Most people of working age know they need to get their pension in order – yet many keep putting it off. Whether it’s due to anxiety, a lack of understanding, or just feeling overwhelmed, people often avoid engaging with their retirement savings. Our business in the United Kingdom is working to change that.
Research by Aegon UK revealed that people can feel anxious when thinking about their pension, especially during important life moments like changing jobs, starting a family, or turning 50. This can lead to avoidance, often at moments when financial decisions are really important.
Introducing Mylo
To help address this, Aegon UK developed Mylo, an app specifically designed to anticipate when workplace pension plan members might need support. By leveraging data, Mylo delivers timely, relevant prompts that feel personal rather than robotic.
“Instead of waiting for people to ask for help, Mylo anticipates when support might be needed and then nudges members at the right moment,” explained Aegon UK’s commercial director of workplace, Nick Roy. “This includes prompts to review pension contributions after a job change or salary increase, or guidance at milestone birthdays.”
Mylo has already been introduced to around 900,000 workplace plan members, and Aegon UK plans to extend access to over one million by early 2026. This expansion is part of a broader push to improve digital engagement and tackle the emotional barriers that often prevent people from interacting with their pensions.
Beyond personalized nudges, Mylo offers a range of features such as life-event guidance, access to money coaches, and a service to consolidate old pensions without needing policy numbers. Members can also message Aegon UK’s pension experts via a WhatsApp-style chat function, enabling them to ask questions without waiting in live chat queues.
Early feedback from members has been encouraging. “The main message so far is that members find pensions easier to understand and less intimidating than before,” said Roy.
And, despite its young age, Mylo has already gained wider industry recognition, winning innovation awards at both the Schroders UK Platform Awards and the Scottish Fintech Awards, and a nomination at the upcoming Scottish Financial Services Awards.
Helping people engage with life insurance
While Mylo is helping people engage with their pensions in the United Kingdom, Aegon’s business in the United States, Transamerica, is helping more people to benefit from life insurance. These efforts are part of Transamerica’s transformation to become America’s leading middle market life insurance and retirement company.
Transamerica’s chief distribution officer of life, annuities, and mutual funds, Rob Carney said: “We have two focuses: simplifying processes and improving financial literacy. Products that streamline applications and underwriting are critical to serving middle-income families. Education is just as important: many people don’t realize how life insurance can help them beyond protection.”
64% of insured middle-income Americans, for example, own permanent life insurance. They use it to save for retirement, pay for emergencies, leave an inheritance, or even fund a child’s education. However, this means that over a third of middle-income families are potentially missing out.
“At Transamerica, we’re investing in educational tools and targeted outreach to enable families to take action. We’re also embracing agility: refining existing products and creating new ones to meet the evolving needs of consumers,” Carney added.
Strengthening digital engagement
In Brazil, Aegon’s joint venture MAG Seguros (MAG) is combining digital innovation with personal support to strengthen customer engagement with its products and solutions.
One of MAG’s latest initiatives is Simple2u, a fully digital insurance platform that allows customers to activate coverage for specific hours or days.
Another program, known internally as “Alsleben” – to “Welcome Warmly” in Portuguese – focuses on supporting families who receive a life insurance payout. Instead of leaving them to manage a lump sum on their own, MAG provides a financial advisor to guide them in making informed, sustainable decisions. “That’s the final step in our promise,” says MAG CEO, Helder Molina. “Not just paying, but caring.”
Providing support at important moments
Enhancing digital experiences to drive customer engagement has also been a priority for our Spanish colleagues. The team at Aegon España, collaborated with customer experience experts to develop a mobile app designed to support health insurance policyholders during medical visits. The app allows users to search for medical centers, access their digital insurance card, and request or review authorizations, among other things.
The app is part of a broader set of initiatives that Aegon España has introduced to care for and support its customers and their families. Notable examples include the rollout of a telemedicine service, which offers health policyholders free 24/7 access to general practitioners and specialists via chat or video call without the need for an appointment, as well as expanded customer service through WhatsApp and social media channels.
Becoming a trusted partner
At Aegon, our purpose is to help people live their best lives. So, whether it’s a personalized nudge from Mylo, educational tools from Transamerica, support during a doctor’s visit in Spain, or a helping hand from MAG, Aegon’s businesses are committed to providing meaningful support at life’s important moments. These efforts help to foster genuine connections with customers, enabling Aegon’s businesses to move from being merely a service provider to becoming a trusted partner that supports customers when it matters most.