Heywood
Delivering clear, engaging communications has always been a challenge in pensions. Many members will be receiving their annual benefit statements (ABS) this month, which have traditionally been delivered via post. Research shows the information shared, combined with complex pension jargon, can be difficult to digest, leading to members feeling overwhelmed.
For example, nearly a third of retirees do not fully understand basic terms like state pension, and 22% find complicated terminology an obstacle when researching pension plan options. So, when ABS land on the doormat, there’s a strong chance many members will struggle to interpret the information shared.
It doesn’t have to be like this, however, and things are slowly changing. Digital communication tools are helping to transform essential pension information into personalised, accessible and easy-to-follow video content that genuinely connects with members.
By combining clear visuals with natural language and tailored messages, video communications help schemes build trust and clarity across the member journey. They can also play a vital role in improving pension accessibility, making complex financial information easier to understand and more inclusive for a wider range of members.
Beyond this, digital tools can provide valuable insight into how members engage with communications, giving schemes the ability to shape smarter strategies based on real behaviour.
Personalised video, proven results
Personalised video content can guide members through their individual pension benefits in a clear and engaging way. For example, an avatar can walk members through their annual benefit statement, highlighting tailored figures, relevant retirement options and any next steps, all delivered in the member’s preferred language.
It can eliminate confusion, cut printing and postage costs and improve understanding, making it more likely that members will act.
In fact, 88% of members reported a better understanding of their pensions after using personalised video communications. Feedback from schemes also shows a reduction in queries received, fewer general questions and more targeted enquiries about actions such as additional contributions, indicating improved clarity and confidence among members. Heywood Pension Pulse data shows that schemes are wasting an average of £7,176 per mailing per 20,000 members due to inaccurate member data, highlighting the cost-saving potential of moving communications online.
An analytical approach to member engagement
But what makes the platform particularly powerful is what happens behind the scenes. Heywood Video Engage, for example, is fully compatible with leading analytics tools such as Google Analytics and Hotjar. Once connected, schemes can gain a clear picture of how members are interacting with the videos.
Each interaction can be tracked using 'events', from how long members watched to which next steps they clicked. One scheme saw an 80% increase in engagement with annual benefit statements after introducing video. Digital uptake is also strong, with only 0.38% of members requesting paper statements, clearly highlighting member preference for video-driven, online communication. These events, including actions like play, pause, recap answered, or video completed, become a rich data source that shows how effective the video has been, and where members may need further support.
This insight can help schemes shape future member communications, refine messaging and identify behavioural trends that support more personalised engagement. With every view, schemes gain a clearer understanding of what works.
From data to action
Here’s what can be tracked:
- How many members start or complete a video
- Where members pause or quit
- How members respond to recap statements
- Whether they interact with next steps prompts
These data points are sent as event tags that your analytics platform picks up and displays, giving your teams real-time insight into how members are engaging.
For schemes looking to cut costs, improve clarity and strengthen engagement, Heywood Video Engage is a future-ready tool that not only explains but also helps you understand.
