InVision > Case Studies > Digital Transformation in Financial Services: A Case Study of Northwestern Mutual

Digital Transformation in Financial Services: A Case Study of Northwestern Mutual

Technology Category

Platform as a Service (PaaS) - Application Development Platforms

Applicable Industries

Buildings
Cement

Applicable Functions

Product Research & Development
Quality Assurance

Use Cases

Experimentation Automation
Time Sensitive Networking

Services

Testing & Certification
Training

About The Customer

Northwestern Mutual is a financial services company based in Milwaukee, Wisconsin. Founded in 1859, the company has a long history of providing life insurance to its clients. As a mutual company, Northwestern Mutual was built on the foundation of integrity and accountability, which has been core to their success. Over the years, the company has evolved to meet the changing needs of its clients and the financial services industry. Today, Northwestern Mutual is a leading provider of life insurance, long-term care insurance, disability insurance, annuities, mutual funds, and investment advisory products and services.

The Challenge

Northwestern Mutual, a life insurance company founded in 1859, has always prioritized integrity and accountability. However, the changing needs of its clients and evolving expectations in the financial services industry necessitated a reevaluation of its business practices. The company recognized the need to be forward-thinking, experimental, and innovative to meet and anticipate the future needs of their clients, employees, and financial advisors. The challenge was to drive a digital transformation that would enable clients to see their whole financial picture in a way that is relevant, empowering, and tailored to their current lifestyle and work habits. The design team at Northwestern Mutual, which grew from 7 to 70 in two years, was tasked with this challenge.

The Solution

Northwestern Mutual acquired fintech startup LearnVest in 2015 to accelerate the company’s transformation and create a leading digital client experience. The design team started small, focusing on improving the user experience and design copy of a dashboard that was not performing optimally. The team, led by Vice President Head of Design Abigail Hart Gray, relaunched the dashboard in six weeks, resulting in a 300+ percent increase in account aggregation and an 86 percent decrease in bounce rate. The design team also emphasized connecting with the client, with many employees taking a certified para-planner course to gain a fundamental understanding of financial planning. This knowledge helped unify the voice of the company and ensure messaging was on point. The design team also made extensive use of cross-functional workshops with design and product partners, and assigned design directors to specific digital products in the portfolio.

Operational Impact

The digital transformation at Northwestern Mutual has resulted in a more client-centric approach to financial services. The company's investment in design and technology has enabled it to provide a more relevant, empowering, and tailored financial picture to its clients. The design team's emphasis on understanding financial planning has helped unify the company's voice and ensure that its messaging is on point. The use of cross-functional workshops and the assignment of design directors to specific digital products has fostered a culture of deep collaboration and domain expertise. Despite the rapid growth of the design team, Northwestern Mutual has managed to maintain a high standard of quality and innovation in its digital platforms.

Quantitative Benefit