April 3, 2019 13:30
Since the acquisition of London Life in 1997 and Canada Life in 2002, Great-West had taken a vow to keep the three marks are independent and autonomous. The company has now decided to group them together under a single, Canada Life, and to initiate a process of merging three companies into one, The Insurance Company the Canada life.
The grouping of the three brands enters into force today as the merger of the three companies will take several months. In a release, the company justifies this union as a way to simplify the experience of its 13 million customers. The insurer also said to position it for growth ” even stronger “. The amalgamation of the companies, it aims to simplify the activities of the insurer.
All employees will continue to work in the head offices of companies located in Winnipeg, London and Toronto, as well as in other locations in Canada including those of Montreal, informs the insurer in its press release. He says after more than 11, 000 employees across the country. He adds that there will be no impact on the management team.
Embody the canadian values
In an interview to the Journal of insurance, Monique Maynard, president, Quebec business of Canada Life, said that the decision to unite the brands has been taken by the board of directors of Great-West Lifeco, the holding company of the three insurers. Ms. Maynard is also executive vice-president and chief actuary of the insurer in Canada.
“The name of the” Canada Life ” has been chosen for Canada, which evokes the deep roots of the first insurer in Canada, and embodies the values of Canadians, the stability, confidence and potential. It has also been for the word Life, which underlines our mission of improving the well-being of physical and mental health of Canadians, ” said Ms. Maynard.
The choice of Canada Life has also been the subject of a market analysis of the part of the insurer, has revealed to Mrs. Maynard. “We have done extensive research with advisers and clients. We have learned from group discussions, inter alia in Montreal and Quebec, the lure of the brand Canada Life is very important to consumers. It responds more to the needs of existing and future customers, have told us of their side advisors, we sondions already for a few years. “
The insurer had wanted to build a national brand and that he believes popular, further explains Mrs. Maynard. “The step to move to a brand is very important for us, because we give a single voice to make known what we do and who we are. It is a day very important to enable us to move forward in the market. “
The distribution remains the same
Ms. Maynard has also held to clarify that the choice of Canada Life does not change the operation of the three distribution networks of the insurer. The independent distribution and the distribution agencies careers keep their balance current.
Canada Life adds that the following brands are to remain in effect : The Quadrus investment Services ltd., Freedom 55 Financial, GWL realty Advisors and GLC asset management Group Ltd. The insurer adds that the change has no impact on the activities carried out by the holding company of the three insurers, Great-West Lifeco, the United States and Europe.
Different Transition between individual and collective
Ms. Maynard has revealed that all the insurance products for individual life, including wealth management products, of Canada Life will become by the beginning of may, available under the brand name of Canada Life, to all the networks of the insurer. “In regards to the products of Great-West and London Life, we’ll keep these marks on until the end of the year,” she added.
On the side of the insurance and group annuities, Ms. Maynard clarified that the marks remain all the three into force by the end of the year. “It is to the renewal of each group in 2020 they will be in the brand of Canada Life. “
Agility marketing and regulatory
Beyond a new logo, Monique Maynard believes that the consolidation of brands will give you much more agility and flexibility to the insurer. “We have taken this decision in a perspective of growth, evolution and innovation. We wanted to change our ways of working, improve the experience of clients and counsellors. To group brands allows us to work together, to more quickly and effectively. This facilitates our mission to improve the well-being and physical and mental Canadians, ” she started. Canada Life, she said, will thus be able to develop and make the marketing of products at once, rather than three. “We can innovate and launch a product right away! “
Canada Life may also respond with more agility to regulatory changes. Ms. Maynard has also pointed out the impact of tax changes, which have affected all insurance policies permanent life January 1, 2017. “As we had three brands, we had to change three products instead of one. We had to do the work in triplicate in the same period as the other insurers. This has been a huge load. “
Ms. Maynard did not want to specify on what products will the efforts of the new brand. “We will look at how the market is changing, according to customers’ request and also councillors. “She was also described as crucial the relationship between clients and advisers, and that it was very important to be listening.