Sun Life rebrands in £50m bid to ‘democratise financial services’
Sun Life Direct is rebranding to Sun Life in a £50m marketing move to nurture mass-market focus through a range of low cost saving products.
The Axa-owned insurance business is now targeting younger audiences as well as the high net worth over 50s the firm aimed its most recent campaign featuring chat show host Michael Parkinson at.
To this end, the strategy will revolve around the three brand pillars of being “connected”, “confident” and “straightforward” to present the business as a viable option to those new to the market.
Products with benefits such as low monthly payments and the flexibility to top-up, stop or change payments without penalty are being developed to reach the target audience. New health and home insurance services are also due to launch over the next 18 months.
Sun Life has developed a nationwide campaign to introduce the positioning. A new logo and strapline “Life is what you make it” will also appear across all advertising, presenting the brand as “modern” and “bold”, the business claims.
Ads trumpet an investment ISA available from just £10 a month, a will-writing service, funeral plans and a new option on their Guaranteed Over 50s. It is investing £50m in the activity.
David Brooks, marketing director for Sun Life, says the strategy emphasises the values of being “straightforward and affordable”, marking a switch to a more brand led creative concept. The move is based on insights from a commissioned survey that more than a third (35 per cent) of the insurance firm’s target audience currently have no savings.
Brooks adds: “While many in the industry think a lack of trust is the biggest issue, our research reveals that the biggest challenges are actually around price and engagement. In fact, sometimes it’s simply the perceived price, rather than the actual cost, which puts people off.
“We want to democratise financial services by introducing straightforward, affordable and accessible products that make it easy for everyone to have a brighter financial future.”
Sun Life becomes the latest insurance firm to make significant changes to is marketing strategy in a bid to boost awareness in a crowded market. In May, Royal London launched its first TV advert in more than a decade to try and stand out from bigger players such as Aviva.
