Old Mutual Kenya, is looking to diverse its financial solutions in an effort to grow its current funds under management in the pension space.
The insurance services provider announced the ambition during the awarding of top pension intermediaries at Old Mutual and came on the backdrop of a call by the government for employers to fully implement the National Social Security Fund (NSSF) Act, 2013, set to transform the local pensions industry drastically.
"We take cognizant that we must embed our partnerships with tied financial advisors, independent agencies, brokers, bancassurance, and financial managers among other intermediaries to have a one-stop shop to deliver more than just pension services but also an array of diverse financial solutions with a key aim to help more Kenyans live, work and retire .honourably." said Old Mutual Acting Managing Director Old Mutual Life Calvince Onduru.
To achieve the target, the underwriter seeks to expand its collaboration space by working more with key intermediaries and providers in Kenya's retirement space to increase its pension funds under management. The move is aimed at helping more Kenyans successfully transition into a sustainable, long, and happy retirement.
In her keynote address at the awards ceremony, Old Mutual Head of Pension Christine Karoki noted that the future of retirement benefits in the country is hugely untapped as only about 20 per cent of Kenyans are saving adequately for retirement.
"The untapped market is vast, and most comprises people aged 35 and below who are faced with the uncertainty of the future. We also intend to leverage technology to help bring information closer to the people and instil financial discipline for them to make an informed decision".
Old Mutual also aims to leverage technology and big data analytics to identify and reach the untapped market of Kenyans aged 35 and below who face uncertainty about their financial futures.
Kenya's Pension Industry has grown to report at least Kes 1.5 trillion in funds under management as of December 2021, with about a third going to NSSF and the rest held by private schemes.
Old Mutual's efforts to expand its reach and provide diverse financial solutions aim to help more Kenyans secure their financial futures.
