We’ll publish a Customer Impact report every year. As part of this, we’ll keep you up to date with developments from the previous year.
Here are some of our main achievements in 2007.
Reaching more customers
While new business volumes are by no means the only way we judge our success, it’s a reflection of how our products and services are perceived by the market and how well they’re meeting customers’ needs.
2006 was a record year for AEGON Scottish Equitable, with more people than ever before buying our products – and we saw a further increase in 2007. Much of the growth came from outside pensions, our traditional area of expertise. Our annuity product recorded an impressive 41% growth due in part to our competitive rates (you’ll frequently find us in the top three in published rate tables).
The vast majority of our customers came to us through recommendation from professional financial advisers. In 2007, we widened our reach through new agreements, such as an arrangement with Barclays Bank to offer our individual protection and pension products. These types of agreement reflect our strong standing in the market.
Of course, the challenge remains to maintain and improve the standard of service we provide to each of our growing number of customers.
Enhancing products
As well as launching new products and services, like our Income for Life retirement solution, we’re constantly reviewing our existing portfolio to check it’s still relevant and look at how we can add value.
In 2007 we conducted extensive research with advisers and customers into the features and benefits of our investment bond. As a result, we relaunched it as Investment Control, with the option of a new money-back guarantee and greater fund choice.
Developing our customer experience
We’re determined to improve our customers’ experience in all their dealings with us, right across the board. To achieve this, we recognised that we needed people at all levels to ‘think customer’ and we’ve put in place specific training and development frameworks to encourage this. But we also need key people to lead and champion the work we’re doing across the business.
As well as recruiting a new Director of Marketing and Customer Strategy, we also established a dedicated team to co-ordinate our efforts. It’s their job to look at things from your perspective and make sure the changes we make are the things you want to happen. We’re actively looking at the kind of experience you want us to offer and how we can deliver it.
To find out what we’ll be focusing on in future, read our thoughts on the year ahead.