November 23, 2020

Aegon personalised pension video summaries scoop award for innovation

Aegon’s unique video summaries were recently recognised in this year’s Financial Services Forum Product and Service Innovation Awards, securing the company the top spot in the Marketing and Communication category.

The animated video pension summaries have transformed the average pension communication for members of Aegon’s workplace pensions, featuring real time pension information such as fund values and contributions levels in a 3 minute video summary which provide members with a timely picture of their retirement savings position.

An example video can be found here:

Members can access the videos online at any time – but videos are also delivered by email ahead of the paper statement that is linked to a member’s renewal date. Developed using a matrix of data and gamification techniques, the videos also feature the latest behavioural science insights to shape the design, language, sounds and features, ensuring members are fully engaged.

Videos contain 10 sections that are completely personal to the member and references lifestyle targets rather than setting retirement goals. These include age, value and investment status, with more than 3 million unique script and scene variations.

Digital pension summaries are just one of many ways in which Aegon is adapting its proposition and communication to meet and exceed customer expectations.

This most recent award follows recognition in a report by NextWealth that showed Aegon as one of the leading providers in the adoption of digital processes and the use of esignatures.

The analysis by NextWealth looked at 85 processes across 20 platforms to benchmark adoption of digital processes and the use of esignatures.

Mark Till, Managing Director, Digital Solutions at Aegon, comments:

“Digital communications are creating opportunities to engage people in ways few would have thought possible just a few years ago. Through clever use of customer data, we have been able to personalise communications in a way that really cuts through and which spells out how people can make the most of their finances.

“Video summaries are a great example of the type of innovation we are deploying across our business seeking to work in partnership with employers and advisers to transform the customer experience. We are at the beginning of this journey and have a number of exciting developments planned which we believe will transform the financial wellbeing of the UK.