Bring Your Pensions to Life
WILLIS TOWERS WATSON
Willis Towers Watson (WTW) provides Direct Contribution (DC) workplace pensions to hundreds of clients and millions of members. Despite its strong presence, the company faced a growing challenge: DC pension providers and employers were struggling to engage members effectively, leading to a loss of market share to more innovative, Direct-to-Consumer (D2C), and Digitally Native Vertical Brands. These newer players were successfully attracting members by offering more personalised and engaging digital experiences, prompting many to manage their pension pots elsewhere.
To address this, WTW needed to create a new, compelling value proposition for their ‘Assure’ product that resonated with both employers and members, aiming to restore their competitive edge in the market. Our task was to conduct extensive research into client needs, member expectations, the competitive landscape, and WTW’s own brand and product offering. The ultimate goal was to develop a fresh, relevant value proposition for WTW, along with user archetypes, jobs-to-be-done, and future state journeys for both employers and members.
We engaged over 12 key stakeholders and subject matter experts (SMEs) through a series of interviews and collaborative workshops. Additionally, we conducted one-on-one interviews with external DC pension members and employers, dedicating over 28 hours to deep, insightful conversations. We also surveyed a wider pool of external DC members to gather more data.
Key Insights:
Members wanted their pensions to fit around their lives, not the other way around.
Employers needed providers that could inspire and empower their people and business strategies regarding retirement planning—without wasting attention on outdated digital services and administrative tasks that had limited relevance.
The pension industry had been overly focused on abstract metrics like age and income, missing the more tangible, lifestyle-driven factors that really matter to both members and employers.
Armed with these insights, we developed a groundbreaking new value proposition for WTW, along with an end-to-end employer and member experience that prioritised lifestyle goals over abstract fiscal projections.
We presented "Bring Your Pensions to Life", a digital pension experience designed to fit seamlessly into members' lifestyles and aspirations, rather than focusing solely on abstract financial figures and projections.
The service not only learns about the lifestyle members currently lead and their life goals but also works behind the scenes—alongside them—to save the right amount of money to make those goals a reality. A more holistic and user-centric approach that gives members the freedom to focus on what truly matters to them, while WTW Assure does the work of securing their future in the background.
The new value proposition and service experience promised several significant outcomes:
Greater Member Engagement: By focusing on personal lifestyle needs, WTW Assure provided a more relatable and engaging pension experience, leading to higher member satisfaction and retention.
Empowered Employers: Employers found the new approach made it easier to engage employees in their pension schemes, aligning better with broader strategies of employee empowerment and well-being.
Stronger Competitive Position: The new offering solidified WTW's position as a forward-thinking leader in the pension space, effectively competing with D2C pension providers by offering a modern, user-centric digital experience.
Enhanced Brand Perception: WTW’s brand evolved into one that truly understood the needs and aspirations of its members, moving away from the traditional, transactional view of pensions to a model that aligns with lifestyle and personal goals.
In conclusion, the new value proposition for WTW not only addressed the core pain points of both employers and members but also offered a fresh, innovative perspective that revitalised their approach to pension management. This new direction positioned WTW to compete more effectively in an evolving market, creating a product and experience that resonates with today’s pension consumers.
LEADERSHIP | STRATEGY | RESEARCH | PROPOSITION DESIGN | INNOVATION
Agency: Nile | Work: Live Project
