In the scripture, every name had it's meaning, identity and sometimes impact people's lives.
These names some times tells us the plan God has for a person's life.
the scenario where God changed Abram's name to Abraham which meant "father of many nations" is a pure scene where we can experience this, and it's significance was a promise of a future bigger than Abraham's present state, this is a very clear experience.
Jacob was renamed Israel, After a battle with the angel of God and this name marked a significant change in his life.
To show the part Simon was to play in church building, Jesus changed his name to Peter which meant "rock" in the New testament.
God knows everyone by their names.
The bible in Isa 43:1 says, "I have called you by your name, you are mine"; this portion shows God's care, purpose and affection.
When a name was given in the Bible, those name had powerful impact on a person's life, and it's usually spoke of a destiny, the intimate knowledge God has of our lives and a change or turning point in the individual's life.
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From @goldie6