MassMutual Clients Use Pocket PCs To Build Nest Eggs - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Business & Finance
News
9/8/2006
10:30 AM
50%
50%

MassMutual Clients Use Pocket PCs To Build Nest Eggs

The company’s interactive, self-service system has dramatically improved enrollment rates during clients’ retirement planning meetings.

Game-changing ideas aren't always born in the boardroom. Ian Sheridan, VP of MassMutual's retirement services division, was on an airplane when he jotted on a paper napkin his first thoughts for an interactive, self-service enrollment system to replace yawn-inducing meetings and ineffective paper forms.

The result from that in-flight brainstorming session is the Electronic Enhanced Enrollment Experience, or e4, which has garnered industry accolades and dramatically improved enrollment rates for MassMutual, known officially as Massachusetts Mutual Life Insurance. The wireless system helped earn the company the 31st spot on this year's InformationWeek 500.

Wireless Innovation -- Illustration by Carl Weins

Illustration by Carl Weins
E4, developed by Sheridan and a team of technology and communications experts, fits into a suitcase that MassMutual communication specialists carry to client sites throughout the country. The reps educate employees about retirement financial planning, help them sign up for 401(k) plans, and reallocate allotments.

In an e4 meeting, each employee is provided with a Pocket PC that synchronizes with the software on a MassMutual specialist's laptop via a wireless router. Participants retrieve from the laptop their personal information, including their current enrollment status and retirement target date, and they follow along on their Pocket PCs as the specialist presents information about options and risks, rebalancing, goal setting, and more. Employees use a stylus to enroll or make changes to their plans on the Pocket PC screens. If a participant has a question about her particular plan, the specialist can instantly view that person's information on the laptop. Following a meeting, clients receive electronic reports that outline each employee's actions.

Grab Their Attention

Ingalls Health System in Chicago last year was one of the first MassMutual customers to use e4 and has been using the system ever since. Nearly all employees who attend the e4 meetings participate in MassMutual's retirement plan, says benefits manager Cindy Smith.

InformationWeek Download

For many businesses, a retirement-plan meeting consists of an instructor plowing through a PowerPoint presentation, after which employees are sent away with a pile of forms to help them make investment selections. They're responsible for completing and returning paperwork. It's a faulty process. Before e4, only about half of Ingalls Health employees who weren't enrolled in a retirement plan signed up following such meetings. "We found that even if we could get employees to the meetings, not a lot of excitement was generated from a verbal presentation," Smith says.

Every two weeks, Ingalls Health sends MassMutual updated information about its employees that's uploaded into the e4 system before an instructor shows up for an enrollment meeting. "When we can get employees to the meeting, they find it interactive and fun," Smith says.

Ingalls Health's experience is typical. Before e4, 54% of a MassMutual clients' nonparticipat- ing employees would enroll within 90 days of a meeting, according to the company. Since e4 was deployed, MassMutual says that on average 90% of employees have taken action or enrolled in a plan during a meeting, and 24% of those enrolled in retirement plans have increased their contributions.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Previous
1 of 2
Next
Comment  | 
Print  | 
More Insights
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
Commentary
Augmented Analytics Drives Next Wave of AI, Machine Learning, BI
Jessica Davis, Senior Editor, Enterprise Apps,  3/19/2020
Slideshows
How Startup Innovation Can Help Enterprises Face COVID-19
Joao-Pierre S. Ruth, Senior Writer,  3/24/2020
Commentary
Enterprise Guide to Robotic Process Automation
Cathleen Gagne, Managing Editor, InformationWeek,  3/23/2020
Register for InformationWeek Newsletters
Video
Current Issue
IT Careers: Tech Drives Constant Change
Advances in information technology and management concepts mean that IT professionals must update their skill sets, even their career goals on an almost yearly basis. In this IT Trend Report, experts share advice on how IT pros can keep up with this every-changing job market. Read it today!
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll