USING BEHAVIOURAL CHANGE TO REINVENT ANNUAL STATEMENTS
We were asked to help define Royal London’s strategy and vision for their annual protection statements to enable them to deliver deeper brand engagement, cross sales and improved retention.
Our objective was to create a communication that would drive positive engagement and behaviour change. Royal London were nervous this statement could be a negative prompt that would make customers re-consider their plans altogether.
We tested numerous Behavioural Economics principles on 6 creative formats, with advisers & customers to find out how they viewed and valued the information. Loss aversion & choice architecture were found to be the most compelling principles and were used to communicate in the preferred format (Letter & Leaflet). In July 2017 5,000 annual statements were then sent to Royal London protection customers. Further research was then carried out, and the messaging refined before rolling this out to all customers in 2018.
The results from the initial test were very positively received (August 2017)