A famous American artist once said that everyone would enjoy 15 minutes of fame in the future. It captured the essence that fame is fleeting at best and that one can never rest on our laurels.
At MassMutual, we can relate. We recently were ranked as the No. 1 provider overall for defined contribution plans by the Retirement Planscape® report by Cogent Syndicated.1 MassMutual tied Bank of America for the top rating.
The ranking was determined by retirement plan sponsors, 89 percent of whom gave MassMutual high satisfaction ratings. The award generated some positive press, swelled our chests with pride, and helped confirm that we are doing the right things to help both plan sponsors and their employees plan to retire on their terms.
But in the time devoted to the typical coffee break – 15 minutes – we were back at work, fielding calls, listening to feedback, scrambling to fix problems and figuring out new ways to satisfy our customers. While awards are nice, they don’t get the job done.
What does help get the job done is the feedback we receive from plan sponsors. MassMutual has instituted a process and program to capture customer feedback and respond to requests, often in real time. The program is called mutualvoice and it’s helping us get closer to our customers, learn more about what they need, what they want and don’t want, and how MassMutual can be better.
Mutualvoice is a customer experience platform that was built to help us connect more tightly with plan sponsors, plan consultants and participants. MassMutual was the first financial services company to implement this industry-leading approach. And it has paid dividends.
Based on comments from workers who participate in retirement plans, we regularly earn high marks for service, especially for assistance provided by our service reps. “Service” is not only mentioned most often in comments but it is the most favorable of topics measured, with 75 percent of comments about our staff being extremely positive in sentiment (84 percent for sponsors). Some particular areas of strength are in helpfulness, attitude, professionalism, and knowledge, all with more than 80 percent positive responses and some close to 90 percent positive responses. Our IRA Concierge team receives particularly high scores.
When reviewing comments from sponsors, we’re pleased to report, 97 percent give us positive mentions of attitude of the staff and 98 percent positive mentions for knowledge of the staff. It’s obvious to us that more than ever, our customers appreciate having a knowledgeable service professional available to assist them.
MassMutual is rated highly in a few other important areas as well. Sponsors, advisors, and TPAs all rate us exceptionally high in new plan installations, with many of the key metrics measured reaching near perfect scores. In fact, the lowest score for key metrics regarding new plan installations is a 9.3 out of 10 for Establishing Expectations on the Sponsor Implementation survey.
These satisfaction scores are directly attributable to input we’ve received from sponsors, participants and advisors over the years through a variety of platforms, including mutualvoice. We depend heavily on feedback from our sponsors and other key constituents to continue providing the service you want, expect and deserve.
Thank you for your input and guidance. It helped MassMutual enjoy its 15 minutes in the sun and, more important, enabled us to deliver the service you want for your retirement plan.
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1 89 percent of Plan sponsors gave MassMutual high satisfaction ratings for overall DC plan provider – tying with Bank of America for #1. Source: Retirement Planscape® report by Cogent Syndicated, a division of analytics firm Escalent, report, May 2020.