Members who watched their personalised pension statement videos were 4x more likely to increase their contributions
LONDON, October 18, 2022--(BUSINESS WIRE)--Pensions are complicated, but explaining them in a data-driven video — when it’s personalised for the viewer — makes them easy to understand, and that changes how people save for retirement. With this in mind, Standard Life collaborated with BT’s Division X Messaging Team to create personalised pension statement videos, powered by Idomoo technology.
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By combining customer data, such as contributions and retirement age, with visuals, these personalised videos simplify complex details. They address viewers by name, tell them how much their pension is worth and explain what it could be worth if members increase their contribution.
And it worked:
Over 90% of customers who received the personalised video test pilot said they found it useful for understanding their pensions.
Those who watched their video were 4x more likely to change their contribution than those who didn’t watch.
The average contribution change for those who viewed the video was nearly 5x higher than for non-viewers.
To ensure ease of access to this important content, the personalised videos were made available in customers’ online dashboard or mobile app. Standard Life can also use real-time analytics to see how customers engage with the video and optimise future content. All data is securely managed by Idomoo’s Next Generation Video Platform, which adheres to the strictest information security protocols.
Paying Attention to Your Pension
Idomoo’s personalised pension videos have been shown to double pension account activations and drive 78% higher savings. They’re especially valuable in an industry that struggles with low engagement and uncertainty: only 20% of savers feel confident they have enough for retirement.
This engagement challenge is so serious it’s prompted the launch of a new Pension Attention in September. The initiative is led by the Association of British Insurers and the Pensions and Lifetime Savings Association and supported by 13 providers, many of which use Idomoo’s personalised video platform.
"Effective, personalised 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. "Personalised videos present complex information in a way that’s easy to understand — and therefore easy to act on."
With the latest tech, videos can even be interactive, letting the viewer click to set up their account or enter different contribution amounts to see how their total at retirement changes, all in real time.
"With over 700,000 members having access to personalised 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.
Based on the success so far, Standard Life is ramping up its roll-out of the videos to its workplace pension customer base. It’s also expanding the solution to other use cases along the member life cycle and additional distribution channels.
Idomoo’s fully open Next Generation Video Platform combines data with video to deliver an unparalleled customer experience. Enterprises can create millions of interactive and personalised videos in cinematic quality and up to 100x real time. This 1:1 digital communication is proven effective, sparking 5x engagement and 8x conversions. Clients include global leaders like Aegon, Aviva, Mercer, Vodafone and more. For additional information, visit www.idomoo.com.
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