Once members log in to the protected member area of the website, they are presented with their personalized “retirement dashboard,” which has their assets at a glance, most recent holdings and transactions, and other information that is pertinent to them. “We wanted to develop a site that would engage our members. We enable our members to customize their dashboard to suit their specific needs. This gives them more time to explore other aspects of their retirement planning and keeps them coming back for more,” says Anna Del Balso, director, strategy, research and product development, group savings and retirement, with Standard Life.
For people who want to delve deeper, information on planning for retirement at different stages of life is also available on the website, which has been sorted into four categories: plan your financial future, view your holdings, manage your plans and consult investments. She describes the new site as visually engaging and adds that the design is intuitive and simple for any generation to understand. “I think it’s easier for members because we display the information that is relevant to them, upfront,” says Del Balso.
When Standard Life was planning how the website would work and which items would be included in the retirement dashboard, says Del Balso, the user was top of mind. Market research, behaviour analysis of the current website’s usage and focus groups were used to help determine what information and features members would appreciate most in the new website. “We wanted to make sure we were designing something for the members and not just designing something based upon what we thought would be the best thing to do,” she says.
As it turns out, that approach worked and the site has caught members’ attention. As of September 2008, member use of the website had increased by 16%. In particular, the website had seen a 44% increase in the number of members under the age of 30. “We are very pleased with these results,” says Del Balso. “It demonstrates [the website’s] effectiveness across all members. It also highlights the appeal it has with our younger members, who are typically more difficult to engage in retirement plans.”
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The Benefits Canada Awards
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And Del Balso says that members can do more than just plan financially for their retirement. “We’ve taken a more holistic approach. We include health and wellness information as well. It’s not just about financial health; it’s [also] about physical health so [members] can have a healthy lifestyle and enjoy their retirement.”
Del Balso says that Standard Life is a strong supporter of thorough and engaging communication that focuses on plan members’ needs, adding that this is what sets the company apart from its competitors. “We are a member-centric organization,” she explains. “It’s important to us that plan members have the information they need when they need it and that members are engaged.”
With the launch of this new website, Standard Life has made it easy for plan members to stay involved in their retirement planning and has continued its trend of producing innovative web communications.
April Scott-Clarke is assistant editor of Benefits Canada. april.scottclarke@rci.rogers.com
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