Helping our client give customers better advice

A large life, retirement and investment management provider asked us whether they could improve the way they offered information to customers.

The Challenge

Our client, a large life, retirement and investment management provider based in the UK and US, asked us to help them look for improvements in how they give advice to customers.

Our knowledge of distribution management and customer experience allowed us to take a fresh look at their systems and models and put the focus back on customers. 

Our Approach

We initially created a bespoke segmentation model using data from eight million existing customers, which mapped product and propensity to need advice by segment.

The second piece of work was to identify gaps in their distribution offering and recommend solutions to fill them.

And finally we developed a multi-channel advice system that put the customers in control of what information was relevant for them and what level of support was needed. This included a completely redesigned online portal.

A board paper detailed the analysis and logic behind all recommendations. 

The Outcome

The client loved our recommendations and the proposed new system.

Our board paper was used to design a revised strategy and approach to distribution, which led to a significant re-organisation and long term shift in distribution and product mix.

This strategy is currently being implemented.