Country: United KingdomStandard Life
Year: 1825

  • On a corporate level, Standard Life aims to strengthen pension savings and corporate benefits solutions products
  • On the retail front, there is a focus on the savings and investments needs of customers in pre-identified segments
  • Maximise long-term value from joint venture relationships in Asia. The operations in India and China give Standard Life the opportunity to participate in sizeable markets with major growth potential
  • Standard Life Investments is meeting the needs of institutional clients internationally by growing institutional distribution capability, in addition to leveraging distribution of strategic partners to reach more clients
  • Standard Life Investments also focuses on building footprint in the wholesale market

Recent Initiatives

  • Standard Life Investments has a strong focus on engaging all UK customers via a new digital proposition. They have identified four key customer groups that need help and guidance digitally including existing direct customers, potential new direct customers (including new retirees), existing workplace customers and new auto enrolment customers
  • They intend to use online technology to drive greater customer engagement- new tools to guide customers through the retirement process driving take up of Standard Life Investments solutions, enabling consolidation of assets, supported by retirement communications and roadshows #ReadyWhenUAre campaign
  • Standard Life’s Digital Workplace strategic program, an 18-month program started in 2013 aimed at improving its IT services across all its businesses in Europe, North America and Asia, to provide employees with a consolidated, enhanced and digitally-enabled working environment

Lessons Learned

  • Focused digital proposition based on customer segmentation: Rather than launching applications to the mass market, they are targeting specific customer groups based on their profiles
  • In terms of Governance, until 2012 they had a Group Digital Director reporting to the Board, who oversaw operations, marketing and strategy. After the reorganization, the Group CTO/CIO took over Digital with a Director of Digital & IT Strategy reporting to him
  • Digital workplace: The focus has also been made on using Digital as a efficiency and cost reduction tool

Keywords: customer engagement; pension savings; costs reduction; customer segmentation

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