Fidelity International appoints Redington and Quietroom to explore further opportunities for engagement amongst workplace pension members.
Redington and Quietroom established a strategic collaboration last year so that clients could access the knowledge of the two professionals through a single, integrated offering.
The companies were chosen by Fidelity International to conduct an impartial examination of member communications sent by Fidelity and four other top workplace pension providers.
Quietroom used their expertise and experience to benchmark the communications against each other and their knowledge of communications in the wider market.
The project’s goal was to pinpoint areas of strength and chances to increase engagement and produce better results for end users.
The project’s long-term goals entails including other pension providers as equal partners with Fidelity in order to develop new techniques for comparing communications and member outcomes in order to raise industry standards. This project is currently in the planning stages for a second version.
Fidelity International head of workplace investing distribution Dan Smith says: “Continually reviewing and improving member communications is of the utmost importance in delivering an exceptional member experience and, as a result of this work, we have been able to identify several opportunities to improve members’ understanding and decision-making ability. This means we can give our clients absolute certainty that we are delivering maximum benefit to both them and their pension members.”
Redington defined contribution consulting team senior vice president Russell Wright says: “We know improving investment performance is only one part of the puzzle when it comes to helping people achieve a secure financial future.
“The more people understand their pension and feel positive about retirement saving, the better, so driving up standards in member communications is something we feel strongly about. This project is a prime example of how pooling our workplace pensions knowledge with Quietroom’s communications know-how can help pension providers continually improve what they offer members.”
Quietroom director Simon Grover says: “Creating a methodology for assessing and scoring the member communications from a suite of different providers has been a fascinating challenge for us. I’m grateful to Fidelity for having faith in Redington and Quietroom to come up with the goods on this new way of looking at this area. The results were very revealing and will help us move closer to what we’re all trying to achieve, namely better member outcomes.”