Financial AWARE

Natalie just turned 31 and has been married to Dave for two years. Her first child was born three months ago,and Natalie has just returned to work after maternity leave. Ambitious and smart, she is struggling a bit to find the balance between growing her career and her new parenting responsibilities. She takes the well-being of her family very seriously, and she knows that parenthood introduces a wide range of new financial considerations. As a digital native, Natalie is very technology savvy and uses various devices for work and at home. When she has a problem to solve, her first instinct is to grab her smart phone or tablet to research a solution, but she relies on the advice of others in her personal and professional circle to validate her decisions, especially when it comes to her finances.

Natalie takes her new baby to the pediatrician. In the waiting room she sees pamphlets about planning for her child’s future. While her baby is only a few months old, she knows from her older sister’s experience, that it is never too soon to start saving for college.

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After the visit, Natalie tweets a picture of the baby with the caption “3 month shots today…college tomorrow?!” Many of her friends as well as her sister see the tweet.

After reading her tweet, one of the mothers in Natalie’s Working Mom Support Group direct messages her a link to a checklist of financial planning tips for new parents.

Natalie clicks on the link from her phone and realizes that the checklist is actually from the Blu website, where she holds a term life policy. At the top of the list is “add your new child to any insurance plans.”

She starts to access the Blu portal on her phone and gets as far as logging in, but then changes her mind. She makes a mental note to access the Guardian portal when she gets back to the office and add her new baby to her plan as a contingent beneficiary.

Just as she is about to head back to the office, a text arrives from her sister with a link to information about 529 college plans.

Feeling overwhelmed, she forwards the checklist link and the 529 link to her husband Dave with the message “we have to talk!”

She is able to easily add her baby to her policy via the web portal and has just hit submit on the college savings calculator when her boss walks in to the office and calls her into a meeting.

Back at home that evening, she is going through her email and sees a message from the agent who handled her life insurance purchase. To her surprise it’s a message congratulating her on the birth of her new baby with a personalized and interactive version of the check list her friend had sent. She sees that “add baby to insurance” and “calculate what you’ll need to save for college” are already checked off. There is also a button in the email inviting her to schedule a meeting with he advisor, plus various links to additional information on the Blu site.

She uses the online tool to set an appointment for the following week, then she clicks through to the “disability income replacement calculator” but is quickly interrupted by her husband.

Natalie speaks to Dave about her research and the concerns she has about being able to contribute enough to a 529 plan, let alone some of the other options on the checklist. He suggests that rather than try to figure it out on their own they should just wait to speak with their agent.

When Natalie and her husband meet with their agent, he has prepared preliminary recommendations based on the information she provided in advance. He shows her how she can afford to increase her life insurance coverage and points out that they can start a 529 with a small monthly contribution, increasing it as their incomes increase. For disability coverage he recommends a plan from SmartChoice, but Natalie and her husband are concerned about the additional monthly expense.

The agent suggests that they complete the rest of the worksheet and then explore the alternatives. As they talk, Natalie reveals that she changed jobs just before she learned she was pregnant and is now employed by Acme Supply Co. When her agent inputs her new employment information, he receives an alert on his screen that she likely has Blu disability coverage through her employer. The monthly payment for supplemental disability through Blu is significantly lower than the SmartChoice premium. Natalie and her husband are thrilled and finalize the 529, additional life and supplemental disability.

Natalie and her agent agree to meet periodically to review her situation as both her family and career grow.

On a quarterly basis, Natalie receives an email with a snapshot of her 529 savings progress and personalized advice to maintain her family’s financial health.

Lauren tweets “I love Blu!” and posts on Facebook about her experience.

The head of the Working Mom’s Support Group direct messages her back and asks her to share what she has learned about planning for her baby’s future at their next meeting.

Natalie asks her agent to join her as a guest speaker but asks that he not bring up SmartChoice!

On a break between meetings, Natalie heads back to the Blu website and logs in. The first thing she sees is a pop up promoting 529 plans with an embedded college savings calculator.

The next morning, as Natalie pulls into the office parking lot, a message pops up on her phone. It’s from her agent confirming their appointment and providing a link to a worksheet that they will complete when they meet.

She opens the worksheet from her desktop and is pleased to see that it is prepopulated with all of the information she entered into the college savings calculator as well as the information she provided when adding her baby to her life insurance policy. Even the partial information from the disability calculator has been included. This is going to be a productive meeting, she thinks.

This Customer Experience Map has been specially developed by Jason Smith and Catrina Boisson.

© IBM Corp. 2014

Natalie

Marketing Optimization