Ash Pegram and Gerard Farrell presents 'First Look into the Customer Demands of Digitally-led Superannuation and Insurance Products'

1. First look:
The customer demands of
digitally-led Superannuation and
Insurance Products

2. Why don’t you
want me?

3. We are Global Reviews
We believe decision-making supported by intelligence consistently
delivers better outcomes, unifies teams, lights the pathway
forward and fuels transformation to achieve long-term results.

4. Our Superannuation and Insurance clients

5. ATTRACT SIGN UP SERVICE
CX SCORE
DIAGNOSTIC LAYER
Shortlist
conversion
Preference
conversion
Encouraging
browsing
Comparing
products
Understanding
product detail
Getting help Purchasing
the product
Rates of
return
Investment
strategy
Contributions
Beneficiaries Judging the
experience
CUSTOMER JOURNEY LAYER
61%
46% 50% 67% 73%
39% 73% 62% 42% 56% 48% 67% 53% 69% 91% 87% 67%
Superannuation Desktop Digital CX
CONVERT

6. A blended research methodology
290 18 26,800
2,400 4
hours of 1:1
interviews with
customers
brands features audited
customers
interviewed
countries
96
user testing tasks

7. The customer experience must match promises made early on
Current rate of return
(task reflection from users)
“Wouldn’t have thought
of investments as a
heading for a rate of
return.”
“I went looking in the
wrong place..”
“Too confusing and
difficult to navigate
from the top of the
page.”
“Unable to find what I was
looking for, didn’t
understand what heading it
would be under or what
section it would be in.”
Member experience is the reality of how
these promises are measured
Onsite experience validates these and
articulates in more detail
Features and value propositions promoted
to prospective members

8. Three themes
1
2
3
Fluidity
Relationships
Engagement

9. Fluidity
01
Building roadmaps based on mindsets

10. Superannuation index: demands by audience
Desktop
Mobile app
Mobile site
18-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65+
$300,000+
Early adopters
Early majority
Late majority
Laggards
Desirability
Low High
Importance
Low
High
Three cohorts are more demanding
when it comes to rating features:
Early tech adopters
‘Mid career’ members
Higher value, ‘laggards’ and retirees are the least
demanding when it comes to rating online features
Mobile users

11. Early adopters
Early majority
Laggards
Late majority
Once a day
A few times a week
Once a week
A few times a month
Once a month
Once every 2 to 3 months
Once every 4 to 5 months
Once every 6 months
Once a year
Never
Desktop site
Mobile app
Mobile site
Insurance index: demands by audience
High
‘High Frequency’ users are the
most demanding with
expectations that coincide with
those who use a mobile app to
manage their super.
The Early majority have higher
expectations than Early adopters. This
indicates technical savviness is not a
primary driver for feature importance and
other needs drive feature importance.
Laggards are the least demanding
cohort. Those who prefer to use a
Desktop device and those who very
rarely log into their “my insurance”
platform have low expectations.
Importance
Low
High
Desirability
Low High

12. Different functions require different channels
Category
score
(1-100)
Superannuation member features by category
Average of Desirability Index (DI) Desktop as preferred channel App as preferred channel Heavy mobile app users
MEMBER SERVICE CATEGORIES

13. Providing genuine utility

14. Example: calculators and tools within superannuation
Feature ranking
score
(1-100)
59/100
61/100
90/100
Members using
desktop as
preferred device
Members using
mobile site as
preferred device
Members who
are heavy app
users
Number of Calculator and Tools app features
(out of a possible 10)
Score:
Score:
Score:
5 3 1
0 0 0
0 0 0
0

15. Relationships
02
Loyal until the next brand comes along.

16. Drivers of preference: Superannuation
Current customer
54%
Reputation
42%
Trust
45%
Low fees
45%
Best results
25%
Industry fund
32%
Current customer
24%
Reputation
29%
Trust
26%
Low fees
33%
Best results
32%
Industry fund
26%
Current customer
30%
Reputation
34%
Trust
35%
Low fees
45%
Best results
29%
Industry fund
23%
Initial preference
(prior to researching online)
Final preference
Shortlist of considered brands
(after conducting online research)
Source: Global Reviews Superannuation Study, Q1 2022, n=309

17. Drivers of preference: Insurance
Current customer
61%
Trust
46%
Used them before
48%
Reputable brand
51%
Lowest prices
40%
Customer service
37%
Offers easy to understand
21%
Current customer
33%
Lowest prices
27%
Reputable brand
37%
Used them before
34%
Trust
25%
Used them before
32%
Trust
33%
Reputable brand
36%
Current customer
39%
Best product
22%
Lowest prices
22%
Initial preference
(prior to researching online)
Shortlist of considered brands
(after conducting online research)
Final preference
Best product
30%
Customer service
18%
Offers are easy to understand
14%
Offers are easy to understand
26%
Best product
17%
Customer service
10%
Source: Global Reviews Motor Insurance Study, Q3 2022, n=361

18. Reputation
Reputation
Current customer
Current customer
Trust
Trust
Lowest fees
Lowest fees
Best returns
Best returns
Industry fund
Industry fund
May-19 Aug-19 Feb-20 Aug-20 Feb-21 Sep-21 Mar-22
Reason
for
preference
Survey periods
Superannuation fund preference
Why were funds chosen by customers as their final preference?
Drivers of preference change constantly
Sources: Global Reviews Superannuation Study, Q2 2019 - Q1 2022, n=309

19. Building trust in the member experience
6.31
7.58
7.98
8.49
That 100% of my funds are
invested in sustainability
focused holdings
That my superannuation
provider takes investment
sustainable holdings very
seriously
That I can see 100% of the
holdings my funds are invested
in
That my superannuation
provider is transparent on
investment choices
Thinking about choices your superannuation provider makes
when investing funds, how important are the following
(1-10 scale)
0% 20% 40% 60%
Current customer
Reputation
Low prices
Trust
Used before
Best product
Recommendation
Final preference drivers – Motor Insurance AU

20. Portfolio brands may struggle to cover emotional needs
Banking Insurance Superannuation Wealth
Product need
Brand preference
Trust Fees Results Reputation Awards ESG Ease
Preference drivers
Final preference
drivers
Superannuation
Fees
Insurance
Existing customer
Banking
Existing customer
Home Loans
Rates
Personal Loans
Trust
Wealth
Trust
Credit Cards
Existing Customer
? ? ? ? ? ? ?

21. Have one-to-one interactive conversations
Your realm Shared realm My realm

22. Engagement
03
How to drive deeper and more frequent interactions

23. Younger segments are detached from their financial brands
”
I've never actually used
a super app before. I've
only seen the website
and stuff.
- Female, aged 18
”
For me, personally, I would take
my member number and fill out
the form on my employer's portal
not on my super funds website.
Female, aged 18 - 24
”
I use my statements more than I would
use the website because it's
automatically done. When I'm working
then I don't usually check my super.
Female, aged 18-24

24. One device to rule them all?
55%
27%
18%
Preferred device
Smartphone app Desktop Mobile site
N=417, mobile app usage is heavy or medium
”
On my daily logins I do it through the app to see balances. But
if I need to manipulate my investments, I do go on to desktop.
- Male, aged 30

25. UX can improve member engagement
36%
30%
21%
9%
9%
40%
26%
15%
0%
17%
None of the above
Contributed additional super on top of
what your employer pays
Changed investment options
Added new insurance cover to your
super
Rolled funds into your super
account/transferred super
In the past year, have you performed any of the
following with your superannuation?
2022 2021

26. Becoming relevant

27. Have a multi channel service strategy
17%
26%
39%
18%
11%
19%
26%
44%
13%
18%
19%
50%
Heavy user Medium user Light user I never use this
service
Percentage
of
sample
"My Insurance" usage by channel - Canada
Desktop site Mobile Site Mobile App

28. Three key takeaways
• Work with your customers on
which features they desire
and on which device
• Plan for devices to change
throughout the customer
journey
• Build features that
complement the mindset and
address needs at that specific
part of the customer journey
Plan with your
customers
• Leverage technology to drive
meaningful, relationship
building, conversations
• Earn trust through consistent
and transparent experiences
Use technology to
build relationships
with customers
• Combine what customers say
with true analysis of what
they do
Harness impact
data
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