A version of this article appeared on Yahoo. You can read it here.
It’s no secret that pensions can be complicated. And when savers fail to understand their pension, they’re unlikely to engage with it.
To tackle this issue, top pension provider Standard Life is simplifying complicated topics with data-driven videos. The campaign, launched in collaboration with BT’s Division X Messaging Team and powered by Idomoo, has seen great results — specifically, viewers were 4x more likely to change their contribution than non-viewers.
The Issue
The pension industry is struggling to engage members. But just how serious is the issue? A look at the numbers is telling.
- Only 20% of savers feel confident they have enough for retirement.
- Unclaimed pension pots are now equal to an estimated £19.4 billion.
In response, the Association of British Insurers and the Pensions and Lifetime Savings Association have launched a new Pension Attention campaign this fall with the support of 13 top providers. The campaign aims to boost awareness around people’s pensions and change their mindset surrounding savings with a fresh, new approach.
An exclusive track from Big Zuu, British rapper and television personality, as well as a national treasure hunt are just some of the content being posted to the campaign’s social media.
But that’s not the only way the industry is improving engagement. We’re seeing top providers turn to our Next Generation Video Platform, able to deliver easy-to-follow videos that break down complex topics — all the while adhering to the strictest information security protocols.
Boosting Pension Attention With Personalized Video
One of these providers is Standard Life, whose personalized pension statement video campaign engages members in a more meaningful way.
The videos combine customer data, such as contributions and retirement age, with engaging visuals to clarify complicated details. And they were easy to access — Personalized Videos were available for customers to watch via their online dashboard or mobile app.
These videos made a real difference.
- Those who watched their video were 4x more likely to change their contribution, compared to those who didn’t watch.
- Over 90% of customers who received a personalized video reported finding it useful for understanding their pensions.
- The average contribution change for viewers was nearly 5x higher than non-viewers.
“With over 700,000 members having access to Personalized Videos already, we’re excited to work collaboratively, to continue creating campaigns that deliver value to both Standard Life and their customers,” said Robert Jones, Head of Messaging at BT.
After seeing the campaign’s ability to drive real change, Standard Life is planning to send out the videos to its workplace pension customer base. The top pension provider is also building on the success of this campaign by expanding data-driven videos to other use cases.
Going a Step Further
With the latest technology, these videos can even be interactive. Let viewers set up their account straight from an onboarding video. Send out an interactive video calculator, showing viewers how their total at retirement changes based on the data they input.
“Effective, personalized and clear communication is important because it helps people make more informed financial decisions for a better future,” said Dotan Ginsbourg, EMEA GM of Idomoo. “Personalized Videos present complex information in a way that’s easy to understand — and therefore easy to act on.”
Personalized pension videos are sparking great results, including 78% higher savings and doubled pension account activations. Want to learn more? Check out our work with other top providers or speak to one of our team members by scheduling a 15-minute call.
