market talk
Andrew Newman
ome of the new names being chosen for financial service providers receive a bit of stick every now and again. But since the appearance of a bank naming itself after a grocery item of the spheroid kind, surely anything goes?
The Egg thing does perhaps convey an image that crosses all barriers of occasion and class (if that’s what was intended). There’s the fried version, sizzling away in a sea of oil; the boiled item with dippy soldiers; right through to the perfectly poached variety, and fluffy omelettes, leading to Benedict and Florentine. Not forgetting the Arnold Bennett creation.
That flight of fancy happened to crop up during a conversation with LV’s Emma Banks. Being responsible for media relations at LV= she is the perfect person to counter all those queries her employer’s particular brand name has attracted since it first appeared.
By happy coincidence the Mutual equality at LV=
Auto Windscreens’ operations “temporarily suspended”
The ‘Egg’ factor S
Emma Banks
intention of the original entity behind LV= was exactly that surmised from the analogy of the egg menu given above. The aim of the Liverpool Independent Legal Victoria Burial Society founded in 1843 was exactly the same - to give financial security and peace of mind to more than just the privileged few.
The original title was easily shortened to Liverpool Victoria, and Emma Banks takes up the story. “We started off as a burial society and for many decades we were most commonly associated with ‘Penny policies’ collected
AutoWindscreens gointo admin T
he news that Auto Windscreens had gone into administration came in mid- February when it was announced that operations had been “temporarily suspended” to allow administrators to review offers for the business. Part of the blame fell on IT project delays causing a short fall in cash flow. The Chesterfield-based operation was said to be the only automotive glazing services company in the UK to manufacture its own
windscreens from its own factory. Auto Windscreens did have a somewhat rollercoaster ride in recent years, under several different ownerships. There was also a moment in 2003 - while
4 insurancepeople MARCH 2011
under the RAC brand - when money had to be returned to over 20 insurers following investigation by the ABI fraud squad and several senior management dismissals in relation to activities said to date back to 1999 before the RAC took over.
Established in 1971, the RAC brand was carried from 2001 following the purchase by Lex. Aviva came along in 2005 as part of its acquisition of RAC. Auto Windscreens described itself as the second largest UK automotive glazing company. At the time of the takeover from Aviva by German holding company Arques Industries AG, the mission statement went the whole hog. Nothing less than the
The Auto Windscreens’ factory team in happier times
aim to become the UK’s leading provider. But then, mission statements always span the gulf between the reasonable and the pipe dream, don’t they? As well as the disruption caused by changes of ownership, discontinuity of another kind in the RAC years
was a tendency to switch internal teams in the middle of projects. For instance, an industry initiative Auto Windscreens led into claims leakage caused by so called ‘car park repairs’ got off to a good start, but was then transferred to another team, and the momentum was lost.
door-to-door by a countrywide team of agents, to provide a method of saving to people of modest means.
“Things have changed a bit since then and we are now a major financial services provider, offering a range of general insurance products as well as investments and at-retirement products. We are the fourth biggest car insurer in the UK and offer a range of general insurance products both direct and via brokers.
“As part of our transformation, although we may have been looking after people and their needs for a long time, we wanted to move with the times. In March 2007 we decided to rebrand to LV= to refresh our image. Our new name recognises our heritage - the L and V representing Liverpool Victoria - while presenting us in a more modern and vibrant light. It’s shorter and more memorable.” At this point I dared to raise the dread question. What about that equals sign?
An unperturbed Ms Banks
replied. “The equals sign shows that we are a society of ‘equals’. We’re owned by our members with one-member-one-vote and we don’t have to answer to external shareholders. This status enables us to invest in offering the right products with good levels of cover and an excellent standard of customer service which benefits our customers and members.” As well as the overall LV= brand, Liverpool Victoria also uses other brands. There’s the Frizzell name for white-labelled polices to partners including CSMA and Unite. Also LV= Broker, the broker- exclusive division that includes ABC for personal lines, LV= for commercial, and Highway for fleet and personal lines.
It just remains for the Editor to nail his flag to the mast. I see no problem with the new names, and suffer little or no irritation. While a price-oriented audience tend to question a name like More Than, the fact remains we must get away from the legacy of the Brown Paper & General.
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