Rebranding focused on future growth

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This article was published 25/11/2019 (2293 days ago), so information in it may no longer be current.

A new flag will be raised in Winnipeg today, marking the rebranding of the city’s largest, and one of its oldest, companies.

Canada Life Assurance Company will become the new Canadian brand for three operating entities of Great-West Lifeco Inc. — Great-West Life Assurance Co., London Life Insurance Co. and the “old” Canada Life Assurance Co.

The Winnipeg-based parent company also owns operating companies in the U.S. and Europe.

The flag-raising comes several months after the company originally announced its intention to do the amalgamation. Since then, over the past eight months, the company received approval from policyholders. Earlier this month, it received regulatory approval and the official endorsement from the office of the federal finance minister.

Jeff Macoun, the president and chief operating officer of Canada Life Assurance Co., said the company received a from policyholders, as 90 per cent of those who voted, were in favour of the amalgamation.. (The company only needed to receive 75 per cent support from the policyholder groups from each of the three companies to go ahead.)

“We also needed final regulatory approval, which we did not take lightly,” Macoun said.

With all of the technical approvals in place, the company says that as of Jan. 1, it will change the name of the three operating units to Canada Life Assurance Company.

“This is a momentous announcement for us,” Macoun said. “It was a big job. It has been exciting, but we still have lots to do.”

Canada Life signage went up at 100 Osborne St. on the weekend. An official event will be held with staff at the Osborne Street head office today and word is now going out to customers, the insurance companies’ advisory networks and other third-party partners.

Then, on the first day of the new year, the amalgamation and rebrand will officially commence.

The move will end more than 20 years of operation of multi-brand channels. Great-West Lifeco acquired London Life Insurance Group Inc. in 1997 and Canada Life Financial Corp. in 2003.

Not surprisingly, the move is expected to create plenty of efficiencies and cost savings.

“It will enable us to create a significantly enhanced experience for our customers,” Macoun said. “We have a compelling vision of where the marketplace is. It starts with the customer (and) ends with the customer.”

While all existing products will become Canada Life products — be it Great-West life group benefits or Freedom 55 London Life individual life insurance — all existing products will remain active and unchanged as per their contracts.

But as new products are developed, they will be released on the single Canada Life platform. Investment products from the three companies will also be rebranded and some consolidation will occur.

“Moving forward under one brand will allow speed to market and efficiency,” Macoun said. “It is going to allow us to increase investment in technology and focus on innovation.”

One might wonder if, by eliminating a lot of duplication and streamlining product offerings, the company might be looking to pare back its workforce. But Macoun said that is definitely not the intention.

“This is a growth play for us,” he said. “Our success will be a bigger footprint in Canada. We are not doing this to get smaller.”

The rebrand is exclusive to the company’s Canadian operations, where between the three companies, it is involved in the health and welfare of one in three Canadians.

The holding company, Great-West Lifeco Inc. (which is not changing its name) had about $1.4 trillion in assets under administration at the end of last year. Its international operations will not be affected by the rebrand.

martin.cash@freepress.mb.ca