Recently 47 global pension funds participated in ‘Voice of the Member’ research conducted here at CEM. We concluded that member service expectations are higher than ever, driven by the rapid growth of technology and social media. 

Members engage with a range of companies and organisations that provide superior, tailored experiences. Great companies make it easy for their customers to satisfy their needs quickly and efficiently. For example, I personally subscribe to a quarterly online clothing box service. A few weeks before I’m due to receive a box, an email reminder is sent, followed about a week later with a preview of what I can expect to see in my box. The account is easy to login to, and I can change the frequency, delivery address and payment details instantly at whatever time of day suits me.

That sounds expensive, right? It doesn’t have to be. Collecting and managing feedback creates engagement and loyalty and helps in process improvements which translates into better cost control in the long run. Member insights reveal process inefficiencies and clarify what services members value the most and what can be dropped or replaced with better or more cost-effective solutions. For example, one fund in our study sent retiring members regular progress update emails during the retirement process, which resulted in 40% fewer calls and an increase in member satisfaction of over 30%. Members are more engaged when they know they’ve been listened to. Do you let your members know when changes have been made following receipt of member feedback? 

For many UK pension funds issuing surveys to members is their only source of feedback, but there are other options. Have you ever heard of social media monitoring? There are tools out there now that can monitor conversations for mention of your pension fund across millions of data sources, including blogs, forums, videos, news sites and social networks. Not all your membership will be using online platforms to voice their opinions, but some will, and they could provide valuable insight into the “mood” of the membership.

We’ve also noticed that feedback from UK pension members is usually sought after an event specific to the pension fund (e.g., a phone call, use of the fund’s website, retirement). 

Currently there is a real push in Australia towards contacting members after life events, not just fund membership events. For example, when a member has had a period of absence (e.g., maternity/paternity leave), a message is sent to the member asking if they would like to update their beneficiary details or following a change of address, a message is sent to the member asking if they want to change to the amount they contribute to the fund. Some funds even reach out to members just because they haven’t been in touch for a while.

Targeted messages can be added to the secure area of fund websites too. Every time you login to a shopping website or a social media account, the adverts and content you see are tailored to your preferences and previous activities. Is it that big a leap to monitor the content a member looks at on your website and highlight new associated content, so they don’t have to go searching for it? 

There’s so much more that can be done to fully utilise technology to engage members.  With thought and application, we have an opportunity to bring the service provided by the pension industry into line with other sectors. In doing so, we can make a real difference to the retirement plans of so many members.

Hannah Blomfield, Client Relationship Manager, CEM Benchmarking