Legal and General – Customer Service letters

The challenge

Legal & General (L&G) help over 10 million people globally with saving, investing, retirement income and insurance. And as part of their ethos and  consumer duty requirements they take seriously their responsibility to deliver great customer outcomes.

L&G had identified two pension customer segments at risk where existing mandatory communications were not encouraging the desired actions. Moreish were challenged to enhance the existing communications to increase engagement and reduce client risk. The two customer groups were:

1) Pension customers in the accumulation phase with excessive amounts of their investments held in cash as a result of ‘lifestyling’ models set up at the start of their investment journey – who were not engaging in communications making them aware of they were losing money every day on their pension vs. inflation

2) Clients in retirement using flexi drawdown withdrawing at a rate that could leave them with a pension shortfall in later years based on their life expectancy

We also had the added challenge of not veering into offering financial advice. All we could do was outline the risks and encourage customers to seek further information or advice.

The approach

A review of the existing communications revealed the desire to communicate too much information was getting in the way of engagement and action. So our approach was threefold:

• Less is more – we were brutal about reducing the content to only the key information that would encourage action in the letters
• Visual hierarchy – making sure the order of the information would lead to maximum takeout with clear visual signposting and numbering. Using a limited amount of red text, icons and pull-out boxes with personalisation
• Adding additional leaflets – with supplementary educational information so we could be as direct in the letters as possible

The results

•  31% of customers receiving the pension accumulation communications reduced their holding in cash as a result of the communications

To find out how Moreish can support your retirement marketing campaigns, get in touch here – we’d be happy to share case studies and advice.