Personalized Advice to Help Secure Our Policyowners’ and Customers’ Financial Future
Since our founding in 1851, we have relied on our network of dedicated financial professionals associated with MassMutual to deliver the highest-quality service to our clients. These financial professionals are the heart of our business and bring their passion and extensive knowledge to bear in helping our policyowners and customers develop holistic plans for their future.
MassMutual financial professionals offer trusted advice to individuals and businesses and help make financial security a reality. This advice is grounded in deep research of trends and attitudes that inform our strategy as well as the deep insight we develop through personal relationships that we develop over time with each client. With a personalized and individual approach, we are able to connect more Americans with the financial tools they need to thrive.
Advisor360˚: Supporting the Success of Financial Professionals and the Clients They Serve
MassMutual’s game-changing Advisor360˚ (A360) platform is a key tool to build strong connections between financial professionals and their clients. The fully consolidated and secure platform gives financial professionals seamless, comprehensive access to clients’ financial investments and protection portfolios. This allows financial professionals to provide personalized advice 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.
In 2022, we continued to enrich A360 by improving functionality and making it even easier to use for financial professionals and their clients, resulting in Advisor360˚ winning the 2022 Wealth Management Industry Award.
Expanding Reach Through MassMutual Strategic Distributors (MMSD)
A primary benefit of working with MassMutual is access to our financial professionals, who take the time to get to know their clients personally, so they can help customers chart the path to their financial goals. MMSD is a key channel through which that expertise is delivered.
Since announcing the launch of MMSD in early 2021, this dedicated third-party distribution channel has been both building on strong relationships and forging new ones with experienced financial firms and professionals. With a diverse and relevant portfolio already in place, including whole life insurance, disability income insurance, fixed annuities, and hybrid life/long-term care insurance, MMSD is partnering with hundreds of financial firms to meet customers where they are with the financial solutions they need. MMSD represents the opportunity to expand to a large third-party audience and bring financial professionals and their clients the value of MassMutual’s diverse products and the dependability of over 170 years of financial strength and security.
Helping Our Policyowners Retire Their Way: Delivering Peace of Mind that Transforms the Future
Today, 54 million Americans are 65 or older, and according to recent MassMutual consumer research, only 17 percent of near-retirees have planned for inflation and market volatility in retirement, with 42 percent claiming that their retirement could sustain them for no longer than 10 years. In view of these challenges, it’s critical to understand the basic facts and secure more guarantees in retirement. Near-retirees, guided by financial professionals who know their individual situation and personal financial goals, are better able to prepare for the decades ahead.
MassMutual also continued to deliver strong whole life insurance offerings in 2022, which are foundational to meeting the goals of a long-term financial plan. With the assistance of a trusted financial professional, our policyowners are able to meet their unique financial needs while bringing peace of mind and stability to their future planning.
Our acquisition of Great American Life Insurance Company in 2021 was a key investment in this regard. A leading provider of annuities, this company was rebranded as MassMutual Ascend in 2022. MassMutual Ascend broadens our annuity offerings and makes them accessible to more people who are looking for guaranteed lifetime income, while also benefiting our policyowners through the development of another source of earnings.
Securing sources of guaranteed retirement income beyond Social Security can bring peace of mind to retirees. MassMutual seeks to play a vital role in providing security with our annuity products. In 2022, we launched MassMutual Envision, a new variable annuity with an optional guaranteed lifetime withdrawal benefit, into our suite of retirement income offerings. Envision can help individuals accumulate assets for retirement, with a wide variety of funds to choose from, including asset allocation, bond, traditional equity, and specialty funds. MassMutual RetirePay is an optional guaranteed lifetime withdrawal benefit that is designed for individuals seeking predictable retirement income that can be counted on for life, regardless of market conditions.
Trusted to Make Institutions Stronger: MassMutual Institutional Solutions (IS)
MassMutual IS helps our institutional customers manage their financial well-being, as well as that of their employees and stakeholders. With $105 billion in assets under management, spanning bank-owned life insurance, corporate-owned life insurance, pension risk transfer, funding agreements, and stable value investments, IS is a trusted provider for clients and their advisors in the markets we serve. Also, as an important contributor to MassMutual’s earnings, the group continues to deliver significant value to policyowners and company strategy through scalable, profitable business growth.
In 2022, IS generated record sales growth that expanded the number of customers we serve while delivering continued earnings growth for the company’s policyowners. We’ve expanded our institutional market presence through thought leadership programs in both national and trade media. IS developed new products that included new money rate solutions, expanded COLI offerings, and relevant stable value designs. We have expanded our offerings and increased digital engagement to help our customers engage on both new business and ongoing needs in the manner that works best for them.
Expanding Convenient Products that Help Families Achieve Financial Security
Haven Life, a leading digital direct-to-consumer life insurance agency backed and wholly owned by MassMutual, recorded a historic sales year with year-over-year growth exceeding 40 percent for both total annual premiums and policy count. Haven Life also repriced and expanded its instant-decision simplified issue term life insurance policy, Haven Simple, to be available up to face amounts of $1 million.
Facilitating Strong Connections Between Financial Professionals and the Clients They Serve
MassMutual has tremendous opportunity to reach even more people in alignment with our vision to provide financial well-being for all Americans. To execute this, our strategy is to transform to grow in a digital world, expanding the ways we reach people while improving their overall experience. MassMutual leverages new technologies to provide simple and seamless customer experiences that connect people with our trusted financial professionals safely and securely. These enhancements include increased security and more options for building deeper connections and impactful relationships with our clients.
Connecting Our Customers to Innovative Products
Enhancing the Ways We Engage and the Solutions We Offer
MassMutual continues to build a comprehensive, portfolio of core protection products to enable us to deliver on our commitments for the long term while finding innovative ways to address the financial gaps and the changing needs of all Americans.
Supporting the Financial Well-Being of Working Americans
Economic uncertainty is a reality for many Americans who are experiencing the effects of market volatility, the highest levels of inflation in decades, and the prospect of a recession. Research in 2022 revealed 56 percent of Americans are stressed about their finances,19 87 percent are anxious or very anxious about inflation,20 and only 42 percent said their compensation is keeping up with the rising cost of living expenses.19 This is having an impact on employees’ overall feeling of financial well-being. At MassMutual, we are driven to help transform workplace benefits to make financial well-being a reality for all working Americans and those who count on them. Through our Worksite business we offer life, critical illness, accident, and disability insurance products to help companies provide their employees with new ways to meet their financial goals and feel more confident about their ability to manage the unexpected. Group Whole Life, for example, offers both death benefits and guaranteed cash value that is not subject to market fluctuations, and employees can take the coverage with them when they leave their employer.
These offerings also benefit employers by helping them to recruit, attract, and retain top talent, as well as contributing to a more satisfied and productive workforce. Not surprisingly, in 2022, the majority (75 percent) of employers thought that employees at their company will likely expect more benefits options in the next five years.21 These employee benefits packages are seen as not only valuable, but can be indispensable, since so many working Americans have access to financial protection products only through their workplace.
To better understand working Americans’ ongoing needs and challenges, MassMutual conducts a monthly survey focused on their sentiments toward financial well-being. This includes a Workforce Financial Stability ScoreSM that measures their financial outlook and examines the drivers of changing attitudes. What we observe can help us shape Worksite products and services that better serve working Americans and equip benefits professionals and employers, as well as financial advisors and their clients, with the insights and trends that can help them improve employee engagement, enrollment, and support.