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Simplifying pension transfers: Creating a hassle-free experience.


In the era of open finance and open data, democratizing pension savings is one of our key ambitions. But there are barriers preventing consumers from seeking better-value products. In this blogpost, we dig deeper into those barriers - and the solutions we offer to overcome them.

Many individuals accumulate pension accounts throughout their careers, often scattered across multiple providers, resulting in the capital getting eaten up by fees and making it challenging to consolidate their pensions seamlessly. It has up until today been impossible for consumers to get a full overview of their pension savings and hence, tehy have been unable to make conscious decisions to influence their capital.

The barriers of pension transfers.

When a consumer wants to move their pension savings from one place to another, they typically face a process involving mailing and/or calling all pension institutes manually, fetching signatures from both the consumers and the institute, identifying all former employers, type identification, account number retrieval, lengthy form filling, and waiting for authorization to transfer funds -  making it a process that can last for weeks, or even months.  This substantial barrier for consumers prevents them from consolidating their savings in the first place and results in high drop-off rates for those who aren’t persistent enough.

Our solution. 

The opportunities with opening up the financial industry have helped democratizing pension savings, and the need for streamlined processes is higher than ever before. With Insurely’s technology, the process of collecting a consumer’s pension information and getting an overview of their pension savings is reduced from weeks, or even months, to mere minutes. Our pension transfer initiation provides banks and pension providers with all the capital- and policy information needed to initiate a transfer of capital. The hassle-free data flow improves the overall customer experience and increases the inflow of capital.

We help banks and pension providers to offer consumers a solution to change their investment providers more easily, and gain a consolidated pension with reduced costs and increased returns. This means creating better experiences and boosting conversion rates and AuM (assets under management), thanks to reduced friction and more satisfied customers.

For example, the Swedish bank Avanza has saved hundreds of administrative hours by using Insurely’s pension solutions while also creating more value for their customers who start experiencing transfers as something fun, boosting customer satisfaction.

How Insurely's Pension Transfer works.

Our pension solutions offer you and your customers the possibility to collect pension data in real-time, which makes it possible for you to catch your customers just when transferring their pension funds is top of mind, enabling you the opportunity to counter their current offer.

This means skipping the administrational steps and struggles in the traditional pension transfer process that lowers the threshold for your customers even more, which helps you increase pension capital – a win-win for both you and your customers.

Enabling consumers to make better decisions.

Insurely develops technology that helps consumers make better and more informed investment decisions. If you’re interested in meeting consumer demands, enabling hassle-free pension transfer, and providing consumers with a quick and seamless overview of their pension capital with the ability to initiate transfers instantly through your app, we have the solution.

Contact us today to find out how Insurely can help you provide more value to consumers, improve the customer experience, and increase revenue growth.



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