Information Best Practices Thought Leadership NUMBER 2, 2015

Insurance Brand Awareness and Consumer MindshareThe Name Game

The Role of Financial Wellness Programs 44

Strategies for Recruiting Millennials 62

VOICES

1 President’s Page: Attracting New Generations to Our Industry

By Robert A. Kerzner, CLU, ChFC, LIMRA, LOMA, and LL Global, Inc.

8 A Conversation With Distribion’s Tim Storer

10 The View From the Top: An Interview With The Hartford’s Mike Concannon

92 Look Again: The State — and Potential — of Robo-Advice

By Alison F. Salka, Ph.D., LIMRA

DEPARTMENTS

5 Random Sample

6 Exclusively on LIMRA.com

85 LIMRA Global News

87 Common Ground: LIMRA’s Meeting and Networking Exchange

2 LIMRA’s MarketFacts Quarterly / Number 2, 2015

Page 16

Insurance Brand Awareness andConsumer Mindshare

The Name Game

C NTENTS

15 Guest Commentary: The Big Deal About Brand

By James W. Kerley, LLIF, LIMRA, LOMA, and LL Global, Inc.

16 Cover Story: The Name Game: Insurance Brand Awareness and Consumer Mindshare

By Jennifer L. Douglas, M.S., LIMRA

21 The Brand Journey in Life Insurance: From Mad Men to Tweets

By Richard I. Kolsky, Kellogg School of Management

25 Building a Modern Brand

By Michelle Jones, LLIF, National Life Group

28 Market Segmentation: Strengthening Your Brand One Customer at a Time

By Polly Carpenter, Carpenter Group

32 Our Transformation Into Voya Financial

By Ann B. Glover, Voya Financial

FOCUS ON BRAND

Growth Potentialin Latin AmericaA Look at the Region’s Life Insurance Consumers

LIMRA’s MarketFacts Quarterly / Number 2, 2015 3

Page 80

MARKETS

35 Commentary: Innovation in Action

By Todd A. Silverhart, Ph.D., LIMRA

36 An Uphill Battle: Small-Business Owner Perspectives on the Affordable Care Act

By Neal Shah, LIMRA

40 Transforming the Insurance Industry by Engaging With Customers

By Neil Marcus, MetLife

PRODUCTS

43 Commentary: Bridging the Gaps in Insurance Coverage

By Elaine F. Tumicki, CLU, ChFC, LLIF, LIMRA

44 Helping Employees Get “Healthy”: The Role of Financial Wellness Programs

By Anita Potter, M.B.A., LIMRA

49 LIMRA Research Highlights: The U.S. Critical Illness Insurance Landscape

TECHNOLOGY

51 Commentary: Are You Mobile-Ready?

By Mary M. Art, LIMRA

52 New Rules of the Game: How Advisors Can Succeed in the Age of Automation

By Clara Shih, Hearsay Social

DISTRIBUTION

57 Commentary: Enrollment Technology Extends the Reach of Worksite Marketers

By Ron Neyer, M.B.A., CLU, ChFC, LIMRA

58 Speaking the Same Language?: Financial Professional Views on Industry Terminology

By Emily Tracey, M.B.A., LIMRA

62 Leaving a Legacy: Strategies for Recruiting Millennials

By Breana M. Macken and Emily Tracey, M.B.A., LIMRA

RETIREMENT

67 Commentary: It’s Their Money — And We’re Going to Have to Give It Back

By Judy Zaiken, CLU, ChFC, LIMRA Secure Retirement Institute

68 A New Perspective on Retirement Planning: Segmenting

By Jafor Iqbal, M.B.A. and Cecilia Shiner, M.A., FFSI, ALMI, ACS, LIMRA Secure Retirement Institute

73 Improving Retirement One Step at a Time: A Conversation With Jeffrey R. Brown, Ph.D.

AROUND THE GLOBE

79 Commentary: Trends to Watch in India

By Ingrid R. Goodenow, FLMI, LIMRA

80 Growth Potential in Latin America: A Look at the Region’s Life Insurance Consumers

By Kristen Gillis, ALMI, LIMRA

32 LIMRA’s MarketFacts Quarterly / Number 2, 2015

FOCUSARTICLE

By ANN B. GLOVERChief Marketing Officer, Voya Financial

hen asked to describe our organiza-tion’s recent rebranding effort, I often summarize the process as our “jour-ney” to Voya Financial. This multi-

year undertaking required careful research, planning, and execution, and it was demarcated by several important milestones for the company and our employees.

On the operational side alone, approximately 200 prod-uct and 70 legal entity filings had to be completed, and thousands of pieces of marketing collateral, forms, signage, website components, microsites, and digital assets needed a refresh. Throughout the process, we remained true to our number one operating principle, which was that we wouldn’t lose one day of business during our transfor-mation into Voya. Read on to learn more about how we renamed, rebranded, and repositioned our 6,500-employee “startup” company.

What’s in a Name?

It’s been said that a great name is a compelling story reduced to its smallest form. Of course, our name was one of the most visible, easily recognizable changes we made in debuting our new brand. We began with thousands of potential names. Legal prescreening and linguistic checks narrowed this list down to 25 options that were officially presented to our executive leadership team for consideration. Three finalists emerged, and after additional research and vetting, Voya was chosen.

W

Our Transformation

On April 7, 2014, we publicly announced our new name — an abstract name coined from the word “voy-age” — along with a bright orange logo designed to reflect forward-looking momentum and optimism. On a practical level, Voya is easy to read, write, spell, and pronounce. Metaphorically, the name reminds us that a secure finan-cial future is more than just reaching a destination; it’s about a journey to financial empowerment, with positive experiences along the way.

Research-Based Messaging and Targeting

Our overall positioning statement — Voya Financial can help empower you to take control of your financial life — ultimately helped us arrive at our single-minded consumer proposi-tion, which prompts you to “Organize your money today so you can live comfortably tomorrow.” Through market research, we segmented consumers based on their level of engagement in the financial services category and overall trust in the industry.

The results allowed us to identify our target mar-ket, and we were able to have a little fun building out a persona for our target customer, who we call “Practical Patty.” Keeping Patty’s financial habits, preferences, and retirement goals at the forefront of our strategy kept us on track as we created messaging and materials to promote our new brand.

Into

LIMRA’s MarketFacts Quarterly / Number 2, 2015 33

FOCUS ONBRAND

Bringing the Brand to LifeBy September 2014, our Investment Management and Employee Benefits businesses were operating under the Voya name, and we had reached our final milestone — the rebranding of our remaining retirement and insurance businesses, and the launch of our consumer advertising campaign and redesigned website. Between September and November, we introduced Voya to the general public through a variety of integrated marketing activities.

The success of our multi-year rebranding effort was the result of thousands of Voya employees working toward a unified goal, as well our collective attention to a number of key factors, including:

• Repositioning ourselves to achieve our vision to become “America’s Retirement CompanyTM.”Our fall 2014 marketing campaign crossed multiple channels — television, digital, mobile, search, social media, and trade advertising. We introduced ourselves as a “new kind of financial services company” that helps Americans get ready to retire better. Our messaging supports that goal, emphasizing our ability to help you get started by taking small, productive steps to plan, and invest and protect your retirement savings and income.

• Employee buy-in. This transformation would not have been possible without our most important asset — our people — so we were sure to keep employees engaged and informed throughout the process. One example is the internal buzz we created around our “U.S. brand identity reveal” by treating it like a movie premiere. Our 6,500 employees are our brand ambassadors. Each day they’re interacting with customers, distribution partners, and the general public, so we made sure

they had current, accurate, and easy-to-understand information about the rebrand they could share with their networks — both within the normal course of business and outside the workplace.

• The power of orange. “Voya Orange” is a distinguishing brand characteristic and part of our identity as a company. The color reflects the optimism and energy of the brand, and it is featured prominently in our logo and overall design scheme. Integrating the color into our popular Orange Money™ marketing campaign program, which we launched in 2013 as a bridge to Voya, contributed to an even stronger connection between our brand and its signature orange hue.

• Voya Born to Save™. On the heels of a successful rebranding campaign, we were looking for bigways to raise the bar and generate awareness of our new name. In brainstorming ideas for National

Save for Retirement Week, the Voya Born to Save program was created. The morning of October 20, 2014, we announced that ever y baby born that day in the United States would be eligible to receive a $500 mutual fund investment from Voya Financial as a head start on their retirement savings. We kicked off the campaign with ads and editor ial coverage in a number of major news outlets, as well as boosted social media posts. That momentum continued throughout the week, culminating in a visit to the New York Stock Exchange. The Voya Born to Save campaign allowed

us to simultaneously promote our new brand while helping to educate millions of Americans about the importance of early saving.

“Metaphorically, the name

reminds us that a secure

than just reaching a

destination; it’s about

empowerment, with

positive experiences

along the way.”

34 LIMRA’s MarketFacts Quarterly / Number 2, 2015

1. Know who you are today.

2. Decide who you want to be tomorrow.

3. Establish metrics for success.

4. Enroll senior leaders early on — and communicate often.

5. Set your operating principles.

6. Start with your communication end game in mind.

7. Separate operational rebranding from advertising and communications.

whenever possible.

9. Be courageous.

Voya’s Rebranding Imperatives

FOCUSARTICLE

Looking AheadWe’re always looking for creative ways to educate consum-ers about the importance of retirement readiness. Going forward, we are building the Voya brand through new marketing strategies and continually optimizing our media and social/search presence. We are learning from past experiences and leveraging marketing and web analytics, research, and customer journey data to see where we need to make adjustments in our approach. We are innovat-ing in many areas, including content marketing, native advertising, and social media, to reach customers with information when, where, and how they want to receive it. Finally, and perhaps most important, we are following our own advice and enjoying our journey as Voya Financial.

Ann B. Glover is the Chief Marketing Offi-

cer for Voya Financial. In addition to lead-

ing the company’s rebranding effort, she

oversees all corporate strategic marketing

activities, including brand development,

advertising, digital and social strategy,

sponsorships, market research, data ana-

lytics and consumer insights, and business

marketing. Glover joined the company in 2008 after seven years

with The Hartford Financial Services Group, Inc., where she served

as the company’s Group Senior Vice President of Corporate Rela-

tions and Chief Marketing Officer. Prior to The Hartford, Glover

spent 13 years in key marketing leadership roles for the Pepsi-

Cola Company. She managed a number of well-known brands,

including Mountain Dew and Aquafina, and pioneered a joint ven-

ture with Starbucks where she introduced bottled Frappuccino to

the marketplace.

Glover, who speaks French and Swedish, holds a Bachelor of

Arts degree in biology from St. Michael’s College in Vermont and

a Master of Business Administration from Northeastern University

in Massachusetts. She is a director of the Greater Hartford YMCA,

The Mark Twain House, and she has previously held numerous

board positions, including serving as a trustee of St. Michael’s

College for 10 years. Glover was recently recognized as one of

Forbes’ “Top 50 Most Influential CMOs in the World,” according to

the magazine’s third annual study.