Christine L. Hunderup, Nordea Liv & Pension

My name is Christine and I'm Head of Digital Development at Nordea Liv & Pension. I started at Nordea Liv & Pension on the 1st of April in a new position for Nordea Liv & Pension with focus on digital development. Nordea Liv & Pension had realized that they were lagging behind the competitors on the digital solutions and decided that this was a focus for the strategy for 2020. What are the opportunities for the customers? I think one of the opportunities is that we can make it even more transparent, simple, convenient for the customers. Usually digital solutions, or traditionally digital solutions in the pension business has been built by the pension company and basically for the pension company to provide the customers with all the legal information and product information that is necessary to be compliant with all these rules and regulations. So by turning the plate around and asking the customers what are your needs for information regarding your pension schemes, I think that is where you can actually differentiate yourself, start making simple solutions, online self-service solutions that can make the effort for the customer dramatically lower than paper-based forms and all those traditional solutions. What are the major challenges? Some of the major challenges are legal stuff, compliance issues, etc. The pension business is very regulated and that gives a lot of obstacles for digital transformation and digital solutions. But I think also there are a lot of legacy systems, old history, a lot of different product types that are built in a maybe hard to understand way for just a regular person. So actually when we try to build simple solutions we always think of the most simple customers we have and then when we try to make it fit all the old solution pension schemes we have it becomes hard. So we always have to make the decision should we make this for all the customers or maybe just for the 80% or 50% that actually has solutions that will fit into this digital solution. What are the opportunities for pension schemes? I actually think there are a lot of opportunities that the pension business as a whole has not grasped yet but they are there. I think we should be more proactive because traditionally we only have a couple of touch points with the customers when we onboard them, if they die, if they call us or when they retire. Those are the reactive touch points. Actually if we look broader than that and say if we go out there proactively we can identify maybe 20 or 25 touch points but we have to do something to actually grasp these touch points. But it will make it more personal and more convenient for the customers instead of just contacting them when we get a new product that we want to sell to them or when they are 35 and 55 because we think those are two good ages then actually we can try and communicate to them when it's relevant for the customer in their life situation. We can actually see when they move, when they get married or divorced, when they have children, when these big life events happen where they actually, it would be good for them to look at their pension scheme but a lot of them they don't want to bother or they think it's too complex or they just forget. So if we can make it simple and we can make it relevant by actually contacting them proactively at the right time I think that would be a big differentiator. We already started working with the customer journey. We also looked at all these proactive touch points that we can go out there and actually we can make happen. We try to identify in each touch point what do we want the customer to feel in this touch point and what do we actually want them to do. Do we want them to react in some way and what do we have to do, what do we have to provide to enable the customers to do these things. And I think if we can know the customers even better, we can use all the data that is available both in house in Madea Life and Pension but also out there from public data sources and maybe even social media without making it creepy and stalker, then I think we can know the customers better, we can make it more relevant. So my dream scenario would be that we could actually segment our communication also on the digital platforms so that if you are a segment that would like a lot of details and would like to make the decisions on your own then we have already identified that you are this type of customer based on data and the screen you will see on your app or NetPension or whatever digital media you use from us or the letters you get from us if you still get letters in a few years, they will be with a lot of details that will enable you to make the decision yourself. On the other hand if you are a person that would really like advice from us, would like to know what we would recommend then that would be the kind of communication we would give to you based on the segmentation that we have made. So if we can do that and if we can even make the data alive in a way where we can start to predict events, see if one of our big B2B customers is over represented in some kind of disease, can we go to the company and say can we work with you and your employees to bring down this kind of type of disease or even work with the individual if they would like to do that. I think we have a lot of opportunities, we just have to go and grasp them.