Aviva, hibob to help companies set up workplace pension schemes
British insurance giant Aviva has partnered with HR and insurance tech start-up hibob to assist small and medium sized companies in establishing their workplace pension schemes.
The hibob platform, which launched in June 2015, simplifies the auto-enrolment process by enabling companies to automatically use their employee information, assess eligibility, plan costs and then feed directly into Aviva’s online system.
From there, a small business owner or their business adviser can complete the auto-enrolment journey, with the whole process taking 15 minutes. hibob clients will also be eligible for a discount on the employer charge with Aviva’s Workplace Pension.
Under auto-enrolment legislation all companies with at least one employee must now offer their staff a pension. More than 500,000 businesses will go through the process in 2017, with the majority of those being smaller companies who are not finding auto-enrolment easy. In Aviva’s 2016 Working Lives report only 24% of small businesses said they found the process straightforward.
Aviva business solutions managing director Andy Beswick said: “We have integrated our systems to make it as easy as possible for SMEs to set up and manage their workplace pension online. Aviva is committed to being a more digital company and we have already made a huge amount of progress in that area. Working with hibob is a natural step for us.
“They have a great team with huge ambition, are well funded and are already doing incredibly innovative things to help smaller businesses deal with their HR and People Management responsibilities.
“We will set up a workplace pension for companies of all sizes, including those with just one employee, and we have created a simple online application process. hibob clients will be able to send their data to us and set up their workplace pension in just 15 minutes.
“I’m delighted to be working with a really exciting tech start-up which is changing the way small businesses manage their employees. Aviva and hibob share a vision to reduce the complexity of administration so business owners have more time to actually do business.
“I’m looking forward to continuing this collaboration so we can build systems that really work for SMEs.”
Hibob chairman and Institute of Directors chairman Lady Barbara Judge CBE said: “Having been the Chairman of the Pensions Protection Fund and the current Chairman of the Institute of Directors, I know first hand how businesses feel when embarking on what is perceived to be a lengthy and complex journey to auto-enrolment.
“This partnership is ideal for businesses. hibob uses smart technology to take away the pain of set-up administration, whilst Aviva delivers expertise, scale and credibility in pensions, which is so important when thinking about the long-term financial future of your employees.
Hibob co-founder and CEO Ronni Zehavi said: “We’re committed to changing the way SMEs manage their people and, in particular, helping businesses set up, administer and engage their employees with the important benefits they provide.
“Collaborating with a brand like Aviva is incredibly important for us. Aviva is one of the most established companies within this sector and yet the team has a hunger and desire to become one of the most modern and innovative businesses out there. We are excited to work and build on this collaboration in the coming months and years to deliver efficient and market leading solutions for our customers.
“Offering a pension is now a legal requirement and by partnering with Aviva we’ll be able to help our clients fulfil their obligations with the minimum amount of hassle.”
Source: Company Press Release