Post-Retirement Annuity Strategy Design Thinking
Applied a double-diamond Design Thinking approach — combining primary and secondary research with virtual ideation — to address Old Mutual Corporate's post-retirement annuity challenges, adapted for remote delivery during COVID-19.
To increase product sales of post-retirement products.
Business Problem
Old Mutual Corporate engaged us to address two key challenges in their post-retirement annuity offering: becoming the preferred provider of corporate annuity products and increasing annuity sales. Despite independent recognition as the leading product in the market, sales performance remained below expectations, indicating a disconnect between product perception and client uptake.
Approach
Old Mutual Corporate engaged us to apply Design Thinking to address challenges in their post-retirement annuity strategy. We proposed a double-diamond Design Thinking approach — combining parallel primary and secondary research with virtual ideation sessions — adapting seamlessly to remote collaboration following the onset of COVID-19.
Customer Research Overview
Led and conducted virtual interviews with insurance advisors, trustees, and retired and near-retired customers, uncovering key insights into service and product experiences. Findings informed strategic enhancements, enabling more customer-centric propositions and reinforcing our commitment to meeting evolving client needs.
Market Research
Conducted in-depth competitor and market research to identify gaps and best practices in post-retirement benefits. Insights from industry, academic, and regulatory sources informed the design of a competitive, compliant package. Findings underpinned strategic decision-making and implementation planning through a comprehensive, insight-driven report.
Virtual Design Thinking
Facilitated a series of remote design thinking workshops using the double-diamond methodology, adapted for virtual delivery during the COVID-19 lockdown. Sessions focused on synthesising insights from stakeholder interviews and market research to generate value proposition canvases to be ideated in the Virtual Design Thinking sessions. The process culminated in three viable concepts presented to the executive committee, forming the basis for a revised Advisor model and strategic annuity product development.
