Last week I attended the ABI’s conference in London where representatives of many of the UK’s leading product providers spoke on the days subject ‘Mapping the customer journey’.
With full respect to all the other excellent contributors the star turn was undoubtedly our current pensions minister, Guy Opperman, who clearly sees part of his remit to shake up the current industry incumbents.
“You’re inward looking”.
“You don’t sell what you do.”
“You’re too timid.”
“Adapt or die.”
Were just some of his remarks, all clearly aimed at adding a sense of urgency to the industry reforming its relationship with its customers.
Guy was clearly tired of debating the length of pension benefit statements with product providers and contrasted the size of the screen on his mobile phone with the 35 page magnum opuses still being sent out by some. In the later roundtable discussion some argued that these weighty tomes gave psychological succor to the recipient, “never mind the content, feel the width,” but Guy was not for turning.
On the subject of “not for turning” our pensions minister opened his talk with a spoof announcement that he was standing to be party leader - this got his talk off to an amusing start.
Since the beginning of 2018 Money Alive has pioneered the use of technology to deliver just in time, accredited video education to scheme members, with full individual engagement analytics (and questions) to their adviser. We have delivered over 35,000 videos (so far) and the potential for using this approach by product providers and schemes is clear to us. Based on our data, our approach could be used for decumulation guidance, scam awareness, risk warnings and in the complex and area of DB2DC transfers - there are probably many more.
Let’s listen to our ministers message and step up our work to find new and better ways to use the tools available now to engage customers. We already have evidence regarding the efficacy of our approach. Let’s make now the time to do - it is clear from the top Mr O doesn’t want us to just nod and say “Yes Minister”.