first time I heard the phrase "low-hanging fruit," it came from John Hockaday, Partner here at New Horizons.
It stuck out to me a bit, and then, I couldn't stop hearing it!
Turns out this popular sales phrase, a reference to easy targets or objectives that require almost no effort, became popular in the 1990s. Check out this chart, which tracks the ratio of the phrase "low-hanging fruit" against other popular cliches, like "easy pickings" and "easy as pie" from the New York Times archive:
Source: Language Log
The phrase gained steam in the early 2000s, and now, it's a common saying in many marketing and sales industries, including the senior insurance industry.
How to Identify & Convert the Low-Hanging Fruit in Your Book of Business, from AgencyBloc, a CRM for insurance agents
How to Get That Low-Hanging Sales Fruit from ThinkAdvisor
Fun fact: fruit is mentioned on eight of our most popular blog posts.
In fact, fruit became the theme of our Short-Term Care Insurance initiative!
We've written about the fruit that comes from the pharmacy, and how spending $28,000 on TV ads back in the day didn't bear fruit.
I could keep on going, but you get the idea. It's really just part of our vocabulary in this industry!
3. We're partial to Cadillacs.
In the world of senior market insurance, no car can come close to the almighty Cadillac.
The Cadillac is the best of the best – it's the ultimate for a completely blinged out, decked out insurance policy. The Cadillac has all the riders, the bells-and-whistles, and of course, the highest premium.
At one time, there was even a "Cadillac Tax," or a 40% tax on high-cost employer plans. (This was repealed by President Trump on December 20, 2019.)
The Cadillac supposedly became the poster child for the finest insurance in the 1970s. It gained some steam in the 1990s during the debate over the Clinton health care plan of 1993, and it's stuck ever since.
In our world, Plan F is synonymous with Cadillac, and I wouldn't have it any other way.
4. We relate to junk food.
OK, maybe this one is just our organization, but junk food is more relatable than you might think!
For example, selling a new product is hard. But once you sell one and realize how easy it is, it's like Pringles! Once you pop, you just can't stop.
If you've ever been to McDonalds, you know the profit margin on the burger is low. They're hoping you add on some fries and a drink. And if you supersize it... well, that's the magic.
We say the same thing in insurance! Sell your core product and see if you can supersize it with an add-on.
5. We love our sports!
A lot of us in senior market insurance have a background in sports. We use sports analogies all the time when thinking about how we can get better.
For example, you don't always win... and you don't always close the sale. Your coach builds a relationship with you that's unique to anything else in life... and your mentors do the same. Not every appointment is a home run, and competition can be the greatest motivator.
Push your limits, practice makes perfect, be willing to overcome your weaknesses... a sports background can be a huge asset in this industry!
A lot of industry images and ads pay homage to sports as I'm sure you've noticed.
We even have a new "Cover Your Bases" blog theme for agency owners – we sure do love our sports!
Conclusion
I hope this gave you a breather from the busy season to come! I know I'm missing some fun examples, so leave those in the comments below.
And if you want to catch a few more laughs, be sure to check out 16 Funny Insurance Memes That We Can All Relate To.
