Lincoln Financial and Standard Life Case Study: different approaches to engaging consumers with pensions

Table of Contents

DATAMONITOR VIEW

• CATALYST
• SUMMARY

ANALYSIS

• Introduction
  • Both Lincoln and Standard Life are cornerstones of their country' s financial services world
  • Standard Life and Lincoln are specialists in the retirement income space
  • Both Standard Life and Lincoln have created innovative marketing campaigns which address the changing concept of ' retirement'
  • Both campaign appeal to a number of Megatrends but demonstrate significant complexities
  • The pre-retirement generation is growing in terms of both numbers and influence As has been noted, both Standard Life and Lincoln have primarily appealed to those approaching retirement (currently the baby boomer generation), who have proven to be changing the face of retirement, with their increasing numbers, increasing affluence, and increasingly diversified wants and needs. Since sales of personal pension plans have been on the rise over the last five years, this is an important growing market for insurers to target.
  • Other providers are moving their strategies in this direction
  • Looking to the future

APPENDIX

• Data Tables
• Definitions
  • The Datamonitor Financial Services consumer insight Megatrend framework
• Further reading
• Ask the analyst
• Datamonitor consulting
• Disclaimer

TABLES

• Table: Total new business premium providers in the UK 2008 by market share
• Table: Attitudes towards responsibility for providing for retirement in the UK and US
• Table: Attitudes towards financial advice by country and age group
• Table: Attitudes towards thinking about retirement, by age group

FIGURES

• Figure: Both Standard Life and Lincoln have created strong customer-focused brand platforms
• Figure: Total new business premiums in 2008 placed Standard Life as the UK' s market leader
• Figure: Standard Life effectively employs the use of celebrity to promote its ' Active Money' SIPP
• Figure: Lincoln' s TV advertisement encourages consumers to make an emotional connection to their ' Futureselves'
• Figure: Lincoln uses an extensive online platform to guide consumer through the future challenges they can plan for
• Figure: Lincoln has advertised in print next to crosswords
• Figure: Both campaigns target the same segment but appeal in different ways
• Figure: The majority of both UK and US consumers believe it is their responsibility to provide for themselves in retirement
• Figure: Attitudes towards seeking professional advice before making financial decisions
• Figure: 18 - 24 year olds are least likely to want to think about retirement
• Figure: Standard Life' s Active Money SIPP website proves a convenient website for time-constrained consumers to learn about the product.