Alexander Forbes Unveils Technological Enhancement to Improve Pension Management

By Soko Directory Team / Published March 3, 2016 | 11:24 am

Financial Services Provider, Alexander Forbes has unveiled two digital solutions that will enhance effective pension management in the country. The eboard solution for retirement scheme trustees and an enhanced online functionality for members of retirement benefit schemes are part of the firms’ new strategy to increase customer experience.

The Group’s chief executive officer Alexander Forbes, Sundeep Raichura said that the launch was part of the firm’s wider strategy of better empowering pension fund trustees and members of the pension funds in Kenya.

Raichura stated that the world is currently digital yet the pension industry in the country still operates with procedures from an analogue age, adding that this tends to be a shortfall that they want to mitigate through their products.

The new software is a customized solution for pension funds developed in conjunction with Software Technologies Limited. It is an end to end solution designed to help trustees effectively perform their fiduciary roles and responsibilities.

It is built using corporate governance best practices and manages all aspects of trusteeship by empowering boards of trustees with suitable technology to enable them run affairs of their retirement benefit schemes or funds in an efficient and cost effective manner.

Raichura stated that the solution will be used to store and providing online access to all trustee board information. He disclosed that there are no restrictions to the number of years that documents can be stored, thus providing users with instant access to several years of information using the software.

Eboard will assist in ensuring that trustees remain compliant with various statutory authorities and thus reducing the burdens of audits by maintaining all compliance documentation in a single repository. Other benefits of using eboard include environmental benefit of moving from paper to electronic processes, bringing countless efficiencies and opportunities for improved fund governance for trustees.

With a renewed focus on financial literacy, the enhanced Alexander Forbes online facilities will allow members of pension funds administered to not only access their benefits online but also access interactive tools for budgeting, financial and retirement planning as well as insurance needs analysis. The tools will enable “what if” scenarios to be tested by pension fund members and by enabling better planning which will in turn lead to improved benefit outcomes for members.

The CEO concluded by saying that through the online platform, their mission is to empower retirement fund members to take charge of their financial destinies and be able to choose and switch between various investment portfolios.

Article by Vera Shawiza.

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