The US insurance industry has seen a wave of rebranding efforts from longstanding and newer players alike in recent years. Whether it’s a full-scale overhaul or a subtle tweak of logos and slogans, these changes are not just about aesthetics—they are strategic maneuvers to address broader challenges and opportunities in an evolving market.
One expert Insurance Business spoke to noted that the accelerating pace of mergers and acquisitions (M&A) has spurred the need to consolidate brands, especially for larger organizations.
“There’s a lot of M&A activity where carriers are acquiring different business units,” said Peter McMurtrie (pictured top, left), partner in West Monroe’s insurance practice.
“As they do, they inherit existing brands, which traditionally carry significant brand equity. However, managing a large portfolio of brands can be inefficient and may obscure the full scale of the organization.”
McMurtrie, who has more than 30 years of experience in insurance, joined West Monroe from Nationwide, where he previously served as president of property & casualty commercial insurance and saw the firm carry out its own rebrand in 2015.
“They consolidated several subsidiary brands under the Nationwide name. This not only lowered marketing costs but also amplified their market presence,” McMurtrie said. “Consolidating multiple brands into a single, unified brand can be more efficient and cost-effective, and it helps the company be perceived at a larger scale in the marketplace, rather than as a collection of smaller entities.”
Rebranding is often a way insurance companies show they understand and are aligned with these evolving customer preferences. Brands are increasingly emphasizing customer-centric values, such as ease of access, transparency, and support for digital engagement.
At the same time, rebranding allows companies to signal their new strategic focus. Insurance giant FM Global, for instance, announced it was dropping “Global” from its name to be known as FM. FM will serve as the parent brand for all of the company’s lines of business, including its flagship mutual insurance company, middle-market insurer AFM, now known as FM Affiliated.
“We’ve been around for almost 200 years, and about 25 years ago, our remaining mutuals combined to form FM Global. Since then, we’ve grown significantly,” said Johnell Holly (pictured top, right), SVP, global client services, sales and marketing at FM.
“While our core values and what we bring to our clients remain the same, we’re now a much larger, more globally integrated company. It was the right time to refresh the brand and present ourselves accordingly.”
Staying relevant amid technological disruption is another motivating factor for insurance companies. Companies like Allstate and State Farm have integrated technology and digital-friendly services into their offerings, often accompanied by a brand refresh that highlights these innovations.
When a company faces a significant reputational challenge, such as a scandal, legal issues, or public relations crises, rebranding can serve to rebuild trust with consumers and restore its image. Earlier this month, Chicago-based insurance broker Guaranteed Rate Insurance rebranded to Rate Insurance following reports of a toxic culture within the organization as it experienced rapid growth.
McMurtrie pointed out that these moves aren’t unique to the insurance industry. “Brands often pivot for reputation management, either by creating a new brand or refreshing an existing one to reshape public perception,” he said.
“There’s the iconic story of British Petroleum adopting a green logo to signal environmental responsibility after a major tanker leak. While rebranding for image change is less common [in insurance], it does happen.”
Whatever the company’s reasons for presenting a fresh image, the success of a rebrand often comes down to intentionality.
“The key is that rebranding must be purposeful, especially when carriers are highly sensitive to their expense and loss ratios,” McMurtrie said.
“There must be a clear alignment of the brand to the mission vision, to the purpose of the organization, and an ability to create that connectivity. If you’re changing from a legacy brand, you’ve got to be able to bring that story along.”
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