We're changing
General questions and answers
Your questions
- Who is Aviva?
- What will the change mean?
- Why are we doing this?
- When will this happen?
- Why now?
- Where does the Aviva name and brand come from?
- How much will this cost?
- Do you expect to see a dip in business as a result of the rebranding?
- Why kill a well-loved British brand and replace it with an unknown entity? Surely you will lose customers?
- Is there a risk that you are destroying leading brand names in Norwich Union and Hibernian?
- Norwich Union is a trusted brand, isn't there a real chance that you will lose sales to traditional providers such as Prudential?
- Why will RAC not be affected?
- Will my premium/commission go up to pay for this?
Our answers
Who is Aviva?
Aviva has grown in recent years to become the world's fifth-largest insurance group and the biggest in the UK. We are one of the leading providers of life and pensions products in Europe and have substantial businesses throughout the world.
What will the change mean?
As part of the group's 'One Aviva, twice the value' growth strategy, the Norwich Union brand in the UK, the Commercial Union brand in Poland and the Hibernian brand in Ireland will become Aviva over the course of the next two years as we create a powerful new global brand.
Why are we doing this?
There are real commercial benefits for our customers, employees and shareholders. We are now a global business and we need one name our customers can recognise wherever they are in the world, while bringing the best products and services to new and existing customers. A global brand will bring everyone in the business together as one team and will help us to attract and retain the best people in the industry. For shareholders, this is an important milestone in delivering our twice earnings per share by 2012 at the latest target.
When will this happen?
The migration will take place over two years with Norwich Union (UK), Commercial Union (Poland) and Hibernian (Ireland) brands becoming Aviva. More specific timelines for the change will be published over the coming months and we'll be making sure that, through our communications, we take all our stakeholders along with us on the journey to a global brand.
Why now?
We've been building the Aviva brand around the world since its introduction in 2002 and Aviva is now the customer brand in more than 20 countries. It has gained enough worldwide recognition for us to be able to move the Norwich Union, Commercial Union and Hibernian brands to become Aviva. We need to start to leverage the benefits this yields in terms of making the most of our marketing spend and ensuring expertise is shared across markets.
Where does the Aviva name and brand come from?
Aviva was chosen as the new name for the former CGNU after an extensive research exercise which showed that none of the group's existing names had the potential to become a global brand. The Aviva name researched positively across all markets and the change represented part of the group's planned journey towards being recognised as a world-class financial services provider.
The Aviva brand brought together more than 40 different trading names around the world and created further opportunities for the group to harness the benefits of its size and international capabilities.
The Aviva brand has been successfully launched in over 20 markets with increasing global recognition. In 2002 there were 40 different brands used in the Aviva group: now there are only a few where we do not trade as Aviva.
How much will this cost?
The cost of rebranding will be more than balanced by the increased effectiveness of our marketing spend as we'll only be supporting one brand rather than multiple brands. The transition will happen over the next two years and we will spend no more than other brands which have done similar things.
Do you expect to see a dip in business as a result of the rebranding?
We anticipate that like a lot of other brands that have done this well that we will see renewed brand awareness and growth.
Why kill a well-loved British brand and replace it with an unknown entity? Surely you will lose customers?
Why should we if we bring them with us, using the strong heritage and the values of Norwich Union which will continue to thrive.
Is there a risk that you are destroying leading brand names in Norwich Union and Hibernian?
We have taken this decision with great care. We have carried out extensive external and internal research in order to help us decide on our brand strategy. This decision is about the transformation of our business to achieve our "One Aviva, Twice the value" vision. We're a growing global business and we need one name our customers can recognise wherever they are in the world.
Norwich Union is a trusted brand, isn't there a real chance that you will lose sales to traditional providers such as Prudential?
The transition of the Norwich Union, Commercial Union and Hibernian brands to Aviva will take place during the next two years. There is no immediate change and we will work to ensure the great heritage of these brands is recognised.
We will be investing in the Aviva brand over the next few years to ensure it becomes a well known brand that our customers want to do business with.
Why will RAC not be affected?
RAC is a specialist brand in a specialist market. It has very specific trust and recognition from its members for roadside recovery services.
Will my premium/commission go up to pay for this?
There will be no change to premiums/commission as a result of this development. Our prices are compiled based on market rates and risk and a brand change will have no impact.