Leading Insurance services provider, Old Mutual Kenya, targets to grow its current funds under management in the pension space.
This ambition was announced 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.
Acting Managing Director Old Mutual Life Calvince Onduru said: “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.”
Old Mutual Kenya is seeking 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.
Old Mutual Head of Pension Christine Karoki says the future of retirement benefits in the country is hugely untapped as only about 20% 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 instill financial discipline for them to make an informed decision,” said Karoki.
Old Mutual also aims to leverage 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 mobilized about Kshs 1.5 trillion in funds, of which a third is held by the National Social Security Fund (NSSF) and the rest held by private schemes.