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Aviva decides to ditch its famous Norwich Union brand (4/2008)

There was much debate over the last week among Uk Insurance Companies over Aviva's decision to ditch its Norwich Union brand. The Aviva group is intent on phasing out over the next two years the 200-year-old brand name and will then just trade around the globe as Aviva.

Andrew Moss, Aviva's chief executive, states; "By investing in a single name Aviva, we will amplify the global impact of our advertising and sponsorship spend. As we've become increasingly global, it is clear we need one name our customers can recognise wherever they are in the world." Moss added he did not expect the name change to Aviva may hit sales.

Aviva will also stop using other insurance such as Hibernian in Ireland and Commercial Union in Poland

[ Commercial Union was once another famous Uk Insurer brand now deceased] . Aviva state that more than 60 % of its business was now generated outside the UK and operating under its Aviva brand would help boost "global impact".

RAC, the motoring breakdown service, which is owned by Norwich Union, will not be re-branded, according to Aviva.

 Insurance Broker says there are Pros & Cons to removing Old Established Brands.

Martyn Spencer Financial Adviser and member of the Personal Finance Society says "It's seems for some Uk Life Insurance Providers they need to re-brand after takeovers or mergers. Sometimes this works, sometimes this doesn't.

"For example Axa took over Equity & Law in 1990's when at that time nobody had really heard of Axa in the Uk; Mark Wood the new chief executive of Axa at that time, said that he wished to raise the profile of the Axa brand to full Uk consumer awareness - which subsequently involved sponsorship of football and the FA Cup for several years. Then over time Axa just dropped the Uk brand name Equity & Law totally, leaving Axa to survive as the stronger brand in the 21st century".

"This case study was a successful example but there are others that have not worked as well. Perhaps it is a sad indictment of the world we live in, that once proud Insurance Company names from the past just die like old dinosaurs."

"Norwich Union has good Uk consumer trust and awareness, so when you get rid of that trusted brand, you have to factor in that you could possibly lose that goodwill & trust. There will no doubt be a cost in building the Aviva brand in the Uk. Martyn says "Many plan holders will have seen the Aviva name over a period of time and so for some this may come as no surprise to them. Time will tell."

  
Norwich Union, which has 22 million customers in the UK, was formed in Norwich in 1700's, offering fire insurance. Norich Union employs nearly 30,000 people in the UK.

Aviva was formed in 2002 after the Uk merger of Norwich Union, Commercial Union & General Accident creating CGNU in 1998. It is one of the UK's biggest insurer and the world's fifth-largest insurance group.

Looking in 2008 to compare Norwich Union Life Cover against other Uk Insurers

Norwich Union todays products include Norwich Union Life Assurance plus general insurance, motoring, healthcare policies. 

 
In 2008 Norwich Union Life Assurance continues to offer a wide range of Norwich Union products - Life cover, decreasing (mortgage protection) or level term assurance, Life with Critical Illness, Children's Critical Illness, Income Protection and Un-Employment cover. Norich Union today has alliances to sell their insurance products to the customers of various Banks & Building Societies as well as via brokers.

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