Big changes – and more to come

December 2023

Investing in our business has transformed Scottish Widows in 2023. We shared this, and more, at our recent adviser summit.

What can I say about our final adviser summit of 2023 that gets across how brilliant it was. 

Joining us at London’s Lumiere Underwood at the end of November were 40 guests from consultancies, the Pensions Regulator, industry bodies and partners.  

The ‘collaboration for tomorrow’ theme recognised how we’ve all worked together – and how we’re looking ahead. It was a terrific opportunity to share some of the many things we’ve done to transform our workplace business throughout 2023. 

Our Moneyhub reveal 

We unveiled our new partnership with Moneyhub, too, which will make use of their Open Finance API technology so that our members can see all their finances in one place, in one step, within the Scottish Widows app. 

Sam Seaton, Moneyhub CEO, shared her belief in making finances simpler and easier for everyone. Simply put, it’s helping people with their everyday money so that they can feel connected to their finances and save for their future. Brilliant!  

2024 challenges 

The event was just as much about looking forward to 2024’s challenges, as well as explaining our strategy. Pete Glancy, Head of Policy, looked ahead to what Value for Money, Pot C, and Mansion House reforms could mean.  

Our Investments Director, Iain McGowan chaired a lively panel discussion with Scottish Widows Master Trust Chair Andrew Warwick-Thompson about how illiquid assets in a pension fund can improve risk and return opportunities.  

They outlined the possibility that illiquid assets could give higher returns than passive equities, and that even though this will be accompanied by higher management costs it could still offer customers better value for money in the long run. 

Chris Moore, Investment consultant at the Pensions Regulator, agreed that helping members understand illiquids and how we communicate value for money in this context “is likely to be challenging.” 

Power of data and AI 

We spent time, too, talking about tech, and how data and AI are reshaping our industry.  

Scottish Widows’ CEO Chira Barua, who joined us earlier this year, discussed the importance of data and analytics and how, when used properly, they can lead to faster growth, better decision-making and a higher number of successful outcomes for customers and society in general.  

Chira spoke about democratising wealth and retirement through the power of data, with Ranil Boteju, LBG’s Chief Data and Analytics Officer, giving insights into how it can help customers, show their habits and nudge them to save more. This needs a strong regulatory framework with guardrails to keep people’s data safe, Ranil explained, which is something we excel at. 

A year of transformation 

Graeme Bold, our Workplace Director, and Chira wrapped up the day as both reflected on how investing in our business in 2023 has transformed our business, with the scale to deliver even more for the advisers we work with, employers and members. 

But we’re just getting started. There is much more to come in 2024. 

First photo : Graeme Bold, Workplace Director; Moneyhub CEO Sam Seaton, and Phil Allen, Scottish Widows digital strategy.

Second photo: Chira Barua, CEO, Scottish Widows; Graeme Bold, Jill Henderson.