General Insurance Article - Smarter disclosure consultation - Aegon's response

 Steven Cameron, Regulatory Strategy Director at Aegon said:

 “It’s clear that consumers are turning to digital in all aspects of their lives. Mobile internet access has more than doubled in the last five years and people expect to find the information they need online. We’re pleased the FCA has recognised this with its ‘Smarter consumer communications’ paper offering an ideal opportunity to accelerate the financial services industry’s transition from paper to digital. The future of communicating effectively with customers is through website material including video and it’s great the FCA is open to reviewing its regulation, in its words ’adopting innovative techniques as we move away from the paper-based mindset’. The way we take in information is changing and video is playing an increasingly important role, with YouTube the second largest search engine.

  

 “In our response, we’ve drawn on our own research which has informed our communications material. Highlights include 90% of customers would prefer an interactive tool than a letter and around 2/3rds would be willing to watch a short film.

  

 “Digital has been particularly powerful when communicating the new pension freedoms. Of those we surveyed, nearly 2/3rds said they prefer to see this information online. This is understandable given the potential complexities the pension freedoms entail, and enabling people to visualise the issues and show how they relate to their individual circumstances can be powerful. It can also highlight when customers really should seek advice.”

  

 Feedback from customers as part of co-creation of Aegon’s digital solutions include:

 “Although now retired, I wish I had access to an analytical tool like this some years ago when making pension investment decisions”

 “I like the idea that you can investigate options for yourself”

 “I like the structure; the links to external resources; the option to go to an adviser”

 “On-line makes it easier to put in different scenarios and get feedback quickly”