“Participant Education” and “Good Value for the Money” are Strong Drivers of Both
(Springfield, MA) – According to Q1 and Q2 2013 data, retirement plan sponsors across the spectrum are delighted with the experience they are receiving as clients on MassMutual’s Retirement Services platform.
The data is derived from MassMutual’s proprietary ongoing customer satisfaction and loyalty study conducted by Chatham Partners. Responses were collected between March and July 2013, following MassMutual’s acquisition of The Hartford’s retirement plans business which closed on January 1. The study concludes that overall satisfaction among MassMutual plan sponsors has reached a new all-time-high. Areas showing higher satisfaction include “provides good value for the money” and “participant education”. Plan sponsor services and processing of employee transactions are the top drivers of overall satisfaction, and MassMutual earned strong ratings in each of these areas.
Significantly, among Taft-Hartley and nonprofit retirement plan clients, “processing of employee transactions” earned a 100% satisfaction score, with extremely high satisfaction across all size segments and markets overall. Sponsors on the third-party administrator (TPA) platform have also experienced satisfaction gains with the percentage rating MassMutual a perfect “7”* having increased by 4 percentage points since 2012, and satisfaction for “transaction processing” and “good value for the money” up 6 and 5 points respectively.
Importantly, MassMutual’s strength in transitioning customers, historically at best-in-class levels, has reached a new record high as well. More than 97% of newly transitioned customers provided a top two box* (“6” or “7”) overall satisfaction rating with the transition manager, an exceptional result. Transition managers earned impressively high 97% top two box satisfaction scores in all categories including “responsiveness,” “product knowledge,” “proactive approach,” and “understanding of plan at go-live”. Also notable is that MassMutual satisfactorily addressed any concerns during the installation process 100% of the time.
“With MassMutual’s expanded distribution network and the acquisition of more than 33,000 new plans, these results show that our ability to convert is exceptional,” says Mike McKenzie, senior vice president and head of operations for MassMutual’s Retirement Services Division.
Other notable improvements for MassMutual in areas that were already strong occurred in categories of “reputation as a retirement services provider,” “brand name recognition among participants,” and “financial strength”.
*Based on a scale of 1 to 7 with “1” being the lowest score of “very dissatisfied” and “7” being the highest score of “very satisfied”
“MassMutual’s results clearly show continued strength in terms of client satisfaction and loyalty,” says Joshua Dietch, managing partner, Chatham Partners. “MassMutual’s Net Promoter Score®, a standardized loyalty metric, is 17 points above the industry average and loyalty continues to trend upward. The company’s brand name recognition and reputation as a leading retirement services provider continue to make strong gains as well, not an easy feat in such a competitive environment,” adds Dietch.
“Client service is paramount here at MassMutual and these results reflect the commitment of every member of MassMutual’s organization to delivering on that promise,” says Elaine Sarsynski, executive vice president of MassMutual’s Retirement Services Division and chairman of MassMutual International LLC. “The Chatham Partners study is an important tool in helping us maintain a culture of continuous improvement. We couldn’t be more pleased.”
For information about MassMutual Retirement Services, please contact your retirement services professional or call MassMutual at 1-866-444-2601.
®Net Promoter, NPS, and Net Promoter Score are trademarks of Satmetrix Systems, Inc., Bain & Company, and Fred Reichheld.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
MassMutual’s Retirement Services Division has been serving retirement plans for more than 65 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 3 million participants.
About Chatham Partners Chatham Partners provides customized market research, including win/loss sales analysis and client satisfaction studies, multi‐client research studies, and strategy consulting services that help businesses understand the explicit, implicit, and latent needs of clients and prospects. Our fact‐based analysis and recommendations enable organizations to improve sales processes, client service/retention, product/service offerings, and market perceptions. (www.chathampartners.com)