AFP Habitat: Affiliate Experience in Pension Funds, Innovation, and Future
BBK Group helped AFP Habitat improve the affiliate experience with an innovative approach based on Behavioral Economics and digitalization.
Industry
Challenge
Improving the affiliate experience in a context of uncertainty
In 2023, AFP Habitat faced a challenging scenario due to the potential pension system reform in Chile. Given this context, the pension fund manager decided to strengthen its positioning through a strategy focused on the affiliate experience, with the aim of fostering customer loyalty, generating trust, and improving the perception of the service.
The Chilean pension system presents barriers that impact affiliate satisfaction and retention:
Crisis of confidence
AFPs have faced criticism due to low transparency, high commissions, and insufficient pensions.
Difficulty in understanding the system
Concepts such as profitability, multi-funds, and pension projections are complex for affiliates.
Digitalization gaps
Although digital platforms exist, their accessibility and usability are not optimal for all users.
Lack of personalization
Each affiliate has different needs depending on their age, income, and retirement horizon.
To address these challenges, AFP Habitat entrusted BBK Group with designing and implementing an experience model based on a strategic and innovative approach.
Solution
Design and implementation of an optimized experience model
To transform the affiliate experience, a structured approach with several stages was developed:
Diagnosis of the current experience
This data gathering allowed for an understanding of affiliate behavior, their expectations, and the main points of friction in their relationship with the AFP.
Application of Behavioral Economics
To improve decision-making and affiliate interaction, Behavioral Economics was applied, a methodology that analyzes cognitive biases, emotions, and habits to design effective strategies.
This technique allowed for:
- Identifying factors that affect trust in the AFP and defining strategies to reduce uncertainty.
- Designing more intuitive digital tools that facilitate the understanding of pension savings.
- Creating more effective communication models that reduce the complexity of the pension system.
Design of a new affiliate experience
Based on the diagnosis, BBK Group defined an experience model based on the CX Framework, which included:
Experience hallmark
A strategic definition to guide customer service and standardize service quality.
Optimized channel model
Restructuring of the management and operation of service channels.
Personalized customer journeys
Design of customer journeys aligned with their needs and expectations.
Strategic initiatives
Prioritization of internal actions to improve the affiliate experience.
Measurement model
Creation of perception and operational indicators to evaluate the impact of the implemented improvements.
Implementation of an Omnichannel Strategy
To ensure the correct execution of the strategy, BBK Group formed work cells with internal teams from AFP Habitat in key areas such as operations, experience, and channels.
The process included:
- Definition of an implementation roadmap.
- Teamwork methodology with specific roles.
- Support during the execution of each initiative.
Thanks to this approach, the improvements in the affiliate experience were integrated throughout the company, driving an organizational change focused on the customer.
Results
Impact of the strategy on the affiliate experience
The implementation of the experience model generated significant improvements at AFP Habitat:
Greater affiliate satisfaction: More efficient processes and clear communication have improved the perception of the service.
Reinforcement of trust: Transparency in information has reduced uncertainty regarding the pension system.
Effective digitalization: Optimized platforms have facilitated self-management for affiliates.
Greater customer loyalty: Personalization of the experience has generated a stronger connection with affiliates.
Optimization of internal processes: Operational reorganization has allowed for better customer service and management.