Communicating effectively with pension scheme members has long been challenging. Complex jargon, detailed data, and intricate scheme structures often overwhelm members, leaving them disengaged.
In this article, Business Development Director Andrew Phillips explains how AI-driven video is helping schemes connect with members and deliver personalised experiences.
With new Consumer Duty regulations, pension providers are now under greater pressure to deliver clearer, more accessible information, enabling members to make informed retirement decisions. Traditional communication methods are proving insufficient, which is why AI and video-driven solutions are emerging as essential tools for enhancing member engagement.
Clear communication in pensions is now a regulatory necessity. Under Consumer Duty regulations, financial institutions must present information in ways that facilitate informed decision-making. However, many members struggle to engage with traditional formats that are often heavy on complex language and detail. Simplifying communication, removing jargon, and using visual aids are crucial steps to make information accessible, leading to better retirement outcomes.
Artificial Intelligence (AI) is set to revolutionise pension communication by enabling the creation of highly personalised video content that addresses each member’s specific financial situation. AI technology can convert complex pension data into dynamic, digestible visuals, making topics like investment performance, contribution rates, and pension forecasts easier to understand. These videos, often enhanced with dynamic avatars, break down jargon and simplify complex information, making pensions more accessible and relevant to individual members.
AI-driven video content gives members control over how they consume information. Interactive features allow them to pause, replay, and focus on specific areas relevant to their personal situation. This self-paced engagement aligns perfectly with Consumer Duty principles, as it empowers members to make informed, confident decisions regarding their retirement planning. The result is a more personalised, accessible communication method that encourages understanding and engagement.
Adopting AI-powered video offers pension schemes a strategic advantage by delivering personalised content that captures and retains member attention. This approach encourages active participation in retirement planning while enabling providers to meet regulatory standards and build stronger member relationships. Through personalised video, pension schemes can make communication not only clearer but also more resonant for each individual.
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AI-powered videos are already transforming pension communications, explaining pension statements, investment performance, contribution rates, and more in a personalised, easy-to-understand format. This direct approach ensures information is relevant, leading to increased member satisfaction, higher engagement levels, and improved retention rates. Timely, personalised communication builds trust, making members feel more confident in their retirement planning.
AI-powered video communication is set to become standard practice in the pension industry. As video content becomes the preferred format for younger, tech-savvy demographics, pension providers adopting AI-driven solutions will better meet member expectations. Furthermore, AI advancements are expected to enable predictive content, anticipating members’ needs and delivering relevant information before they even ask, creating a truly personalised experience that keeps members well-informed.
Software like Heywood Video AI is already helping schemes reshape their member communication strategies. Over 400,000 members are already receiving annual benefits statements through Video AI, with 88% reporting improved understanding of their pension.
“The video was brilliant, it explains everything in simple terms and brings up all the figures I need. It's just easier to understand.” Pension fund member
Heywood’s platform enables pension providers to deliver personalised, interactive video content that simplifies complex information at scale, covering everything from pension statements to investment options.
Using dynamic avatars and real-time data-driven visuals, Heywood’s Video AI allows pension schemes to offer clear, personalised communication at scale, enhancing member engagement and satisfaction.
The adoption of AI-powered video communication is a strategic move that delivers clear benefits to both pension schemes and their members. By simplifying complex data, personalising the user experience, and providing interactive content, AI-driven video supports informed retirement planning decisions. For pension providers, embracing AI-driven video solutions is an effective way to meet regulatory requirements, strengthen member relationships, and establish themselves as leaders in innovation.
Ready to revolutionise your pension communication? Discover how Heywood’s AI-powered video solutions can help you engage and empower your members with clearer, more personalised content.