Dublin, November 20th, 2020 – KBC Life and Pensions have won the ‘Best Use of Investment Strategy’ at the 9th annual Irish Pensions Awards beating off stiff competition. The Irish Pension Awards celebrate pension providers who demonstrate the highest standards of excellence.
In May 2020, KBC launched as a bank and insurer in Ireland through a branch of KBC Insurance NV in Belgium. Supported by KBC’s digital capability, a simple to use, innovative and differentiating pension proposition was launched to deliver an all in one solution to KBC customers. This pension experience is unrivalled in the Irish market. The award for ‘Best Use of Investment Strategy’ recognised the unique approach KBC took to supporting customers in deciding on the best investment strategy for their pension.
KBC research found that the most important life decision for their customers is saving for retirement – not choosing an investment fund. This inspired the development of MyAutoinvest, a default investment strategy suitable for KBC Lifestyle PRSA customers that focuses on the individual’s retirement age. With MyAutoinvest, customers can grow a retirement fund built for them without having to be burdened by choice.
Alternatively, for those who’d prefer a more immersive involvement with their pension fund, KBC also offers the KBC Lifestyle Extra PRSA, a customisable pension plan that offers customers a choice of eight different investment funds, for a truly bespoke approach based on the customer’s appetite for risk and loss profile. KBC’s risk profiler will recommend investment funds to meet a customer’s financial and emotional appetite for investment risk allowing customers to remain within their own investment comfort zone, while enjoying a better, more transparent investor experience.
John Gethin, Branch Manager, KBC Life and Pensions said: “The Irish Pension Awards recognise excellence in the pensions industry and we are honoured to be awarded the ‘Best Use of Investment Strategy’ only a few short months after we launched pensions in the Irish market. At KBC, our goal is to demystify pensions. We don’t believe in a one-size-fits-all approach and the development of KBC’s digital pension proposition follows an extensive period of in-market pilot testing amongst existing KBC customers.”
KBC’s digital platform is now providing radical transformation, choice and competition in the pension market with the introduction of thumb powered pensions. The unique digital pensions proposition puts the power in customers hands allowing them greater control over their financial investments. Customers can increase, decrease, pause, and top up their funds in real time, all through the KBC app bringing pensions to a new audience in the Irish market and giving customers complete control. Since the product launched, 57% of customers have made changes simply in their app. One in four pensions are opened by customers under 30 years of age as KBC brings pensions to a younger cohort of customers.