Loyalty Driven by Exploration

Challenge

Understanding the perceptions High Net Worth (HNW) individuals have about retirement for an insurance brand to drive loyalty among their existing clients.

A popular insurance firm was on the quest to better understand how wealthy people navigate their retirement journey. On the surface, retirement should be a breeze for the financially endowed (right?)… but what lies underneath is much more than one might expect. Our client wanted to traverse these emotional depths so that they could better understand HNW individuals’ needs and provide better services that can accommodate them during this potentially hectic phase of life.

Approach

We kicked off our exploration with a series of IDIs that investigated the current emotions HNW individuals have about retirement, how their life changed once they started planning for retirement, and their expectations for the key phases of retirement. This was followed by a quantitative phase of work, where we surveyed HNW individuals and made fascinating discoveries about the ‘plunge’ of retirement and the impact it has on the level of happiness of those who are newly retired.

Impact

With our mixed-method approach, we were able to provide our client with highly detailed and aesthetically pleasing infographics that highlighted meaningful facts and figures, as well as strategic implications. These insights served to help our clients improve the financial services they offer as well as giving them a more realistic understanding of the people they serve.