Does a Name Change or Acquisition of an Insurance Company Have Any Impact on the Clients?
Recently, some insurers have changed their names. A few of them include AXA and Oman insurance companies, which are now changed into GIG and Sukoon, respectively.
For example:
AXA Group entered into an agreement and changed its name to Gulf Insurance Group (GIG) to acquire its operations in the Gulf region. The objective is to strengthen its position and become one of the largest insurance players in the industry. This will enhance exponential insurance business growth and quality of services. Even the customers will experience a strengthened client-centric service.
Regarding Oman changing to Sukoon, it reflects the changes and values of the insurance company. In other words, the brand name “Sukoon” tells everything about the company, especially the customer-centric approach. In Arabic, Urdu, and Hindi, Sukoon means peace of mind. The brand mark represents two human hands coming together, which depicts a sense of security and protection to them.
There are other insurance companies in the queue to change the name. While the reasons for changing names are different: some insurance companies are just re-branding, while others are selling/acquiring other insurance companies, the impact on policy holders are mostly going to be positive.
Most insurance policy holders are worried about the changes. They feel that the name change will impact them and their insurance policy, either the rates will increase or the services will worsen. Because of this, many insurance holders have started looking for alternatives for their insurance policies.
What’s the solution to this problem?
The simple answer is that there is no problem as such. So, there is no need for any solution. These changes in the insurance company will have minimal impact on you. The process, pricing, as well as the service will largely remain the same. Your policy benefits will not change as these are contractual in nature. There might be some teething issues in processes but given the strong insurance regulatory body in the U.A.E., these issues are going to be small and for a short lived, till the processes are institutionalized. You will continue to enjoy the insurance benefits like before.
What changes to expect after the name change of insurers?
As a customer, you will not see the real changes. Mostly branding will change, contact details etc. will change.
Other than this, the KYC/forms and perhaps bank details might change. You just need to check the forms thoroughly before submitting the new/updated forms to the insurance companies as well as ensure that all payments are being made to the correct bank account, to avoid any complications in the future.
Conclusion
For insurance companies, these re-brandings, acquisition etc. are big changes, but not for the clients. The product and service of the company will be the same for clients, till at least the policy period ends.
If you still have any doubts, please call New Age Insurance Brokers LLC at +971 4 3573378 or write to us at info@newageib.com.
