Combination of Insurance and Retirement Businesses Underscores Strategic Focus
SPRINGFIELD, Mass., April 11, 2016 – To create the definitive customer experience in the financial services industry and fuel future growth, Massachusetts Mutual Life Insurance Company (MassMutual) announced today a newly aligned organization that is better positioned to meet customers’ evolving needs and seize new market opportunities around the globe. The streamlined, unified structure will also better enable the company to deliver a differentiated brand, customer and digital experience, and maximize the value of its international insurance operations.
“MassMutual is a company with tremendous momentum. We have achieved record results, increased our financial strength and delivered innovative solutions to a growing number of customers,” said Roger Crandall, Chairman, President and CEO. “With more people in need of financial help than ever, I am confident we have the leadership in place to deliver even greater value and best serve our policyowners and customers as expectations continue to rapidly grow in the digital age. Our newly aligned organization will accelerate growth and enable us to reach even more people and provide them with the overall experience they have come to deserve and expect.”
The company announced the following changes, effective May 1, 2016:
- MassMutual will combine its U.S. insurance and retirement operations into a single, integrated business focused on providing holistic financial solutions to individuals and institutions. This includes the company’s portfolio of protection products – including life, disability income and long term care insurance and annuities for individuals – as well as retirement plans, worksite insurance and other specialty products and solutions for institutions. These offerings, sold through MassMutual’s career agency system, third-party intermediaries and directly to consumers, will be supported by aligned product development, marketing and operations functions. This new business will maintain the company’s strategic focus, further enhance its customers’ and clients’ experience, and accelerate MassMutual’s industry-leading sales growth. The leadership team, which has deep expertise in the individual and institutional markets, will report to Michael Fanning, Executive Vice President and current head of MassMutual’s U.S. insurance business.
- The company will form a new Customer Experience Group, focused on delivering a distinct brand and customer experience, and enabling delivery of innovative solutions through digital channels. This division will further develop and refine MassMutual’s current suite of digital assets used across its customer base, including the technology that powers Haven Life Insurance Agency, LLC, its online insurance subsidiary; Beneclick!, the company’s integrated employee benefits exchange, as well as its growing data science practice. The division will be led by Gareth Ross, Senior Vice President and Chief Customer Officer. Ross is currently head of data science and target markets in the company’s U.S. insurance business.
- MassMutual will place greater focus on maximizing the value of MassMutual International LLC, its overseas insurance operations in China, Japan and Hong Kong. Despite significant instability in the global markets, MassMutual International sales grew 21 percent last year to $4.0 billion, and assets under management increased to $23.9 billion. The company will seek to continue this strong momentum and further capitalize on market opportunities. The business will be led by Elaine Sarsynski, Executive Vice President and current head of MassMutual’s retirement and worksite insurance businesses. Sarsynski, current Chairman of MassMutual International, will also serve as CEO of that entity and be dedicated to executing this important piece of the company’s growth strategy.
All three executives will report to Crandall. “This newly aligned organization will help us build on our success by enabling us to truly define the best customer experience in the financial services industry,” said Crandall. “In doing so, we will provide a consistent approach and voice to the marketplace, bring innovative products, solutions and tools to our customers more quickly, and above all, help even more people secure their future and protect the ones they love.”
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.