Insurers place great importance on brand when marketing in the Canadian space, but companies are coming around to the idea that simple policy language is an even more powerful tool
Insurers place great importance on brand when marketing in the Canadian space, but companies are coming around to the idea that simple policy language is an even more powerful tool.
Following on the heels of the announcement of the sale of Transamerica Life Canada to Wilton Re, Suzzette Chapman, VP of marketing at Transamerica, tells LHP the release of a new name and new brand is coming by the end of October.
But while rebranding remains front and centre for a number of insurance companies across Canada – including Canadian Premier Life, Legacy General Insurance Company and Aegon Capital Management – advisors are suggesting that the simple act of rewriting the language of life policies in clear layman’s English holds as much marketing value as rebranding.
“A lot of times advisors have a hard time explaining those definitions and at the same time clients have a hard time understanding,” Christopher Dewdney, financial security advisor at DWL Financial Services, told LHP. “What ends up happening is, they say, ‘Is this thing going to pay out? Or what does it take for this thing to pay out?’ because they don’t have a medical background.”
So while the fresh logo needs to catch a client’s eye, that same eye will expect clear, understandable language so that there is no confusion when it comes time to make a claim, say advisors.
Following on the heels of the announcement of the sale of Transamerica Life Canada to Wilton Re, Suzzette Chapman, VP of marketing at Transamerica, tells LHP the release of a new name and new brand is coming by the end of October.
But while rebranding remains front and centre for a number of insurance companies across Canada – including Canadian Premier Life, Legacy General Insurance Company and Aegon Capital Management – advisors are suggesting that the simple act of rewriting the language of life policies in clear layman’s English holds as much marketing value as rebranding.
“A lot of times advisors have a hard time explaining those definitions and at the same time clients have a hard time understanding,” Christopher Dewdney, financial security advisor at DWL Financial Services, told LHP. “What ends up happening is, they say, ‘Is this thing going to pay out? Or what does it take for this thing to pay out?’ because they don’t have a medical background.”
So while the fresh logo needs to catch a client’s eye, that same eye will expect clear, understandable language so that there is no confusion when it comes time to make a claim, say advisors.
