Kenya Orient Life Assurance Wins “Pension Marketing Campaign of the Year” Award
Kenya Orient Life Assurance Limited (KOLAL) is the winner of the 2021 “Pension Marketing Campaign of the Year” award in recognition of the effectiveness of the company’s social media marketing campaign on the Individual Pension Scheme aimed at boosting adoption of personal retirement products.
The digital campaign, called “Get the pension that works as hard as you do” spoke to hard-working Kenyans who have an inherent drive to build their careers. The campaign recognized this consumer view and positioned the offer as a retirement plan that “does the heavy lifting like you do’.
The individual retirement product allows you to build your long-term investment plan by making regular contributions, after which the accrued retirement benefits are paid out upon reaching the chosen retirement age. This is consistent with the early retirement benefit option of the policy.
The awards, organized by the Association of Pension Trustees and Administrators of Kenya (APTAK) in partnership with Brands and Beyond, recognized the life insurance provider in the category of marketing campaigns due to its highest level of innovation, performance and customer service on the individual pension plan over the past year.
On receiving the award, Kenya Orient Life Assurance Managing Director, Jackson Muli, said the company’s mandate was to demystify retirement products which are commonly misinterpreted to mean that saving for retirement seems away and wait for the “right time” to start saving.
“The ‘Pension Marketing Campaign of the Year Award’ comes at a good time as we continue to raise awareness about pensions so the public can understand the importance of saving as early as possible to secure their future. People should invest in a plan that specifically matches their needs so that later it helps make a smooth transition from work to retirement,” Muli said.
“Our digital campaign at KOLAL aimed to demystify the jargon associated with Pension Plans with a target audience of 28 to 40 years old, consumers in social ascent and digital first. The campaign resonated with the public, affirming its ambition and drive, while educating them on the importance of starting early. We guided them through one of the easiest registration processes,” Muli added.
At the start of the COVID-19 pandemic, there was an over-reliance on digital information and communication platforms due to government-imposed movement restrictions to curb the spread of the virus. Kenya Orient Life Assurance leveraged digital platforms to increase product awareness, responding to customer requests to provide advice on how to be insured and make informed decisions. This has increased brand visibility on personal pension products and other products offered.
“When you start investing now, the safer and more secure your future will become. difference tomorrow because it brings a sense of security in your old age.
He added that although there are many misconceptions due to lack of access to information, it is important for the public to seek advice from qualified pension providers before making informed decisions about the type of plan to adopt, indicating that pension plans are formulated on different scales according to his preferences.
APTAK Chairman, Hosea Kili congratulated Kenya Orient Assurance Life for winning the coveted award and setting the tone for being the best in bringing about the desired changes in the pension industry in Africa.
“Congratulations to Kenya Orient Life. Your work to improve access to pension information is key to encouraging people to take greater responsibility for their financial future. The objective of these awards is to recognize the highest level of innovation, performance and service to occupational pension schemes and their members,” said Kili.
Pension coverage in Kenya currently stands at 22%, according to the Retirement Benefits Authority (RBA). About 17 million Kenyans, mostly in the informal sector, have no form of pension. This is attributed to insufficient public awareness of pensions and a poor savings culture.
