Path:

Aegon Partners AgeLab to Improve Retirement Prospects

The Hague, August 21, 2013

The impact dementia can have on planning for retirement is just one of four areas that will be initially researched as part of a new collaboration between AgeLab and Transamerica/Aegon.

Aegon/Transamerica Partners AgeLab

Set up in 1999, the Massachusetts Institute of Technology's (MIT) groundbreaking AgeLab works with businesses, governments and not-for-profit organizations around the world to improve the quality of life of older people and those who care for them.

Their inventions and research focus on health and wellness, transportation and community, housing and home services, business and policy innovation, retirement and longevity planning, as well as innovations for work and the workplace.

"...one of 12 pioneers who are changing your retirement."

- The Wall Street Journal about Joseph Coughlin, director at MIT AgeLab

Transamerica's partnership with AgeLab provides a strategic opportunity to work together with an organization dedicated to helping make people's lives better.

"We will have direct exposure to new and innovative ways of improving the lifestyles of our customers," says Blake Bostwick, chief operating officer of Transamerica's Individual Savings and Retirement division."It also opens up potentially valuable opportunities to build relationships with other businesses and government entities looking for solutions for an aging population."

The Impact of Dementia on Retirement Planning

Under the new agreement, the two organizations will combine their respective areas of expertise to focus on researching and improving the financial planning process for an aging population.

Initially, they will focus on four key areas: how and where aging consumers get information online; who consumers trust; an understanding of cognitive ailments and how those affect the financial planning process, and lastly; an in-depth study on Alzheimer's and dementia and their impacts on planning for retirement.

"The findings from this research will be used to improve materials provided to advisors, clients and the end consumer," says Blake Bostwick. "Additionally, the insights should help us to improve messaging and design, become more engaging and improve the financial planning process for both advisors and of course the end consumer. Ultimately the partnership will help Transamerica establish itself as an industry leader in the area of thought leadership."

Retirement Product Development

Initially, Blake Bostwick suggests that while the program is primarily aimed at improving Transamerica's interaction with customers and adding value, supporting advisors will be a clear secondary benefit.

Some of the research will be multi-year, so specific findings won't be available until next year at the earliest. In the long term he also sees the possibility of research leading to product development insights.

Written by: Aegon