Swiss Life’s Nordic partner, Danica Pension, is determined to ensure that their online solutions are among the best in the Nordic market.
Swiss Life’s Nordic partner, Danica Pension, is determined to ensure that their online solutions are among the best in the Nordic market.
According to Michael Hansen, Head of International at Danica Pension, "Through our cooperation with Swiss Life we are in contact with many different international clients every week. What they have in common is a strong need for user-friendly online solutions. We receive very positive feedback from multinationals based in both the US and Europe, and this is extremely important when acquiring new clients in the local markets. When people who don’t deal with the Danish pension system on a daily basis understand it by using our online solutions, we must be doing something right. Danica Pension Check and the online health check are just some of our solutions."
Danica Pension check
Helped by actuaries, finance experts and anthropologists, Danica Pension has created a digital financial planner. The Danica Pension Check asks the individual pension customer to answer six questions on their life situation, and then provides recommendations on what to do next. The questions cover areas such as job situation, salary increases, mortgages, getting married or divorced, becoming a parent, as well as external savings and insurance policies.
A red, amber or green light quickly signals where they stand. A red light means the saver has far less than the recommended savings or insurance cover, while amber indicates a better savings and insurance level, but which is still insufficient. A slide bar lets the client see how any adjustments, for example an increase in contributions or a delay in retirement age, would move him or her into a different shade of the traffic light system. Danica pro-actively contacts savers whose Pension Check has resulted in red within two to three days.
Pension industry assumptions examined
While developing the Pension Check, Danica Pension received input from ReD Associates, which revealed that the pension industry has been communicating based on three false assumptions: that customers are fully informed about their savings, that they are rational about their decisions, and that they know what they want. The reality is clearly very different.
The Pension Check was piloted with the employees of IBM. Engaging in co-creation with IBM ensured that the Pension Check could be adjusted based on customer experience, before rolling it out to other companies. Danica Pension found that of 100 employees targeted, 60 completed the Pension Check. Of these, 39 had a red signal, because their savings or insurance policies were too low. Following the exercise, half of those with a red signal adjusted their premiums or insurance cover.
Once the model proves itself successful in Denmark, Danica Pension may also roll it out in Sweden and Norway, and increase its availability by using channels relevant to customers, such as mobile and tablets.
Online health check
“The online health check is the start of something new in Denmark. In our work with creating this solution, as well as the features we will introduce in future, we get a lot of inspiration from international clients of Swiss Life and other partners within the network” says Michael Hansen, Head of International at Danica Pension.
Danica Pension’s new online tool lets employees test their health and get inspiration to take up sa healthier lifestyle – all in ten minutes.
Employees receive:
- Awareness of their body age
- A snapshot picture of their general health
- Individual, targeted ideas on healthy living
- Access to experts they can ask for advice
- The chance to set personal health targets
The health check is anonymous and can be completed using a computer, tablet or smartphone.
