This year, Sovereign Insurance turns 70, a remarkable milestone that coincides with a reimagining of the brand’s identity. But this isn’t a simple makeover for the long-established company. It’s a key step in its new four-year strategy, as Sovereign transforms into a more sophisticated, niche P&C insurer.
“We’re extremely proud of Sovereign’s history and with an eye to the future, we have been doing exciting work on our brand strategy to support the organization’s evolution, long-term strategic goals and ultimate success,” says Colette Taylor, who was promoted to Chief Operating Officer last March.
See: What’s ahead for Sovereign in 2023 and beyond
With the shift in leadership, new strategic plan and clear focus of Sovereign’s risk appetite, along with the upcoming launch of a new product suite and policy administration system, Colette says: “We felt it was the right time to step back and take a more fulsome look at our overall brand identity.”
Running in parallel, the brand refresh and strategic plan were an important complement to one another. “The insights from both ultimately helped inform the future direction of Sovereign, with the aim to be the insurer of choice with all our preferred partners,” says Colette.
The result? A strong, meaningful brand platform called “Partners in Resilience.” The phrase reflects Sovereign’s belief that resilience is born from the combination of diverse points of view to reach the best solutions. And, put simply, to convey Sovereign is much more than a commercial insurer.
“We’re proud to partner with brokers – advising, educating and providing ongoing support to build resilient Canadian businesses and strengthen the communities they serve,” says Colette. “We understand there is strength in numbers, and we are committed to delivering an elevated experience, from excellent service, comprehensive products and expertise to championing diversity and inclusion, together.”
Lori Abbott, Associate Vice President of Strategic Brand Operations, says the brand refresh was about considering different ways to convey the unique value Sovereign offers at a critical time in its evolution.
“By doing a deep dive, we came away with a strong point of view on where the brand works, where it doesn’t, and how it can evolve to better meet the needs of our partners, clients and employees, and really differentiate ourselves from our competitors,” says Lori.
While Sovereign has deep history and experience, its focus on its external brand is relatively new. “We’re now continually looking for unique ways to credibly show our experience and carve out our own niche through areas like sustainability and diversity and inclusion, while being laser-focused on the needs of our partners and end-clients,” says Lori. “We think there is so much runway to create buzz, and the P&C insurance category overall is ready for a brand to creatively break through.”
The company identified an opportunity for Sovereign to redefine “experience” by leading with purpose while focusing on service. “If that means leaning into a bolder, more creative, and edgier approach, then Sovereign is poised to do it,” says Lori.
And while Sovereign remains a purpose-driven organization, its values have also evolved to support its new direction. “Our values – Partnership, Expertise, Progress, and Inclusivity – are our guiding principles and beliefs, and provide a meaningful keystone for behaviour at all levels within Sovereign,” says Colette. “They’re not just words on a page. Ultimately, we see our Sovereign team, partners and clients using these as a guidepost to collaborating toward shared goals.”