The Last Word
Name Game: Some Insurers Are Shedding Their Old Monikers for New Company Names
Every corporate name change has a unique story behind its inspiration, and several insurers recently have found creative ways to rebrand their company names.
- Lori Chordas
- April 2021
It's often been asked: What's in a name? For companies, not only can a name say a lot about their brand, products and business strategy, but it often generates a first impression with customers and potential clients. This past year has seen several insurers shed their name for a new moniker.
Last year, Connecticut Medical Insurance Co. completed the final rollout of its rebrand to Integris Group. The company made the decision to change its name in 2018. Shelly Ursini, vice president of business development and marketing at Integris, said the new name was selected because “it captured the integrity and stability with which we were founded as well as our vision for the future.”
The insurance industry has a history of corporate name changes, including Conseco's rebrand to CNO Financial Group Inc. in 2010, First United American Life Insurance Co.'s name change to Global Life Insurance Company of New York in 2017, and last year, BB&T Insurance Holdings became Truist Insurance Holdings—a name that links the insurance brokerage to its owner, Truist Financial Corp.
Behind every corporate name change is a unique and different story. Some companies opt for catchy, quirky names that help them to stand out from the crowd, while others prefer short and simple monikers that are easy to pronounce and spell yet reflect the organization's history or products.
For program insurer Incline P&C Group, which last year acquired Worth Casualty Co. and Danielson National Insurance Co. and rebranded them to Incline Casualty Co. and Incline National Insurance Co., respectively, the inspiration behind its new names came from an unlikely source: a highway sign.
“Every day while driving to work I would brainstorm with one of our senior executives about a new name,” said Chris McClellan, president and CEO of the three companies.
“One day I passed a road sign, 'Incline Ahead.' We liked the word 'incline' and how it projects growth and a positive upward pathway. We took the name to the board and now we operate under the 'Incline' brand,” he said.
Often, McClellan said, “we felt that companies try to get cute with their names. We wanted something simple and straightforward. We don't advertise much because we are a program carrier and our programs partners are the ones who advertise.”
Some of the advantages afforded to companies opting to make a business name change include the opportunity for consumers to become more aligned with the organization's brand and the company's ability to target different demographics, according to an article posted on Fora Financial's website. However, it said changing a company's corporate name may potentially be confusing for customers and can be costly and complicated for organizations making the switch.
More name changes and other company information can be found in Best's Review's monthly department Corporate Changes.