New program speeds capabilities to gather, analyze and act on feedback
from employers, retirement savers, financial advisors and others
SPRINGFIELD, Mass. – How do you improve award-winning customer service and industry-leading client retention rates for retirement plans? If you’re Massachusetts Mutual Life Insurance Co. (MassMutual), you incorporate real-time customer feedback and response capabilities for immediate satisfaction and improvement.
MassMutual, as part of its continuous efforts to distinguish itself for customer service, has selected Medallia®, a global leader in Customer Experience Management (CEM) software, to implement a new customer feedback and response program. Built on a powerful data analytics platform, Medallia’s enterprise SaaS CEM solution enables MassMutual’s employees to gather, analyze and act on customer feedback in real time to continuously improve the company’s performance as well as the customer experience.
“At MassMutual we live for service. As MassMutual grows its retirement plans business, we continue to invest in our customer service capabilities to ensure we offer an experience that is second to none in the industry,” said Una Morabito, Senior Vice President, Client Management for Workplace Solutions. “We believe our new comprehensive program to gather, analyze and act on feedback immediately will delight our customers, including employers, employees, financial advisors, third-party administrators (TPAs) and others.”
MassMutual’s new customer experience management system will regularly connect with its 35,000 retirement plan sponsors, three million participants and more than 5,100 advisors and TPAs to gather feedback. In addition, customers who interact with service representatives will be asked to evaluate the experience, allowing MassMutual to make adjustments as necessary in real time, according to Morabito.
“With Medallia, we will be able to respond to customers at a speed that is unprecedented in the retirement plans industry,” she said. “We will be able to gather and track detailed insights into not only what our customers think and feel but also how they think and feel about the actions we take in response to their feedback. When you multiply those insights by thousands of advisors, TPAs, employers and their employees and the corresponding improvements, you can see the power of the new customer feedback and response program. It will enable us to adapt to a changing marketplace much faster.”
“MassMutual is already a leader in its industry and has a well-earned reputation for helping people secure their future and protect the ones they love,” said Amy Pressman, Co-founder and President of Medallia. “Their new customer experience program enables MassMutual to anticipate changes in customer expectations, and take systemic action on those changing needs to deliver an exceptional experience every time, everywhere.”
The goal of the program is to enhance the quality of award-winning service and boost the high marks MassMutual already receives from customers, according to Morabito.
Earlier this year, MassMutual’s Participant Information Center for retirement plans was awarded a Gold Medal for Best Large Contact Center by Contact Center World as part of a global competition. A Bronze Medal was awarded for Best Customer Service and a Silver Medal for Best Community Spirit (Silver).
In addition, MassMutual earned “Best in Class” marks for overall satisfaction and willingness to recommend MassMutual from retirement plan sponsors surveyed by Chatham Partners in 2015. Those grades reflected MassMutual’s leading client retention rate, which consistently ranks above industry norms as measured by Retirement Research Inc.
“MassMutual has built a well-earned reputation for service excellence and responsiveness to customers and we intend to extend that record,” Morabito said. “With our new feedback and engagement program, we are accelerating our capabilities to stay ahead of the competition.”
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