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Cowry nudges boost Phoenix engagements by 400pc

by John Greenwood
November 1, 2019
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Life and pensions consolidator Phoenix Group is partnering with behavioural science consultancy Cowry Consulting to improve customer journeys and pre-retirement engagement following an earlier trial that saw a fourfold increase in engagement.

Cowry has formerly worked with organisations such as Amazon, Sky, Tesco, Sainsbury’s, Morgan Sindall, Aegon and Fidelity.

Cowry will implement nudge theory-based changes to Phoenix Group and Standard Life workplace customer experience journeys and processes.

Standard Life Assurance Limited recently reviewed all servicing touch points and introduced customer feedback functionality to its mobile app and customer dashboard that led to a 400 per cent increase in customers taking an active consideration of how advice may support their retirement planning decision making going forward over a 10-week experiment period.

The testing also indentified a 133 per cent increase in customers updating their beneficiary details.

Phoenix says it now sees seven out of 10 customers updating their beneficiaries through its Cowry enabled telephone conversations.

Cowry will be reviewing the invitations to pre-retirement seminars which are held in the run up to retirement for Standard Life customers, in collaboration with Phoenix Group’s strategic partner, Standard Life Aberdeen.

Phoenix Group retail director Michael Reed-Smith says: “Through our pilots we have already seen significant benefits across a number of areas of the business in terms of how we’re supporting customers and making it easier for them to engage and make good decisions about their financial futures.

“For example, applying behavioural science from the beginning of a call can enable customer service teams to really put a customer at ease, by clearly articulating how they can help and demonstrating their expertise. It can provide important reassurance and help a customer feel more confident, which is likely to result in a better outcome.

“We’re finding that in the digital space, our customers are really good at providing feedback and letting us know of potential enhancements that may inform our digital roadmap in the future.”

Cowry founder Jez Groom says: “The Phoenix team have really embraced the principles of behavioural science and are delivering compelling customer experiences across conversations in the contact centres, better designed digital journeys and letters and emails that people can understand and act upon.”

 

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