Kenya Orient Life Assurance are the winners of the 2021 ‘Pension Marketing Campaign of the Year’ award in recognition of the firm’s effective social media marketing campaign on the individual pension plan geared to boost the uptake of personal pension products.
The individual pension product allows one to build their long-term investment plan by making regular contributions, after which the accumulated retirement benefits are paid upon attainment of a selected retirement age. This is in accordance with the retirement benefits option at the inception of the policy.
The awards, hosted by The Association of Pension Trustees and Administrators of Kenya (APTAK) in partnership with Brands and Beyond, awarded the life insurance provider in the marketing campaign category due to its highest level of innovation, performance and services to customers on the individual pension plan over the past year.
While receiving the Award, Kenya Orient Life Assurance General Manager Jackson Muli said the firm’s mandate is to demystify pension products which are usually misinterpreted to mean that saving for retirement seems a long way away and waiting for “right time” to start saving.
“The ‘Pension Marketing Campaign of the Year Award’ is timely as we continue to create awareness on the pension schemes so that the public can understand the significance of saving as early as possible in a bid to secure their future. People should invest in a plan that specifically matches their needs so that later on, it would help make a smooth transition from work to retirement,” said Muli.
At the onset of COVID-19 pandemic, there was over-reliance on digital platforms for information and communication due to movement restrictions by the Government to curb the spread of the virus. Kenya Orient Life Assurance leveraged on the digital platforms to increase awareness of the products, responding to customer enquiries to provide guidance on how to be policy holders and make informed decisions. This increased the brand’s visibility on the individual pension products and other products offering.
“When you begin investing now, the more secure and safer your future will become. Starting early also has the advantage of having to make contributions towards the pension plan much less later on. The small sacrifice you make today will make a huge difference tomorrow as it brings a sense of security during your old age.”
He added that while there is a lot of misconception due to lack of access to information, it is important for the public to seek advice from qualified pension providers before making informed decisions on the type of plan to take, advising that pension plans are formulated on different scales depending on one’s preference.
The most common misconception is ‘self-insurance’, where people find the current income quite attractive as a guarantee that the income they are earning is sustainable until they retire, and do not focus on investing in pension plans. Unfortunately, many focus on winning lotteries for instance, and aim to be successful with no back-up plan.
APTAK President Hosea Kili commended Kenya Orient Assurance Life for winning the coveted award and setting the pace in being the best achievers to bring out desired changes in Africa’s pension industry.
“Congratulations to Kenya Orient Life. Your work in enhancing access to information on pension schemes is vital in encouraging people to take greater responsibility for their financial future,” said Kili.
The overall aim of the awards was to recognize providers that offer the highest level of innovation, performance and service to occupational pension schemes and their members – and have done the most to improve this level of performance, service and innovation over the past year. Additionally, the awards sought to inspire, recognize and reward individuals and organizations that are making an impact in the industry.
The pension coverage in Kenya currently stands at 22 per cent, according to the Retirement Benefits Authority (RBA). About 17 million Kenyans, mainly in the informal sector, do not have any form of pension. This is attributed to insufficient public awareness about pension and a poor savings culture.
About Kenya Orient Life Assurance Limited
Kenya Orient Life Assurance Limited (KOLAL) is licensed under the Insurance Act of Kenya to transact ordinary life and superannuation classes of business. The company is also regulated by the Retirement Benefits Authority to handle pensions business.
Established in 2014, KOLAL’s mission is to provide unique and superior life insurance solutions in Africa with convenience, flexibility and affordability at the heart of the company’s service offering. The company offers, among other products, endowment policies, group credit, group mortgage, retirement plan and education.
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