ING U.S. continued its rebranding efforts today, renaming its employee benefits business “Voya Investment Management.” The name change is the second phase of the Dutch financial services company’s larger rebranding effort that began last month, when ING U.S., Inc. began officially operating under the name Voya Financial, Inc.
The company coined “Voya” from the word voyage, believing it “reflects momentum and optimism, and a view towards the future,” said Ann Glover, chief marketing officer of Voya Financial, in a press statement. “Most importantly, the name reminds us that a secure financial future is more than simply reaching a destination; it’s about a positive journey to financial empowerment, and knowing that Voya can help you take control along the way.”
The rebranding effort started in reaction to the late 2000s financial crisis during which the ING Group took a capital injection from the Dutch government. As a condition of state aid, the European Union demanded changes to the company’s overall structure. These new demands resulted in a divestiture of insurance businesses around the world. As part of the process of becoming a stand-alone U.S. company, ING U.S., Inc. is rebranding its operations to Voya Financial.
Voya Financial is staggering its rebranding effort so it can proceed “in an orderly fashion.” The company plans for all remaining ING, U.S. businesses to switch over to Voya by September. Other aspects of the ING- now Voya- brand remain the same, however, starting with the color orange. The company, which strives to be “America’s Retirement Company,” has three business lines: Retirement Solutions, Investment Management, and Insurance Solutions. Each business line supports the company’s overarching goal to help Americans advance their retirement readiness, according to Voya.
We here at Knightsbridge Branding know all about rebranding and this effort by ING U.S., Inc. is right up our alley. As a multinational institution in charge of billions of dollars of assets, it is smart for the U.S. arm of ING to approach the rebrand in stages so as to mitigate any possible concerns that stakeholders or members might have. Since this multi-staged rebrand could signal inconsistency or risked security, the company must vigilantly communicate and reiterate its brand message, which has remained consistent, as some businesses and client-facing materials will still carry the ING name in the interim.