CRC Group has recently made a significant shift in its identity, moving from being a bank division to an independent insurance wholesaler. This change is not just cosmetic; it reflects a deeper understanding of who they are and what they want to achieve.
Earlier this year, CRC Group announced a strategic rebrand aimed at unifying its identity and restructuring its divisions. Now, the company operates under two main divisions: specialty + benefits and underwriting. The specialty + benefits division focuses on wholesale property and casualty operations under the new CRC Specialty brand, while its employee benefits segment will transition to CRC Benefits by the end of the year.
The underwriting division includes Starwind and AmRisc, with Starwind set to unveil a new look as part of the rebranding effort. Jessica Marshall, the chief marketing and communications officer, emphasized that this rebranding was essential for CRC Group. She noted that the previous identity as a bank limited their growth potential. “We were being treated like a bank, even though we weren’t a bank; we were an insurance wholesaler,” she said.
This rebranding comes after a series of changes in ownership. Until recently, CRC Group was part of Truist Financial Corporation, one of the largest banks in the U.S. Last year, Truist sold 20% of its insurance holdings to Stone Point Capital. Subsequently, CRC Group separated from Truist, selling to Stone Point Capital and CD&R. This allowed them to focus on their core wholesale platform.
As part of the rebranding, CRC Group sold off its retail arm, McGriff, and exited the life and annuity sector by divesting Crump. This left them with a streamlined focus on wholesale insurance.
Marshall shared that the rebranding process was about more than just a new logo; it was about establishing a new company culture. They collaborated with the London-based agency Free Partners to create a brand that resonates with the nuances of insurance wholesale. The team conducted interviews to clarify the organization’s purpose, which led to the identification of three core values and a new tagline: “Move faster, go further.”
However, the rebranding was not without challenges. CRC Group is a large organization with various operating groups, and the messaging needed to resonate across all sectors. There was also emotional resistance to changing the old logo, which some employees felt attached to.
The logistical side of the rebrand was substantial, involving an overhaul of IT systems and coordination among over 40 brands within its underwriting division. Marshall highlighted the importance of collaboration with field producers and the sales team to ensure a successful rollout.
Looking ahead, Marshall believes that success will not be measured solely by immediate revenue but by changing perceptions of the company. She noted a renewed energy among employees, clients, and partners since the rebranding.
For insurance marketers observing CRC Group’s journey, there are valuable lessons in managing internal alignment and engaging stakeholders. Marshall encourages professionals to connect with their peers for support and ideas, emphasizing the importance of collaboration in achieving success.
As CRC Group embarks on this new chapter, it aims to harness its identity as a pure-play wholesaler and explore new opportunities for growth in the insurance market.