Danske Bank’s life and pensions subsidiary has changed its name back to Danica, from Danica Pension, from the beginning of this year as part of a new commercial strategy through which it aims to win more customers.
The new strategy, announced in November, centres around achieving business growth by meeting customers’ needs – by offering good digital solutions, returns and advice and making more use of its parent Danske Bank to win customers.
The strategy, which runs from 2025 to 2028, is aimed at growing Danica’s business by 10% a year, according to the firm.
Explaining why the subsidiary is changing its name, Danica’s chief executive officer Mads Kaagaard said: “Many of our customers already know us simply as Danica, so it is completely natural for us to change the name to that.”
He said Danica aimed to be the preferred pension company for Danish people, and would become so by making it easy and convenient for people to be a customer.
Kaagaard said Danica saw itself as more than just a pension company.
“We also help our customers with preventive health services before the damage hits. We help them when the crisis hits. And then we help them get back to everyday life and back to work. Our name should reflect that to a greater extent,” he said.
While the new strategy, dubbed “Forward 28 - Danica Pension”, involves using the Danske Bank relationship more, Danica and its bank parent have also moved closer physically over the last year.
In 2024, Danske Bank moved out of the Holmens Kanal headquarters in Copenhagen that it has occupied for 149 years to the new Postbyen development Danica has been developing over the last few years out of the old Danish postal services site, and was joined by Danica, which moved from its long-term headquarters in the North Copenhagen suburb of Kongens Lyngby.
Danica, which was formed from the privatised State Life Insurance Institution (Statsanstalten for Livsforsikring) and bought by Danske Bank in 1994, previously held the single name Danica between 1991 and 1999, before being named Danica Pension.
When the new strategy was announced in November 2024, Kaagaard said one of the plan’s aims was to increase the number of customers who banked with Danske Bank and also had their pension and health insurance with Danica.
“Of course, we are already doing business with the bank today, but there is still unrealised potential ahead of us,” he said.
Danica listed themes in the new strategy, including strengthening customer satisfaction and digital accessibility; developing and implementing future-proof IT solutions; bolstering sustainability throughout the business and investing in the most talented employees.
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