Old Mutual Insure – a rebrand towards greatness
In June 2017 the 50-year old insurance brand, Mutual & Federal, changed its name to Old Mutual Insure. The rebrand supports the goal of parent company, Old Mutual, to become a fully integrated financial services provider, allowing the group to fully integrate its customer value proposition across the banking, insurance, savings and risk needs of its customers. The rebrand also allows the insurance arm of the group to offer a short-term proposition to the market as Old Mutual rolls outs its plan to be a financial services champion for Africa.
The decision to rebrand is not one that any company should ever take lightly. Mutual &Federal has had a proud history in South African insurance over many decades and it was only after extensive research had been conducted amongst employees, customers, intermediaries and key personnel that the decision to rebrand was taken.
The company eventually decided that rebranding to Old Mutual Insure would support the company’s long-term growth strategy of increasing its market share, particularly in the retail segment. In addition, it is anticipated that the rebrand will improve the customer experience and create a number of positive opportunities including enabling brokers and financial advisers to offer a full range of financial services products under one brand as well as allowing for easier access to short-term expertise. In addition, shared services are leading to lower costs and more competitive financial services and products as well as providing greater customer access to products and services via the Old Mutual footprint.
Old Mutual and Mutual & Federal are two very powerful brands with significant brand presence in the South African and broader African market. They are brands that have been around for a long time and can be considered part of South Africa’s corporate fabric. Therefore, the rebrand will give Old Mutual Insure much greater visibility in the market.
Both Old Mutual and Mutual & Federal are heavyweight brands with a long history in South Africa. The newly named Old Mutual Insure has a history that dates back more than 180 years. The company that became known as Mutual & Federal, opened its doors in 1831 as the South African Fire and Life Assurance Company. Over the years it has had a number of name and logo changes, merging with Old Mutual’s short-term insurance company, the SA Mutual Fire & General Insurance company in 1970 after which it became known as the Mutual & Federal Insurance Company.
A part of Old Mutual Emerging Markets
In 2011 the company underwent a rebrand introducing a new ampersand (&) design as part of the logo. This time, however, the rebrand is intended to ensure that the relationship with Old Mutual plc is more explicit and will ensure that Old Mutual Insure is part of the Old Mutual Emerging Markets listing in South Africa in 2018. As part of the Old Mutual brand, Old Mutual Insure will have opportunities to leverage the benefits of being part of this formidable brand in its quest to become a top short-term insurer.
Like Mutual& Federal, Old Mutual Insure is part of Old Mutual Emerging Markets.
The rebranding to Old Mutual Insure in no way takes away from the company’s core capability of offering specialised short-term insurance expertise and the company will continue to partner with brokers to offer an extensive range of insurance products and solutions to fulfil personal, commercial and corporate needs. The company also provides insurance products to the agriculture, engineering and marine sectors.
Old Mutual Insure is looking at new lines of business to diversify its revenue streams, support its mature existing lines and create relevant speciality lines. Diversification is intended to allow the brand to compete both locally and internationally.
Above the line media such as television, radio, out-of-home advertising and digital were used to establish the new name, reinforce awareness and build credibility.
The company’s brand promise is to Do Great Things.Throughout its history, it has supported South Africans in their time of need and aimed to turn setbacks into comebacks.
Living the brand promise during a time of need
Most recently the company was active in the Garden Route after the catastrophic fires that afflicted Knysna and Plettenberg Bay. Recognising that this was an extremely difficult time for those who had lost both their homes and their belongings, particularly those without insurance cover, the company, together with its employees, raised and donated a significant amount of money to relief organisation, Gift of the Givers. It established a temporary office in Knysna to assist customers; put a dedicated, centralised claims email facility in place; extended its claims call centre times; and dispatched a catastrophe van to support the team in Knysna and enable faster submissions of claims. Interim payments were made to all customers as soon as their claims had been registered.
Despite a long history, Old Mutual Insure has no intention of remaining complacent and trading on its heritage or its relationship to its iconic parent company. Instead, the brand is determined to offer customers innovative products and greater access to the group’s services. The company is focused on improving its digital capability to make it easier and more convenient for brokers and customers to transact with it.