A great lot of insurance companies often belong to the larger ones. And even though the majority of them kept their own brand and might seem like they don’t rely on any terms and make decisions independently, this is not entirely the truth. Companies that are parts of larger corporations have to abide by the specific rules of operation, revenue, and savings as well as claim processes and customer service.
Customers of insurance companies that have been acquired are very sensitive to changes that come with acquisition. Many policyholders often appear to be unhappy with the changes; however, it really depends on the quality of service they were getting from their insurance providers. For mid-size or small insurance companies, acquisition tends to be a golden opportunity to enhance and diversify their services as well as extend the number of employees and win more customers. With the increase of service quality, increases the price for it, which is why many customers are not ready to accept this reality.
This infographic shows five biggest acquisitions by Canadian insurance providers, namely Manulife Financial, Desjardin Group, BMO Financial Group, and Great-West Lifeco, which acquired two companies. Among the acquired companies, the infographic features Canada Life, which is the first insurance company in Canada, Standard Life, which is the 7th ranked Canadian insurance provider, State Farm and others.
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