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US Life Insurer Creates Innovative Direct Contribution 401(k) Product to Build Competitive Advantage

The asset management division of a US life insurance company provides customers with tools to effectively plan for their retirement. To better serve their customers and differentiate their business from competitors, the insurer needed to expand their 401(k) management offerings.

In late 2021, the company approached Endava to help create a managed, direct contribution 401(k) product that would reach a new market segment and help participants strategize for long-term success in retirement. 

The challenge of creating a new product

To deliver personalized, outcome-based retirement strategies to their customers, the client needed to build a new product based on a comprehensive modeling and recommendation engine. This required UX/UI and technology strategies that would convert the client’s existing modeling database into the framework for an intuitive and accessible product.

The client’s main challenges included:

■ Developing a brand-new platform with complex logic built-in
■ Designing a product that understood the customer journey
■ Transforming spreadsheets of customer data into a scalable product

Building strategies for a clickable prototype

After meeting with the client to understand their vision, Endava created strategies for UX and personalization according to the participant’s retirement lifecycle stage and their retirement confidence score. From there, Endava’s teams began building a clickable prototype.

Endava’s approach for the prototype consisted of:

■ Defining core components of the participant journey
■ Creating a segmentation strategy for personalization
■ Leveraging technology to build retirement confidence scores
■ Working closely with the brand team to ensure cohesion

Differentiating from the competition

Endava worked closely with the client to create a fully working prototype for the 401(k) product that would help customers better prepare for retirement. With a robust roadmap in hand, the client had the strategy and components needed to provide a new, high-value product and differentiate themselves in the market.

The prototype for the product achieved these results:

■ Strategic roadmap to move the project forward
■ Greater understanding of customers’ needs 
■ A visually compelling interface and design
■ Efficient navigation and user experience