Working with Acuvest helped Allianz to articulate our future vision for retirement savings and to evaluate our strategic options to make the move from our current operating model towards a more sustainable and secure future.
As part of the next steps in that journey, Acuvest devised a compelling business case for the implementation of what has now materialised into our innovative Enhanced Transfer Value (ETV) offer for both existing and previous employees. Driven by the principles of being member centric and offering real choice, the purpose of the ETV offer was not only to mitigate against future DB uncertainty but also to offer alternative flexible options, which could be easily communicated and would provide employees the comfort of having both choice and control over their own retirement savings.
Project management for the ETV offer involved Acuvest setting up and running a Project Board with all stakeholders and decision makers represented. This strong governance framework provided clear reporting structures, roles and responsibilities and a forum in which key decisions could be taken efficiently against Guiding Principles. Reporting to the Chief People Officer and Chief Financial Officer jointly, this forum allowed the Allianz Board to understand the offer and its consequent organisational impact and to proactively work towards securing the necessary funding to support the business case.
Acuvest proposed at the outset of the project that the ETV offer itself should be created and built as an individual offer. The individualised offer was constructed by the Acuvest data team to ensure that not only was the offer fair and equitable to all, but that it also contained a series of clear and concise messages that were applicable to all. Any unnecessary complexity in the design could have negatively influenced the take up rate of the new proposal.
Acuvest worked collaboratively with our Allianz team, and contributed to the implementation of the ensuing communications strategy. Using existing channels and proven formats, the joint team was tasked from the outset with the role of keeping employees at the heart of every communication, from the creation of the information guides to the selection of appropriate representatives with the pre-requisite inter-personal skills to successfully and skilfully deliver the face-to-face presentations to our employees.
A fundamental objective of the communications strategy was that everyone involved in the project, at a minimum should understand his or her own position. To facilitate the absorption of all the information contained in the proposals, Acuvest created sample personas which employees could relate their situation to. Regularly updated Q&A briefings and suggested access for employees to help lines was also provided. Acuvest delivered all the current and past employee presentations and worked collaboratively with third parties to ensure messages remained consistent throughout the process.