The Stevie Awards Blog

Retirement Is Changing, and Financial Services Groups Need to Keep Up

Posted by Daniel Ferguson on Wed, Feb 19, 2020 @ 10:40 AM

Financial wellness is a luxury that younger demographics seem to have a harder time achieving. Stevie-winner John Hancock is an insurance company refining its approach to develop financial solutions for the modern generation of consumers.

With the ongoing economic impacts of the Great Recession, astronomical student debt, rising housing costs, and myriad other financial factors, retirement looks a lot different today than it used to. Gone are the days of getting into a job, working for 40 years, and retiring with a handshake and a gold watch. Pensions and 401(k)s are increasingly hard to come by. Plus, with often insurmountably expensive real estate costs, fewer people are entering the realty market. As a result, many people don’t have valuable homes to supplement their retirement nest eggs.

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Given these kinds of factors, it’s little surprise that the concept of “retirement” has shifted. In this landscape, one thing is clear: If financial services groups want to continue to stay relevant, they will need to change their approaches, advice, and outlook to match what financial wellness means to millennials and members of Generation Z.

Rethinking Retirement Age

In a 2018 study by Bankrate.com, millennials responded that they think 61 is the ideal age to retire. Despite this aspiration of early retirement, however, approximately two-thirds of millennials have nothing saved for retirement.

Because of increased debt and decreased financial opportunities, more people than ever are being forced to reevaluate what’s realistic when it comes to retirement. For many, this means bumping out that expected age of retirement. Some don’t even expect to retire at all, instead considering part-time jobs, second careers, or other money-making opportunities as they get into the later years of their lives.

Increased longevity further complicates the issue. Across the globe, people are living longer than ever, which seriously skews issues related to realistic retirement age, health insurance, and life insurance.

Rethinking Financial Wellness

Companies that provide financial planning and other money-management services are often viewed as symbolic of a bygone era. After all, someone who has nothing saved for retirement, doesn’t own a home, and is working on paying down $50,000 in student debt can feel as if these companies aren’t relevant to their financial realities.

That doesn’t need to be the case, though. These companies can still help younger clientele reach their financial goals; they just have to shift how they think about accomplishing this endeavor. Stevie-winner John Hancock, which is based in Boston, Massachusetts, United States, is one such company successfully refining its approach. 

John_Hancock_logo-1The people at John Hancock understand it’s time to look beyond outdated concepts like ‘net assets’ and to build financial solutions that fit into customers’ whole lives—with easily accessible products that reflect their values, their approach to wellness, and their holistic well-being. That’s why they’re redefining retirement, insurance, and investing for the modern generation of consumers to address both their health and wealth.

To connect with this modern generation of consumers, one key is reframing the idea of financial wellness as the most important kind of wellness. Financial service providers are finding that the younger generation prizes a more holistic approach to well-being, and providing advice that resonates means tailoring to that mind-set.

John Hancock believes good health and financial wellness are essential ingredients to overall well-being, and they want to help motivate people to make healthier choices—for themselves and their future.

With this goal in mind, the organization has had success especially with one initiative: a partnership with the Vitality Group, which can serve as a template for similar companies looking to connect with younger investors.

In 2015, John Hancock started a new chapter in their 155-year history when they partnered with the Vitality Group to help clients live longer, healthier lives. As the first life insurance company in the United States to offer a wellness-based rewards program, John Hancock life insurance with Vitality gives customers the financial protection they need while also helping them earn savings on their premiums, shopping gift cards, and travel discounts for their everyday healthy habits, such as going for a walk, eating well, and getting a regular health check.

John Hancock was honored with seven Stevie® Awards at The 2019 American Business Awards®, earning the company a Grand Stevie® Award. This designation is reserved for the top 10 most-recognized organizations at the event. The company’s honors included four Gold awards (in the categories of Mobile Site and App, Innovation of the Year, and two in Achievement in Management), two Silver awards (in the categories of Woman of the Year and Financial Services), and two Bronze awards (in the categories of Information Technology Team of the Year and Customer Service Team of the Year).

Interested in entering the next American Business Awards?

Request the entry kit here.

Tags: The American Business Awards, Innovation, management awards

Call for Entries Issued for the 7th Annual Asia-Pacific Stevie Awards

Posted by Daniel Ferguson on Tue, Oct 22, 2019 @ 09:00 AM

The Stevie Awards has issued a call for entries for the 2020 (7th annual) Asia-Pacific Stevie Awards, the only business awards program to recognize innovation in business throughout the entire Asia-Pacific region. 

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The early-bird entry deadline is November 27. The final entry deadline is February 6, 2020, but late entries will be accepted through March 4 with the payment of a late fee. Complete entry details are available at http://Asia.StevieAwards.com.

The Asia-Pacific Stevie Awards are open to all organizations in 29 nations of the Asia-Pacific region: Large and small, for-profit and non-profit, public and private.

The awards focus on recognizing innovation in all its forms, wherever it is achieved in the workplace. Entries will be accepted in eight languages – Chinese, English, Indonesian, Japanese, Korean, Malay, Thai and Vietnamese - in the following awards category groups:

  • Web Site, App, Annual Report & Other Publications, & Live Event Awards Categories
  • Management Awards Categories
  • Company / Organization Awards Categories
  • Corporate Communications & Public Relations Awards Categories
  • Customer Service Awards Categories
  • Human Resources Awards Categories
  • Marketing Awards Categories
  • New Product & Product Management Awards Categories
  • Technology Awards Categories

New awards categories introduced for 2020 include Video Awards Categories such as Award for Innovation in Branded Entertainment Videos, Award for Innovation in Cause-related Videos, Award for Innovation in Corporate Social Responsibility (CSR) Videos, Award for Innovation in Lifestyle Videos and more.

Asia-Pacific Stevie Award winners will be announced on April 8. Winners will be celebrated and presented their awards during a gala banquet on May 29 in Hanoi, Vietnam.

Scores of professionals from throughout the region will participate in the judging process to determine the Stevie winners.

Some of the Asia-Pacific region’s most innovative organizations have won Asia-Pacific Stevie Awards in the past five years including ABS-CBN Corporation, Cisco Systems, Delta Air Lines, Dentsu, DHL Express International (Thailand) Ltd., Freelancer.com, Globe Telecom, Hong Kong Tourism Board, KEB HANA Bank, KEPCO, KT, Maras Group, MSLGROUP China, Ooredoo, PT Petrokimia Gresik, Seoul Metropolitan Government, Singapore Power, Sony, Strategic Public Relations Group Limited, Telkom Indonesia, VNPT Vinaphone Corporation, Viettel, Xiaomi, and more.

The Stevie Award trophies, made by the company that makes the Emmy and other major international awards, are among the world's most coveted prizes. The name Stevie is taken from the name Stephen, which is derived from the Greek for "crowned."

Interested in receiving a 2020 Asia-Pacific Stevie Award?

Request the entry kit

Tags: Innovation, Asia-Pacific, Asia-Pacific Stevie Awards

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