Over 3.5 million Bulgarians can now switch pension funds – entirely online

02.07.2018

Evrotrust and Future Pension Assurance Company JSCo. have completed a successful project to allow for the first pension company in Bulgaria, which can digitalize its services.

As of 18 June 2018, over 3.5 million people who have pension insurance can relocate their funds entirely online and on completely on their own. The first-of-its kind service is offered by Future Pension Assurance Company JSCo. with the support of the Bulgarian high-tech company Evrotrust Technologies JSCo.

The service is already available on the website of Future Pension Assurance Company JSCo Through the use of the Evrotrust revolutionary appwhole user journey is conducted entirely online. The procedure only takes a couple of minutes. The first step for the use is to registers in the app, which would trigger automatic remote issuing of a qualified electronic signature. The app can be used to sign documents generated from the platform of Future Pension Assurance Company JSCo.The method is fully compliant with all legal requirements for electronic signatures of documents. By contrast, thus far switching of pension funds was only possible by signing at least 3 notary certified paper applications.

Rosen Daskalov, Director of Digital Development and Technologies at Future Pension Assurance Company JSCo.: “In the first months of 2018 more than 70 thousand people have switched their pension funds by signing paper-based applications before notaries. That takes a few hours for the clients: appointment with a representative of the pension company, furnishing the requisite applications and contracts, waiting one’s turn with the notary to certify the first copy of the application, delivering the documents to the representative of the pension company, etc. In this fast-moving world, we at Future Pension Assurance Company JSCo., have come to the conclusion that we need to find a way to make this process easier and more convenient. Now imagine that it only takes a couple of minutes online, regardless of the location of the client, no paper-based documents or notaries involved. Every insured person can already submit an online application on the website of Future Pension Assurance Company JSCo. by signing it with the mobile application of Evrotrust. By this autumn the functionality will also be integrated into the mobile application of Future Pension Assurance Company JSCo. which is already available for free download by Apple and Android devices. The global tendencies in modernization and digitalization of pension schemes are moving in one direction only – convenience and transparency for clients. In other words, clients can help themselves whenever convenient for them and by modern means, at that. We are highly reliant on the high-tech companies in Bulgaria. I believe that our partnership with Evrotrust is taking us closer and closer to global tendencies, thus letting us facilitate the digital transformation in the field of pension provision in Bulgaria.”

Prof. George Dimitrov, member of the Board of Directors of Evrotrust: “With this integration Future Pension Assurance Company JSCo. provides citizens with a modern means of communication with the pension company and allows them to make any references on their own and to benefit from a wide variety of services in the future. The system of Evrotrust grants a very high level of security and peace of mind to clients. With this partnership we give citizens the freedom to choose their own pension fund whenever and wherever they like.”