As the latest media reports talk of what name ANZ has chosen for it's newly purchased insurance arm 'ING Australia'. The insurance agent network voices it's concern about adopting a name that includes a reference to the bank, incase it gives the impression to their clients that they represent the ANZ.
This brings them to the point of needing to introduce a new brand or risk allianating their customer base. ( The rights to the ING brand name expire this year)
This begs the question of what value will they lose in brand equity from their purchase of the insurance buisness.
Those quirky adds with Billy Conelly and the no frills, low cost, golobal strength message are all associated with the brand name and have considerable value.
It will be interesting to see what migration strategy the branding agency use to link the past brand equity with the new brand. A simple statement such as 'the new name for' just wont be enough.
It makes you wonder wether the brand value and cost to develop a new brand were taken into the equation when the negotiations took place.
We'd be interested to hear form anyone who has experience in these areas or an opinion...
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