Redmore assists major financials in migrating to the new pension system
Utrecht, December 14, 2023 – Pension insurers, pension funds, and administrators are grappling with a challenge. For many individuals, the new pension system remains a ‘distant’ concept, and they seldom check their pension portal. However, it is crucial to handle all administrative tasks and ensure that participants’ choices are known and processed in the portal. Achieving this poses a significant challenge for financial institutions. Redmore, a leading player in financial services, is launching its new pension proposition today to address this issue. Leveraging its recently revamped Performance Center, Redmore offers assistance to companies in improving communication and successfully transitioning to the new pension system.
The migration to the new system is already a massive administrative task for many companies. Millions of pensions need to be converted, and reaching participants to involve them in the transition is essential.
Currently, only 25% of people regularly log into a portal to understand their pension. Increasing this engagement is a significant challenge that requires urgency. A transition plan must be ready by 2025.
Are there obstacles?
Arjen de Boer, CEO of Redmore, points out that no one knows exactly how consumers will react: “There is also no insight into the channels participants use. Is it through WhatsApp, phone, or email? What we do know is that the government is making it more complex, while we have been advocating for a simpler regulation and understandable communication for years. Since the subject of pensions is not very appealing, explaining the differences between the old and new situations becomes complicated due to the AFM guidelines. Participants may not see the forest for the trees, either completely disengage or come with many questions. Therefore, alongside the product, customer service and the customer experience will be crucial.”
What can the Performance Center contribute?
Arjen de Boer: “Activating participants to log in is a unique skill. It involves using techniques to guide them to the portal. The ‘seduction’ of customers plays a crucial role in this. No one has much experience with interacting with participants about the new pension law. Redmore has extensive experience in successfully assisting financial institutions with similar challenges for years. This includes customer activation for interest-only mortgages, compensation files at insurers, projects at banks in the field of KYC, and activating participants in my environments leading up to the WTP. With the lessons learned and our expertise, we are ready to support companies throughout the entire process – from communication to implementation – so they can initiate the transition on time.”
What else plays a role?
Arjen de Boer: “Redmore aims to relieve major financials of all necessary tasks. Funds, insurers, and administrators want to take on participant activation and choice guidance but find it challenging to estimate the required capacity in advance. In our Performance Center, we can serve companies in need of a flexible workforce. We can easily scale up or down according to the client’s needs. All employees in the Performance Center have knowledge and experience in customer service as well as knowledge of the WTP. Redmore has paid considerable attention to this recently, developing a WTP training program in our Redmore Academy, for example.”
THE FEELING OF HOME
When is the assignment successful?
Arjen de Boer: “We support financials in preparing for the migration. How and through which channel will they communicate with their participants in an understandable manner? How well do they respond to questions? With our proposition, we take work off the companies’ hands, which is essential given the tight labor market. The Performance Center can draw on more than 2000 consultants within our group. If our clients stand out, it is because participants feel at home with them and ultimately remain satisfied and loyal customers. We help with that.”