IFAs have questioned Royal London's decision to brand its long-awaited protection business Bright Grey, saying that consumers will not make the connection between the name and the protection market.
The life office says the name will set the new business apart from competitors and strike a chord with consumers for offering something different.
But IFAs say the name is not connected with the insurance industry and consumers will struggle to understand what it is about.
Over a year after the announcement that Royal London subsidiary Scottish Life was setting up a new protection business, details have yet to emerge about what the business proposition will be.
It has been confirmed that the official launch will be delayed from summer 2002 until January 2003 and product details are expected to emerge towards the end of this year.
IFAs have questioned the logic of the brand name, saying that given the company will be initially IFA-only, it would make sense to have a name which resonates with advisers rather than a brand unrelated to the industry.
John Joseph Financial Services managing director John Joseph says: “If that is the best the marketing department can come up with, then God knows what the products will look like.”
Portfolio Insurance Consultancy director Brian Lentz says: “It is certainly not a name I would have thought they would have called themselves. I would have thought that they would include the word protect in there to letthe public know what they are doing.”
Bright Grey product director Roger Edwards says: “Consumers see the insurance industry as being very traditional and not having done anything for a long time. Just adding the word 'protect' to Royal London might not have felt like much of a step forward.”