Simulating Retirement Product Preferences Across Demographics

How DataDiggers helped a global insurance brand future-proof product development through synthetic insights and scenario simulation.

The Challenge

A global insurance provider was preparing to develop a new line of flexible retirement investment products tailored for younger audiences (ages 25–45) while still serving traditional segments aged 50+. However, early-stage qualitative and quantitative research across multiple regions—Europe, North America, and Asia-Pacific—showed unpredictable variations in priorities, with generational, income, and cultural factors heavily influencing decision-making.

Some key issues they faced:

• Low engagement from younger participants in conventional survey testing
• Conflicting preferences across geographies and income brackets
• A need for faster iteration of product scenarios before committing resources
• Rising pressure from competitors already piloting AI-led personalization in financial products

The insurer sought a solution that could offer credible, early-stage predictive insights — even from hard-to-engage or underrepresented groups — and simulate the impact of market variables on product attractiveness.

The DataDiggers Solution

To address these challenges, DataDiggers deployed a dual-layered synthetic insight and simulation strategy, powered by its proprietary AI tools: Syntheo and Modeliq.

1. Segmenting Digital Personas with Syntheo

We used Syntheo to generate over 40 nuanced, data-driven digital personas that reflected realistic profiles across age, income, education, location, savings behavior, financial literacy, and risk appetite. These included:

• Early Career Professionals (25–34) with student debt and low-risk tolerance
• Mid-Income Urban Millennials seeking flexibility and ethical investing
• Gen X High Earners interested in tax-optimized growth
• Traditional Retirees preferring guaranteed income over long-term growth

Each persona was modeled using deep behavioral data, real-world survey patterns, and regional economic variables to simulate how such individuals would likely respond to a range of retirement product features — without the delays and dropout risks of standard survey panels.

2. Scenario Testing with Modeliq

Using Modeliq, DataDiggers simulated product uptake and preference shifts across these personas under various real-world conditions:

• Fluctuating inflation rates and economic uncertainty
• Changes in employer matching policies
• Different levels of product flexibility, fees, and digital access
• Cultural attitudes toward retirement and self-investing

These simulations projected not only which personas would favor each product variant, but also how that preference would evolve under economic stress or increased digital engagement.

The Outcome

Through our advanced simulation and synthetic insight approach, the insurer was able to:

✅ Reduce concept testing time by 60% compared to traditional focus groups and surveys
✅ Identify three high-potential product variants with multi-market appeal
✅ Quantify trade-offs between fee transparency, flexibility, and return guarantees for each segment
✅ Fine-tune communication strategies by matching product features to the values and decision-making styles of each persona
✅ Simulate market share shifts based on future economic scenarios — helping inform go-to-market strategies

The client reported a 25% increase in confidence in their early-stage product design decisions and integrated DataDiggers’ simulation insights into their roadmap for personalization and customer experience.

Why It Worked

This project succeeded because of DataDiggers’ unique blend of methodological rigor and technology-driven innovation:

• Syntheo’s AI personas allowed the brand to explore preferences across hard-to-reach and non-traditional segments with minimal friction
• Modeliq's simulation capabilities empowered the client to test multiple go-to-market strategies before committing resources
• Our strict data quality protocols and ISO-certified standards gave confidence that the synthetic inputs were grounded in real-world behavior
• Speed-to-insight gave the product innovation team a competitive advantage in time-sensitive strategic planning

Final Thoughts

In retirement planning, customer preferences are complex and often contradictory. Traditional research methods alone can’t keep pace with the changing demographic landscape and economic uncertainty. DataDiggers’ synthetic insight and simulation ecosystem – including Syntheo and Modeliq – empowers decision-makers to move beyond averages and build for nuanced realities.

Whether you're building financial products, healthcare solutions, or mobility services, DataDiggers helps you simulate smarter, test faster, and launch with confidence.