Actuaries set up group to improve product information

An influential group of actuaries is calling on the financial services industry to re-evaluate the product information sent to customers as part of a drive to improve engagement.

The Institute and Faculty of Actuaries has set up a consumer information working party to challenge the financial services industry to think about the information consumers of financial products receive and how it could be improved.

Ideas put forward by the working party include encouraging providers to communicate progress relative to consumers’ savings goals, communicating risk and reward by referring to the product’s chances of achieving the savings goal, keeping communications concise and easy to digest and promoting simple rules of thumb for saving.

Better Retirement director Billy Burrows says: “The suggestions put forward by the working group are a practical and workable way of improving how we communicate to customers.”