Advisors will benefit from Great-West Lifeco’s decision to consolidate its three life insurance companies under the Canada Life brand, according to Hugh Moncrieff, Canada Life’s executive vice-president, advisory network and industry affairs.
“As we simplify our business, we’re going to simplify our advisors’ businesses, whether it’s through easier tools and systems, or enhanced products,” Moncrieff said in an interview.
The brand consolidation would make it easier for the insurer to update its legacy systems, and allow it to invest in and market new products more efficiently, he said.
“Currently, we’re creating three products of almost everything we have,” he said. “By having one brand experience and one manufacturer, we’re simplifying how advisors choose products, and we’re also able to gain efficiencies in how we market them.”
Canada Life will begin announcing new products in the coming months. In the meantime, existing life insurance policies will remain unchanged for customers until the renewal period, at which point they will transition to the Canada Life brand. Group retirement and benefits products will transition next year, Moncrieff said.
Great-West Lifeco announced on Wednesday that Great-West Life Assurance Co., London Life Insurance Co. and the Canada Life Assurance Co. were coming together under the Canada Life banner, effective immediately.
The decision to unite the three brands will result in greater operational efficiency, Moncrieff said, while also making it easier for advisors to navigate the company’s service and product offering.
“The primary goal for this change, at the end of the day, is to accelerate growth and have a more simplified advisor experience and customer experience,” he said.