Three separate Canadian life insurance companies are amalgamating into one massive company in a huge rebranding process that will see the once-iconic London Life rebrand with two others to become known as Canada Life. Marketing experts note that the rebranding move will be excellent for appealing to new consumers, with the historic London Life company already being well-known for operating since its founding in 1874.
All three companies, London Life, Great-West Life Assurance Company, and Canada Life Assurance Company shall simply henceforth be known as Canada Life. The announcement was made by President Jeff Macoun on Wednesday morning at the historic London Life building on Queens Avenue, where the company has been historically operated since its inception.
“We are going to take all the good things about the London Life brand and we are going to continue to serve Canadians like never before,” Macoun said, per the Global News.
Company officials stressed that this rebranding operation was still early on in the process, with official regulatory oversight still being needed in order to cement the announced changes. For now, company officials are simply trying to drum up public interest in the name change and make clear its future direction.
“This is a growth opportunity for our organization. Our plan is to have more employees, more growth, more opportunities, more jobs and grow this company like never before,” Macoun told employees while addressing fears concerning job security. The company announced that its rebranding will not include any downsizing, and that no workers have to fear about replacements.
Local media sources noted that the name change may incur some damage to the city’s pride, as London Life has long been one of the major employers in the area, but coverage is still positively centered around the economic development that the rebranding is purported to bring.
According to the local London Free Press, for instance, the rebranding is being reported as an exercise in competition that will help the job provider remain prosperous in a time when much of the car insurance industry is consolidating.
“This is part of an evolution of an industry. They will still be good citizens in terms of sponsoring local events, but it will be Canada Life now,” a professor at Western University told the Free Press.
Even the local mayor was in favor of the name change, calling Canada Life a “revered brand across the country” and telling the Free Press that “it was only a matter of time before three iconic brands became one.”
