In this guest blog, David Hynam, CEO at LV= (UK), shares how his organisation’s online Member Community has delivered a masterclass in giving members a voice.
Finding new ways to engage members
LV= Life and Pensions is a responsible and inclusive member-owned business. For over 180 years, our mutual ethos has been at our heart. Finding ways to give our members a voice, keeping them informed and acting on their insights is key to us.
In March 2023, we launched the LV= Member Community as an online space where we could work with a diverse group of members to help us shape and improve our products and services. Around 2,000 members have signed up so far. Members who choose to get involved are keen to help make a better LV= for everyone.
Strengthening our mutual together
As we mark its first anniversary, it’s a good opportunity to reflect on the Community’s growth and impact.
Thanks to contributions from the Community, we are in the process of improving around 300 documents as part of our commitment to Consumer Duty. The Member Community has also helped us develop our mutual model graphic to make sure it’s easy to understand. We have updated investment information based on what the Community told us they wanted to see and launched a digital newsletter to improve member communication.
One of the main benefits is that the Member Community has helped members feel more connected. We’ve shared business updates directly to the Community members have been able to exclusively submit questions for a CEO Q&A session as part of our ongoing open dialogue.
Celebrating community success
A year on, the LV= Member Community has become a key resource. When we celebrated the first anniversary we shared with our community members how valuable their insights had been over the past year and shared the difference we have made together.
One member commented that “The tradition of member feedback that is listened to is a key aspect of why people like myself hold mutuals in general and LV= specifically in high regard”, while another added, “I enjoy taking part in the surveys and think it is an excellent idea to get the thoughts and ideas of your customers. I don’t know any other company that does this in quite the same way, so well done!”
I am delighted with the success of the LV= Member Community in our first year and I am very grateful to all the members who take the time to participate. It helps us create a better LV= for everyone.
