Focus on customer needs drives PRT annuitant experiences


By Keith McDonagh
Head of the Institutional Solutions businesses for Massachusetts Mutual Life Insurance Co. (MassMutual).
Posted on Apr 22, 2019

Recognizing a growing corporate need for pension de-risking, MassMutual was one of the first insurers to enter the pension risk transfer market in 1983. Since then, the market has grown dramatically, as pension funding levels improved and plan sponsors continued to seek ways to improve their financial position.

From the start, our focus on helping business clients improve their balance sheet strength has enabled them to transfer their pension liabilities to MassMutual, who then provides the lifetime pension annuities to the covered individuals. In addition to the safety and security of these annuity payments, an equally important focus is providing a service experience that meets and exceeds the expectations of the individual customers.

Throughout the years, MassMutual has continued to invest in its service capabilities to enhance the experiences and outcomes for both institutional clients and individual annuitants.

Recently, we were recognized by FIS, a fintech leader, for creating an enhanced mobile-enabled portal for the annuitant service experience. The experience delivers on-line inquiry and transactional capability including tax forms, direct deposit, verification of income, and other service capabilities. In the coming months, the experience will also provide on-line benefit calculation modelling for annuitants that have not yet initiated payments.

MassMutual is proud to continue living our brand promise – to help people secure their future and protect the ones they love. Within the pension risk transfer market, this promise is met with strong financial solutions and delivering a leading customer experience.

Keith McDonagh is Head of the Institutional Solutions businesses for Massachusetts Mutual Life Insurance Co. (MassMutual), which includes Institutional Insurance, Institutional Longevity, Defined Benefit, Institutional Investments, Stable Value, Medium Term Notes and Guaranteed Interest Contracts.

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The information provided is not written or intended as specific tax or legal advice. MassMutual, its employees and representatives are not authorized to give tax or legal advice. You are encouraged to seek advice from your own tax or legal counsel. Opinions expressed by those interviewed are their own, and do not necessarily represent the views of MassMutual.