GET THE FULL COMPANY
ANALYSIS BUNDLE FOR
Great-West Lifeco
Who are Great-West Lifeco's core customers today?
Great-West Lifeco shifted from regional life insurer to a global wealth and retirement leader through acquisitions like Empower, serving retirees, savers, employers and institutions across North America and Europe.
Customer focus centers on ages 25–74, workplace retirement plan participants, affluent retirees, and institutional clients; geographic concentration is Canada, the U.S. and parts of Europe, with needs spanning accumulation, decumulation, and advisory services.
See product insight: Great-West Lifeco Porter's Five Forces Analysis
Who Are Great-West Lifeco’s Main Customers?
Great-West Lifeco targets two primary tiers: individual consumers (B2C) and institutional/corporate clients (B2B). The B2C focus is on mass-affluent and high-net-worth individuals aged 35 to 75, while B2B covers employers and large plan sponsors across geographies.
Individual Consumers (B2C)
Core customer profile centers on middle-to-upper-income earners needing estate planning, life insurance, annuities and wealth management. In Canada, Canada Life serves over 13 million residents, about one in three Canadians.
U.S. Retirement Participants
Empower serves approximately 18.5 million individual participants as of 2025, primarily via employer-sponsored retirement plans; many entrants are younger professionals building retirement savings.
Institutional & Corporate Clients (B2B)
Includes small businesses to large enterprises seeking group benefits, health insurance and defined contribution plan administration; administrative volume here represents the largest share of company throughput.
European Pension Market
Through Irish Life and Canada Life UK, the company captures approximately 40% of the corporate pension market in Ireland, a material source of pension administration revenue.
Recent strategic shifts have increased focus on Individual Wealth in the U.S., targeting rollovers from 401(k) to managed IRAs as intergenerational wealth transfer accelerates toward Gen X and Millennials.
Segment Dynamics & Growth Drivers
Key drivers: aging client base for life and annuities, scale in employer-sponsored retirement administration, and the U.S. rollover opportunity tied to wealth transfer into 2030.
- High concentration in Canada: > 13 million customers via Canada Life
- U.S. retirement footprint: 18.5 million participants through Empower (2025)
- ~40% share of Ireland corporate pension market via Irish Life
- Growing emphasis on rollover and Individual Wealth segments to capture intergenerational transfers
For revenue and business-model context related to these customer segments see Revenue Streams & Business Model of Great-West Lifeco
Complete Great-West Lifeco Strategy Bundle
- 6 Full Frameworks, 1 Company – All Pre-Researched
- Each Framework Fully Sourced with Real Company Data
- Built for Strategy Courses, Case Studies & MBA Programs
- Adapt to Your Assignment – No Starting from Scratch
- 6 Frameworks: SWOT, PESTLE, Porter's, BMC, BCG and 4P's
What Do Great-West Lifeco’s Customers Want?
Customers prioritize financial security, capital preservation and simplified financial lives, with individuals favoring hybrid advice—digital tools plus human advisors—and institutions seeking compliant, cost-efficient benefit administration.
Individual demand
Over 70% of Empower participants in 2025 use digital wellness platforms to track aggregate net worth, reflecting demand for a single-pane view of policies and investments.
Hybrid advice
Clients prefer a mix of sophisticated self-service tools and access to advisors to simplify retirement planning and wealth management.
Holistic visibility
Demand centers on consolidated dashboards showing insurance, investments and retirement projections for clearer decision-making.
Institutional pain points
Employers seek solutions that address regulatory compliance, lower benefit administration costs and improve employee retention.
Integrated benefits
Corporate clients increasingly demand combined health and wealth platforms managed by a single provider for streamlined operations.
ESG preferences
Nearly 60% of Millennial and Gen Z investors prioritize ESG in primary retirement funds; the company expanded sustainable suites in Europe and Canada.
Customer focus areas
Key loyalty drivers for Great-West Lifeco customer demographics and target market include platform integration ease and high-quality member experience; these influence retention among both retail and corporate clients.
- Preference for hybrid advice and digital financial wellness tools
- Need for single-pane financial visibility across products
- Institutional focus on compliance, cost-efficiency and retention
- Rising demand for ESG-integrated investment options
Brief History of Great-West Lifeco
From PESTLE Factors to Full Strategy Bundle
- PESTLE + SWOT + Porter's + BCG + BMC + 4P's in One Bundle
- Every Strategic Angle Covered – Nothing Left to Research
- Pre-filled with Company-Specific Research
- No Missing Sections for Your Case Study
- One Download Covers Your Entire Company Analysis
Where does Great-West Lifeco operate?
Great-West Lifeco’s geographical market presence centers on Canada, the United States and Europe, with Canada Life dominant domestically, Empower driving U.S. growth across all 50 states, and focused operations in the UK, Ireland and Germany.
Canada: Home Market
Canada Life is a market leader across major provinces, operating in a mature, high-loyalty insurance environment and continuing to generate significant fee and premium income for the group.
United States: Growth Engine
Empower, headquartered in Greenwood Village, Colorado, spans all 50 states and by 2025 accounted for nearly 50% of the group’s base earnings, reflecting a strategic geographic shift toward U.S. retirement and wealth management markets.
Europe: Targeted Presence
European operations concentrate on the UK, Ireland and Germany: Irish Life leads Ireland’s life and pensions market, Canada Life UK focuses on retirement income and group insurance, and Germany shows higher demand for guaranteed products versus unit-linked solutions.
Local Management & Regulation
Great-West maintains local management teams to navigate regional regulation (including Solvency II in Europe) and to tailor product mixes to regional preferences and distribution channels.
Strategic Disposals
The 2024 sale of Putnam Investments to Franklin Templeton refocused the group on retirement and wealth distribution while retaining a 6.2% strategic stake in the asset manager.
Geographic Revenue Mix
By 2025, U.S. operations were the largest earnings contributor, near 50%, underscoring the shift from a Canada-centric revenue base to a U.S.-weighted group profile.
Product Localization
Product offerings are adapted regionally: guaranteed annuities are emphasized in Germany, while the UK and Ireland see stronger uptake of unit-linked retirement and wealth products.
Distribution Reach
Empower’s national U.S. footprint leverages workplace retirement channels, while Canada Life and Irish Life use broker and adviser networks for life, pensions and group benefits distribution.
Customer Insights
Geographic distribution informs customer segmentation and the Great-West Lifeco customer demographics and target market strategies across insurance, retirement and wealth management lines.
Further Reading
For a focused review of customer segments and target audience research, see Target Market of Great-West Lifeco.
Great-West Lifeco Business Model + Strategy Bundle
- Ideal for Essays, Case Studies & Slides
- Get BCG, SWOT, PESTLE, Porter's, 4P's Mix & BMC Together
- Company-Specific Content Already Organized
- One Bundle Replaces Days of Independent Research
- Buy the Bundle Once. Use Across All Your Assignments
How Does Great-West Lifeco Win & Keep Customers?
Great-West Lifeco acquires customers via a 'Workplace-to-Individual' model, leveraging employer-sponsored retirement and group benefits to onboard participants, then uses analytics-driven outreach to convert and retain assets through IRAs and wealth management.
Workplace-first acquisition
Employer-sponsored plans serve as the primary channel, providing low-cost access to millions of employees and their families across the U.S. and Canada.
Event-triggered personalization
CRM and analytics flag 'wealth events'—job changes, age or balance milestones—for targeted outreach promoting IRA rollovers and individual advisory services.
High retention through service
Retention relies on high-touch service and integration into clients' financial lives; in 2025 participant retention in core retirement segments exceeded 95%.
Digital education & AI nudges
AI-driven 'next best action' recommendations deliver personalized financial wellness content and cross-sell prompts, increasing Customer Lifetime Value.
Cross-selling and partnerships strengthen retention and product depth while improving performance and diversification for retail clients.
Cross-sell via protection products
Automated suggestions promote life and protection offerings when participant data shows coverage gaps relative to family status.
Institutional partnerships
Alliances such as the Franklin Templeton relationship broaden fund menus and support superior long-term performance for clients.
Data-driven CLV focus
Behavioral signals and balance thresholds guide retention offers, maximizing assets retained post-employment and lifetime revenue per customer.
Digital-first marketing
Content-led campaigns emphasize retirement planning and financial literacy to improve engagement and reduce leakage at job transitions.
Segmentation & targeting
Market segmentation prioritizes mid-career savers and near-retirees—segments with high transfer and product-conversion potential.
Measurement & KPIs
Key metrics include retention (> 95% in core retirement), rollover conversion rates, cross-sell penetration and CLV growth year-over-year.
Practical tactics
Execution blends workplace relationships, automated lifecycle marketing and advisor touchpoints to keep assets in-house and expand individual relationships.
- Acquire via employer-sponsored plans and open participant funnels
- Use analytics to detect job/retirement events for timely outreach
- Serve AI-personalized financial education and product nudges
- Leverage partners for institutional-grade investment options
Further context on market segmentation and customer demographics is available in the company analysis: Marketing Strategy of Great-West Lifeco
From Five Forces to Full Company Analysis
- Includes SWOT, PESTLE, BMC, BCG and 4P's
- Pre-Researched with Company-Specific Data
- Best Value for a Complete Analysis
- Ready to Adapt for Your Case Study
- Ready for Essays and Slidesd
- What is Brief History of Great-West Lifeco Company?
- What is Competitive Landscape of Great-West Lifeco Company?
- What is Growth Strategy and Future Prospects of Great-West Lifeco Company?
- How Does Great-West Lifeco Company Work?
- What is Sales and Marketing Strategy of Great-West Lifeco Company?
- What are Mission Vision & Core Values of Great-West Lifeco Company?
- Who Owns Great-West Lifeco Company?
Disclaimer
All information, articles, and product details provided on this website are for general informational and educational purposes only. We do not claim any ownership over, nor do we intend to infringe upon, any trademarks, copyrights, logos, brand names, or other intellectual property mentioned or depicted on this site. Such intellectual property remains the property of its respective owners, and any references here are made solely for identification or informational purposes, without implying any affiliation, endorsement, or partnership.
We make no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of any content or products presented. Nothing on this website should be construed as legal, tax, investment, financial, medical, or other professional advice. In addition, no part of this site—including articles or product references—constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any securities, franchises, or other financial instruments, particularly in jurisdictions where such activity would be unlawful.
All content is of a general nature and may not address the specific circumstances of any individual or entity. It is not a substitute for professional advice or services. Any actions you take based on the information provided here are strictly at your own risk. You accept full responsibility for any decisions or outcomes arising from your use of this website and agree to release us from any liability in connection with your use of, or reliance upon, the content or products found herein.