ING on a voyage to change its name, not its color

Insurer close to being spun off in an initial public offering; business to remain the same

Apr 12, 2013 @ 12:32 pm

By Darla Mercado

ING U.S. is changing its name but keeping its signature bright orange hue.

The firm's Dutch parent, ING Groep NV, will be spinning off the U.S. unit in an upcoming initial public offering, a move that was set last November.

Under the new moniker, Voya Financial, the company will continue selling insurance, investments and retirement plans. Its broker-dealer, ING Financial Partners, also will undergo a name change that will incorporate Voya, but officials haven't yet determined what exactly that will be, according to ING spokesman Dana Ripley. In the meantime, it's business as usual for the advisers and other distributors, he added.

The company's strategy also will remain the same: Don't expect Voya to make a flashy return to the variable annuities business, which ING hastily exited about three years ago.

“Distributors wanted to know if we were changing the name, did it also mean we were changing the strategy?” said Ann Glover, chief marketing officer of ING U.S. “The answer is no.”

Voya will continue to use the color orange in its materials.

ING chose Voya out of 5,000 possible contenders, including contributions from employees and distributors. Ms. Glover said the firm picked the winner because it was abstract. “It's coined from a real word that's a positive word — voyage,” she said. “And if that has positive connotations, it gets you started on the right foot.”

Apparently, abstract names also make for unique branding.

“These names are easier to protect and own,” Ms. Glover said. “It's an empty vessel we get to fill with what we want it to mean. For us, it's providing good experiences for customers.”

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Gadget Girl

Orion's Clarke: Why integration is paramount for RIAs right now

Orion has tapped into a huge demand for customizable, integrated solutions that let advisers spend more time building their business. Hear from Eric Clarke and two of Orion's integrated partners to get their thoughts.

Latest news & opinion

Nontraded REITs to post worst sales since 2002

The industry is on track to raise just $4.4 billion, well off the $19.6 billion it raised just four years ago, as new regulations hinder sales.

Broker protocol for recruiting a boon for clients

New research finds advisers whose firms have joined the agreement take better care of customers.

Meet our 2017 Women to Watch

Introducing 20 female financial advisers and industry executives who are distinguished leaders, advancing the business of providing advice through their creativity and hard work.

Raymond James executives call on industry to keep broker protocol

Also ask firms to pay for the administration of the protocol to 'ensure its longevity and relevance.'

Senate committee approves tax plan but full passage not assured

Several Republican senators expressed reservations about the bill, and the GOP cannot afford too many defections.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print