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Reduce cashing-in of savings at retirement

New communciation blueprint for the years leading to retirement with user design and behavioural economics

Many people draw down a large chunk of cash from their retirement benefit savings at retirement age, spending it all too quickly and leaving insufficient funds to cater for their lifestyle and health needs. As part of a team of applied behavioural economists, I was asked by a global insurance provider to leverage behavioural economics tenets to increase their customers' likelihood of continuing to save for retirement and to increase the value retained in retirement savings. We followed a framework of discover, design, test and refine. Through redesigning the conversation blueprint and embedding behavioural economics concepts into conversations at key decision points, our client saw a 140% increase in the value of retirement benefits conserved over the course of a six-week pilot period. Our team was then retained to roll out these learnings across the contact centre, resulting in a 155% increase in the value of retirement benefits conserved.

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