New Product Innovation
Annual statements are notoriously difficult to interpret, and many customers simply file them away without reading, or fail to engage.
Psychologically speaking, the customer suffers from present bias, whereby they don’t consider the long-term consequences of a lack of engagement.
Furthermore, the use of technical jargon and too much information in traditional statements leads to many people becoming cognitively overloaded and failing to take any action at all.
A new personalised video was created from scratch with optimised scripts, visuals and sound. This ensured that the video was perfectly tailored to the customer’s habits, preferences and decision-making patterns.
Dynamic Imagery - Utilising moving imagery, vs a traditional paper based format, and a first person video game perspective helped maximise engagement with the content
Goal Gradient Effect - Animated visuals were used to motivate customers to continue on their savings journey, based on insight that the closer you are to your goal, the more likely you are to achieve it
Priming - Slow-tempo music and audio elements such as birdsong were used to place customers in a relaxed state and increase engagement with the key messages
Out of the first 6,923 unique views of the videos, the above results show that the results of the personalised videos were nothing short of astonishing.
All of these metrics are critical for the customer in their overall ambitions to save more for retirement. These statistics from a previously unengaged population show the video has built unprecedented momentum.
In the long term, these personalised videos represent a truly transformative approach to customer service which ultimately accelerate engagement with pensions. Overall, Aegon learned that applying cutting-edge psychology and a rigorous scientific process drives exceptional customer experience and ultimately changes human behaviour for the better.
Personalised video summaries represent one of the most exciting innovations in our industry as we develop more sophisticated ways to engage customers
Andy Manson, Marketing Director, Aegon