Phoenix Group is investing in Standard Life as it looks to expand this part of the business, with its own lifetime mortgage and equity release products now being marketed under the brand.
The investment, of which the amount has not been clarified, will be used to build Standard Life’s digital presence with a focus on how to improve customers’ and advisers’ communication with the firm.
According to the business, this will be a “key component within product development” in the months and years ahead.
Phoenix bought the Standard Life brand name in May 2021 after it bought Standard Life Aberdeen’s insurance arm in 2018 for £3.28bn.
Phoenix said the “look and feel” of the Standard Life brand would now change through a series of subtle changes in brand style.
It said the initial brand refresh will focus on modernising the “visual identity and tone of voice”.
As part of the plans, Phoenix's bulk purchase annuity and equity release businesses will rebrand to Standard Life, while a range of retail lifetime mortgage products will be marketed through Standard Life Home Finance, as part of a strategic agreement with Key Group.
Andy Curran, chief executive of Standard Life, said: “Standard Life is one of the most recognised names in life and pensions and we have ambitious investment plans built on its great heritage.
“With the capital and financial strength of Phoenix Group, and Standard Life’s extensive expertise in pensions and retirement, our ambition is to create an even more customer centric business with sustainability at its core."
He added: “Accelerating our proposition innovation is central to this investment, from delivering better retirement income solutions using the strength of our group balance sheet to further harnessing data and digital technology to provide more timely and relevant information to customers.
“The investment we are making in our propositions and digital channels will allow us to deliver broader retirement options and make Standard Life relevant to even more customers and advisers now and in the years to come.”
Since acquiring the brand, Phoenix has developed two services – an open finance platform for workplace pension customers (Money Mindset) and Homebuyer Hub, a digital service to help members of its pension schemes get a foot on the property ladder.
According to Phoenix, it is also looking to introduce a service to help customers find missing pensions and to improve their understanding of the funds their pensions are invested in from an ESG perspective.
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