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Pension Video Summaries

Build case study: innovating new products

In the UK workplace market, engagement is a key challenge. Customers automatically join a scheme without making an active decision. They aren’t engaged with their workplace pension from the onset.

In fact, fewer than 5% of Aegon’s 2 million pension customers review their pension online each year. While striving to create world-class experience for Aegon’s workplace customers, there was a need to improve engagement with the annual benefits statement.

In order to complete this goal, Aegon wanted a genuinely innovative – if unconventional – approach that could move the dial. They chose to work with Cowry for their ability to employ psychological principles that have a big impact.

They worked together to develop personalised videos that bring to life the customer’s pension and deliver relevant information leading to tailored calls to action. These videos play a key role in increasing the chances of better retirement outcomes for Aegon’s customers.

The behavioural challenge



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.

The behavioural design

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

The behavioural results

21.9% clicked to check
their Goal Planner
7.96% clicked through
to switch funds
12% clicked to
explore transferring

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.




The behavioural outcome


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

Read further Build case studies below or explore more case studies featuring Dig, Fix and Teach.

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