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KBC launches as a life insurer with the introduction of digital pension experience

21 May 2020

First product launched in new Bank and Insurance Model

Last week KBC announced the rollout of its bank insurance proposition, marking the transition of KBC  to bank and insurer in Ireland through a branch of KBC Insurance NV in Belgium.

In a move that aligns with the overall KBC Group bancassurance strategy, KBC’s digital pension is the first product to launch under the new model and is available to customers from today. KBC Group has a proven track record in the life and pensions business in other regions across Europe and now, this wealth of experience and expertise will be available to customers in Ireland.

Supported by KBC’s digital capability, a simple to use, innovative and differentiating pension proposition has been developed to deliver an all in one solution to KBC customers. In a unique digital experience, customers can start a personalised pension fund through the KBC app, with the option to then increase, decrease or pause contributions while reviewing their fund performance in real-time. This self-serve capability is unique to the Irish market and will allow customers to track their progress against their own retirement goals, empowering more people to take control of their financial future.

Commenting, Peter Roebben, Chief Executive at KBC Bank Ireland said: “The KBC Group bancassurance model is unique, with an integrated bank insurance business proposition. We begin the roll-out of our new bank insurance model with the launch of our digital pension. This new proposition  takes the complexity out of pensions by allowing customers to understand how their fund works in real-time so that they can take full control of their financial future based on their own personal circumstances. This is a very significant launch as we evolve our business model here in Ireland, leveraging the wealth of experience and expertise of KBC Group.”  
 
John Gethin, Branch Manager, KBC Life and Pensions said: “This a really exciting time for KBC in Ireland,  as we launch a truly innovative pension proposition – different to anything else in the Irish market. Co-designed with customer involvement at every stage of development, our pension product incorporates deep sectoral expertise and academic research, as well as behavioural, economic, and psychological theories and insight. Through our research, we know that customers can find pensions confusing and this can negatively affect retirement planning, which is why we’ve simplified the decision-making process.”
 
The development of KBC’s digital pension proposition follows an extensive period of in-market pilot testing amongst existing KBC customers. Through the testing phase, KBC found that for customers, the most important life decision is saving for retirement – not choosing an investment fund. This inspired the development of ‘MyAutoinvest’, a default investment strategy suitable for all KBC pension customers which focuses on the customer’s own retirement age. Through ‘MyAutoinvest’, customers can access an investment strategy built for them without having to be burdened by choice.
 
The launch of KBC’s insurance business which is a branch of KBC Insurance NV in Belgium, will occur on a phased basis beginning with today’s in-market launch of KBC’s digital pension, followed by a progressive roll out of personalised, instant, and accessible products designed to provide more convenience and greater choice in the Irish market.  
 
For more information see kbc.ie/lifeandpensions, your KBC App or call us on 1800 51 52 53.