JCX

Situation

Business Problem: Participants were not annuitizing their funds (which is how TIAA makes money) and those that did, struggled through the process.

Customer Problem: Annuities are complex insurance products. Very few people know what they are, how they work and how they could benefit from an annuity within their withdrawal strategy.

OBJECTIVE

• Understand more about customers transitioning to retirement (pain points / opportunities / emotions).

• Discern why some customers annuitize and others don't.

• Determine what customers know and don’t know about annuities and annuitization.

• Understand what customers think of the digital experience once they purchase an annuity.

Activities

• Worked collaboratively with stakeholders to understand what we already knew as an organization about participants transitioning to retirement and annuitization.

• Facilitated 29 in-depth interviews with 6 audience types for 60 minutes.

• Analyzed and coded qualitative data.

• Created 2 key journey maps illustrating the customer experience.

• Developed insights and packaged in a report to share with various groups across the organization.

• Used insights from research to facilitate ideation workshops around key customer pain points and needs.

• Prioritized ideas with stakeholders based on desirability, feasibility and viability to determine how to strategically approach changes to the customer experience.

• Co-created business case with stakeholders communicating the benefit for both the customer and the business including a strategic roadmap of next steps to reach our CX vision.

• Collaborated with data and analytics team to enhance the propensity model for annuity prospects.

OUTCOME

• Well-defined business case for making changes for participants transitioning to retirement

• Strategic roadmap to address key customer needs

• Detailed journey maps encompassing 2 key scenarios

• Enhanced propensity model tailored for annuity prospects