Aon: Digital wins in the pensions sector

Aon

Pensions Manager

Download

Aon: Digital wins in the pensions sector

By swiftly creating super-efficient response channels that offer endcustomers digital choice and streamline interaction, pension companies can quickly and effectively drive out back-office inefficiency.

First, some figures. There are over 5000 UK private sector defined benefit pension schemes sitting on £1.4 trillion of assets. And 9.6m members rely on those assets for their financial futures. Behind these numbers lies a sector back-office that is overflowing with paper-based processes.

There is a huge volume of administrative communication that goes out to members – from annual statements to tri-annual valuations, transfers out, address or next of kin changes and so much more. And there are frequent regulatory changes requiring processes to be amended, adapted and communicated.

The Problem:

Aon needed a solution that enabled it to rapidly engage with members regarding a change in the pensions law (GMP Equalisation).

Because this was a new legal requirement, Aon had no legacy process in place, meaning a solution had to be built from scratch.

How we helped:

We introduced a solution that gave Aon’s members the option of responding digitally to an initial communication.

The digital process effectively steers members to the correct sections of a digital form, simplifying actions and speeding up responses.

“Often, wider strategic transformation projects can arise from these more immediate tactical solutions.”

The Results:

93% of members engaged through one of the channels from the initial despatch of 6,500 letters.

71% of those that engaged, chose to do so using the new digital channel. Aon was able to run a smaller internal team to manage the process because members who chose the digital channel were basically self-servicing.

Response rates were three times higher than they were when only a paper process option existed.

Improved accuracy and reduction of case management as a result of ‘right first time’ responses.

The number of queries coming into the call-centre is significantly reduced.

93%

of members engaged

73%

used the new digital channel

higher response rate

Contact us

Get in touch with one of our solution consultants to discuss your regulated communication requirements.

Get in Touch

Aon

Aon: Digital wins in the pensions sector

The Problem:

How we helped:

The Results:

Contact us

Take a look at how our platform can be used

How we saved Allianz £1.25m over five years by optimising customer communications

Aon: Digital wins in the pensions sector

How a global European leader in banking and financial services cut costs and transformed customer communications

How one of the UK's largest motor finance providers transformed document access to self-serve in just four months

How Bank of Ireland Insurance Services went from print-heavy to 90% digital

How PTSB saved €1M in two months with smarter communications