As the growth of its pension risk transfer (PRT) business accelerates, Massachusetts Mutual Life Insurance Company (MassMutual) has enhanced its website to serve PRT annuitants, improving navigation, providing more self-service features and information, and offering mobile access.
"MassMutual is increasing services and capabilities for our pension annuity customers. Our enhanced website is one of a series of investments we are making to enhance our servicing features and provide a best-in-class customer experience," said Keith McDonagh, Head of MassMutual's Institutional Solutions unit. "The website is a home for annuitants whose employers or former employers have selected MassMutual for a pension risk transfer annuity."
The growth of MassMutual's PRT business reflects a growing industry trend whereby employers look to shift the financial risks associated with managing defined benefit pension plans through a pension risk transfer. Single premium annuity sales for industrywide PRT transactions were $26 billion in 2018, up 14 percent from 2017, according to the LIMRA Secure Retirement Institute quarterly U.S. Group Annuity Risk Transfer Survey1. Total assets of buy-out products were $135.5 billion in 2018, more than 18 percent higher than the prior year.
Both active annuitants (who are receiving annuity payments) as well as deferred annuitants (those who have not yet elected to receive payments) can go to MassMutual's website to access information about their annuity, as well as update their records. Annuitants are able to view information about their annuity payments, tax withholding, tax reports, history and beneficiaries. In addition, annuitants can go to the site to enroll in direct deposit, access online forms and update their mailing address. The website is fully compatible with mobile devices.
The new portal also allows for easy access to other products and services an annuitant may have with MassMutual and is the latest in a series of digital enhancements being introduced as part of a broader strategy to further grow in the PRT market and improve the customer experience.
"The need for pension annuity services and support remains strong and is growing," McDonagh said. "MassMutual, as an experienced manager of pensions and annuities, is seeing increased demand for expertise in these services and capabilities. Through strategic investments in new capabilities, we aim to become the provider of choice for employers seeking to transfer their pension risks to a financially strong and capable provider."