Mercer enhances the health, wealth and careers of their customers through targeted solutions built on creativity, a commitment to innovation and a belief that they can shape tomorrow by building a better future today.
Their investigations showed that customers who are auto-enrolled in the default investment fund:
- Have significantly lower balances - $5,956 vs $17,598 - compared to active investment choice customers (med. balance)
- Are less engaged (83% vs 95% for active choice customers)
- Have lower retention (3.8 years vs 4.4 years’ median tenure).
Discovering their risk profile and choosing the right investment option can make a significant difference to how much Mercer’s KiwiSaver customers have in retirement.
The “Picture your retirement” campaign was developed to encourage customers to make an active investment choice.
The business goal was that 1,800 (6%) of the 30,496 contacted customers would make an active investment choice.
To achieve this, a simple, seamless experience was created so customers could work out their risk profile, understand the investment options available and know the differences between each, and then take a simple action (switch to an investment option most suited to them).
The campaign was sent in July and since then 2,659 customers have made an active choice – that’s 9% of the targeted customers making an active investment decision. More importantly, it is 1,230% increase on Mercer’s average monthly result, and 6,650% increase on the number of customers who took the quiz during the campaign month.