Nudging South Africans to save for their retirement
Genesis Analytics worked with a global insurance provider’s outbound call centre to encourage more South Africans to save adequately for retirement by avoiding early withdrawals.
By imbedding behavioural economics concepts into these conversations, the client saw a 140% increase in the value of retirement benefits conserved over the course of a six-week pilot period.
The team was then retained to roll out these learnings across the contact centre, resulting in a 155% increase in the value of retirement benefits conserved.
Funds retained increased from R250-million annually to R600-million, realising considerable value for the client and delivering a 19-times return on investment.