The company, which failed to generate significant policy sign-ups one year after its launch, appointed Springpoint Asia to overhaul the Standard Life's brand proposition.
Michael McComb, managing director - Asia Pacific, Springpoint, said: "Standard Life is one of the oldest, most respected and strongest insurance companies in the UK, yet in Asia it is a completely unknown brand. That coupled with the fact that full-service financial planning and life insurance products is a developing concept in Hong Kong resulted in few policy sign-ups for the company."
He added that in Hong Kong, where consumers tend to be more concerned with the short run than the future, the brand was forced to abandon its traditional image.
"Standard Life always takes a long view and takes it seriously. That point of view does not ring strong in Hong Kong," he added.
The consultancy, which carried out research and interviews with the trade to develop the branding, focused Standard Life's values on it being "hassle-free, transparent, intelligent and fresh or pioneering".
"We didn't recommend looking at the logo. We felt it could be translated into Chinese. Logo is an important part of the identity but it was the overall concept that had to be relevant for Hong Kong."
Springpoint was also tasked with evaluating and selecting an advertising agency and public relations firm.