Equipping Financial Professionals and Customers with Digital Tools
Forward-thinking financial institutions are moving beyond legacy technologies, whether they are outdated homegrown platforms or a patchwork of vendor solutions. MassMutual’s own digital improvements are yielding improved customer experience, faster time-to-issue of policies, an increased ease of doing business, and access to emerging and innovative investment solutions.
MassMutual is leveraging new technologies aimed at curating exceptional digital customer experiences and reducing strain on financial professionals. Digital innovations such as the Natural Language Bot, used in the Life Insurance Operations Interactive Voice Response (IVR) phone system, enable us to send customers an SMS text message to their phone that links them to our payment experience. Digitally enabled disability insurance claims allow customers to submit a digital DI claim online, resulting in faster processing of claims when our customers need us most. Enhancements to the mobile experience allow customers to edit policy addresses (one of MassMutual’s largest volume of transactions) and enable the ability to check the status of transactions such as address change, loan requests, and dividend withdrawals.
Haven Life, our digital insurance agency subsidiary, allows MassMutual to digitize and enhance the experience customers have with life insurance. Revolutionizing a process that used to take four to six weeks and could not be accomplished online, Haven Life’s process enables consumers to apply for and, if approved, begin coverage on a fully medically underwritten term life insurance policy in about 20 minutes.
MassMutual’s game-changing Advisor360˚platform exemplifies our commitment to supporting the success of financial professionals and the clients they serve. Financial professionals can seamlessly access and view clients’ financial investments and protection portfolios in the fully consolidated and secure Advisor360˚ platform. The system allows MassMutual-affiliated financial professionals to provide personalized advice through a comprehensive, single-click view of an annual review along with access to accounts and policies, tax documents, wills, trusts, and other important items that are stored and accessed through a secured online client portal. The platform — built with input from experts in the field — allows financial professionals to manage their practices more effectively and efficiently while providing a streamlined experience for wealth management clients that’s secure and accessible from any device, anywhere, anytime.
Likewise, Spark, a digital tool that collects client demographic and goal-related data, allows financial professionals to better serve their clients and strategize priorities by combining the platform’s client-facing survey and financial professional-facing dashboard. On MassMutual.com, financial professionals can add a link to their specific page for clients to schedule appointments. Potential clients can set an appointment quickly and conveniently, providing a more streamlined process for generating leads. Whether on our website or through our digital tools, we continue to make enhancements that improve the experience for all users.
We recognize that cryptocurrencies are increasingly becoming part of the financial landscape, both as an investment strategy and as technological innovation. Flourish Crypto, a new solution developed by Flourish, a FinTech startup acquired by MassMutual in 2021, was built to allow registered investment advisors (RIAs) secure and compliant access to cryptocurrency investing through a simple, easy-to-use platform. This turnkey solution is already in use by over 400 RIAs managing over $1 trillion in AUM. The success of the platform is helping to lay the groundwork for more cryptocurrency offerings and products to come.