Heywood Pension Technologies is aiming to improve member engagement by integrating personalised video content into its annual benefit statements.
The firm has partnered with Money Alive – a video technology company – to deliver this. It says if it proves successful it will extend this to other pension communications.
Heywood Pension Technologies says these video ABS will help members gain a better understanding of their benefits, reducing the need for queries. The video incorporates personalised details and explanations tailored to each member’s pension held with the fund. The video also accommodates legislative differences, automatically displaying the correct dates and relevant information for individual members.
This technology also offers a recap exercise that allows members to check their understanding of the presented information. Heywood tracks key analytics associated with the Video ABS, including the number of plays, completion rates, and member responses to the recap exercise. This valuable data provides actionable insights to pension funds, enabling them to optimise member engagement strategies and measure success.
Heywood CEO Fraser Smart says this new feature aligns with the company’s commitment to enhancing member experiences and streamlining administration for pension funds.
He adds: “We recognise the importance of member engagement in achieving successful retirement outcomes. This partnership allows us to offer a novel approach for clients to engage with their members effectively. We are providing a new way for members to understand their pension benefits by providing easy to digest information, empowering them to make informed decisions about their retirement plans. We already have exciting plans for much more video content.”
Ian Beestin co-founder Money Alive says: “Having a personalised annual benefit statement presented to you, on demand, is a great starting point to understanding and valuing your pension.”
