Digitising Pensions
NATWEST X WTW
The world of pensions has always been a bit wary of digital transformation, with many believing the complexity of the schemes and constantly changing regulatory environment making it too difficult to deliver a simple, sustainable and scalable digital product that members would actually want to use.
However, the need for such a transformation has never been greater, with the amount of paper post being used in the servicing of pensions creating a carbon footprint the size of which would make even the staunchest climate change denier blush. Not to mention the major financial costs involved for the companies and huge cognitive load placed on consumers when having to read through 60 pages of fine print and make decisions that will materially affect the course of their lives.
To this end, in 2021 and 2022 we worked with pensions administrator WTW (formerly Willis Towers Watson) to research and design a member-led, digital product that didn’t just allow people to manage and forecast their defined benefit pensions, but apply for them entirely online; reducing environmental impact and removing painful, costly, time-consuming error handling by checking application forms and identity documents in real-time prior to submission.
This new, industry-first digital service was initially rolled out to one of WTW’s flagship clients, and main sponsors of the project, the NatWest Group Pension Fund. However, over the next few years it will be made available to its entire 70-strong client base, creating significant competitive advantage for the the firm and an even greater sustainability story.
TRANSFORMATION | INNOVATION | EXPERIENCE DESIGN | SERVICE DESIGN
Agency: Nile | Work: Live Project
