ABN Amro to offer Belgian pension insurance
BELGIUM – ABN Amro is upping its presence in the Belgian second and third pillar pension markets by partnering up with Belgian social insurance provider Acerta to offer supplementary pension insurance.
The Dutch bank set up a Belgian pensions subsidiary, ABN Amro Life Capital, in January, saying it wanted a five percent share of the market. It said at the time that the Belgian pension market was expected to grow faster than the rest of Europe.
Acerta will sell an ABN Amro product called Reward, which brings together all collective and individual provisions under one single report for employers and employees. Customers will receive single reporting on death insurance, disability insurance and pension coverage.
Says Rene Venrijkel, general managing director of ABN Amro Life Capital: “The Belgian supplementary pensions market is very promising – it is not a mature market. Only one in three have access to an occupational scheme at the moment. Also, there is the question of whether the first pillar will continue to serve its role in the future.”
“Acerta has first-hand access. They are active in social and payroll administration for small and medium companies and self-employed – which is our target. They cover around 250,00 of the 800,000 self-employed in Belgium, and over in total 400,000 people,” added Venrijkel. This is ABN Amro’s first partnership. It currently distributes the products through its own channels, which will continue.
For ABN Amro, the partnership results in an increase of the potential customer base of over 47,000 companies and 225,000 self-employed people.
Thierry Lepoutre, responsible for the insurance activities within the Acerta group, believes the ABN Amro product matches its pension philosophy of: an all-in-one concept, total transparency for the customer, and a highly flexible product with a free choice of cover options. Acerta will distribute the product through its insurance broker.