Redesigning the pension journey for AXA

Redesigning the pension journey for starters & the selling process for brokers.

Challenge

How can AXA better support the pension journey?

In a market where pension products are plenty, it’s sometimes difficult to know as a pension product provider how to differentiate yourself in a highly competitive market. One of the best questions we believe to ask yourself next is how you can better support your customers in their journey of considering and acquiring pension products.

AXA, one of Europe’s biggest insurance organizations, asked themselves this question & reached out to BOI to redesign the pension journey for their customers: independents & key partners: brokers & at the same time, build capability in designing customer journeys within AXA.

Process

Generative sessions with independents and brokers.

In order to better understand the current pension journey that independents and brokers go through, we invited independents and brokers for generative sessions. A generative session allows us to tap into the brains of multiple participants at the same time, there’s also the adding benefit that the conversation and discussion amongst the participants contain valuable input. All in all, we run 4 sessions with starters & 4 sessions with brokers. Through this exercise, we created personas and synthesized different AS IS customer journeys for our different personas. By better understanding the emotional experience of the pension journey, it allows us to map out where the lows and the highs were, and through that, design a pension journey for a memorable experience.

Various areas for opportunities were mapped out across the CJ. Our guideline is to start with the smallest thing that could lead to the biggest impact, to which the team decided to move forward with the following 2 opportunity areas: (1) Independents: HMW help independents better understand pensions by themselves & remain trustworthy, (2) Brokers: HMW simplify and digitalize the process of making the contract. 

To involve the customers, we shouldn’t only leave it to the empathy phase, but also to see them as our equals during the ideation phase. Based on this motto, we invited independent and brokers to join for co-creation sessions, where they generated various concepts on how to tackle the 2 HMW challenges.

Those sessions shifted the perception the participants have of AXA: they were surprised by the level of involvement welcomed by AXA. Moreover, it gave the team fresh outside-in perspectives, while some of our initial assumptions were challenged. The ideas coming from the co-creation sessions were then fed into the ideation sessions with the team.

Throughout this journey, we also involved AXA core team members to co-design & facilitate generative & co-creation sessions together with us since the second aim to the project is to build internal capability for AXA to run these projects stand-alone in the future.

Solution

Exploring and mapping the customer journey from purchase to onboarding.

For the independents we created a tool that helps them during the discovery and exploration phase of their purchases decision. This tool focused on simplicity as the biggest struggle for independents was understanding these products. A first rough prototype was also tested with a few clients and received very positive feedback.

For brokers we created a tool that facilitated the onboarding of new clients. The brokers struggled with the overview of the onboarding process as there was little overview and multiple stakeholders. The tool focussed on improving transparency of the process and putting important stakeholders in contact with each other directly.

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