Getting the UK ready for retirement

Aegon had a vision. We helped make it real. They wanted to have a real impact on people’s financial futures. We helped them create a new venture that would help get the UK ready for retirement and leave a legacy of innovation.

Did you know that only 7% of the UK population is close to meeting their financial goals for retirement? Having surveyed over 4,000 people, Aegon discovered that most were actually £23,000 a-year­ short, of their expected retirement income. The time had come to get people in the UK better­ prepared for retirement.

The idea was to give customers greater transparency around their savings status. Create a higher degree of relevance by linking future aspirations with current spending habits. Aegon believed that they could have real impact on people’s financial futures by offering a simplified retirement savings product.

We could see the opportunity for change.

Combining in­depth market analysis and consumer insights we explored the relationship between a customer’s desire to save, and the value of contribution made. We discovered many who wanted to contribute to their future funds found the process intimidating. The complexity associated with retirement products made them totally inaccessible.

People also struggled to relate current cash and investment balances, with their desired future retirement income. We need to create something more accessible. A service, that would take away the jargon and give customers a clear picture of both their current and future status. An interactive tool that would support them in saving by allowing them to see their ‘retirement readiness’.

Working closely with Aegon, Market Gravity rapidly conceptualised, visualised and development a revolutionary retirement product. Building an MVP (minimum viable product) fast so that the proposition could be tested and refined with customers in real time.

The result?

Retiready. A simple to use, retirement tracking, saving and management platform. Built with customers, the platform enables people to better understand and work toward their retirement goals. Using Retiready customers can view their ‘readiness’ score, access a variety of funds, take a risk assessment and even use a goal planning tool to help them decide on, and manage the right investment and saving strategies for them.

Shortlisted as a finalist for the Financial World Innovation Awards 2014, Retiready cemented Aegon’s place as a key player in the Direct to Consumer investments market.

“Market Gravity helped us to formulate and articulate our vision using techniques our business had never seen before. This had an amazing impact when it came to gaining executive sign­off and communicating a powerful vision to the whole business".

“We recognise the value in outsourcing an innovation project as it helps us focus on the customer needs and overcome the challenges that many big businesses face when creating a new product or service, including speed to market.

The experience of working together with Market Gravity has left us with a new internal culture of encouraging innovation within the whole company.”

Stephen Crosbie, Customer Innovation Architect, Aegon.

“Market Gravity is very proud to have helped Aegon bring Retiready to market. We are looking forward to seeing the impact it will have on customers, their savings, and on Aegon itself”.

Robin Scarborough, Managing Director, London

Do you need help with developing, refining or launching a new product or service?

Email Robin: robin.scarborough@marketgravity.com.