Worksite Smarter.
Having purpose requires commitment

Posted on: July 20, 2022

We all identify with a purpose—a sense of meaning and connection that guides our decisions and the actions we take. It’s also an aspirational motive for organizations that drive the need to help others attain a particular objective. Most companies outline their purpose in the form of a mission statement, which may vary from industry-to-industry, from company-to-company, or from product-to-product.

But purpose alone is not enough. It requires an investment in time and resources to deliver on that idea or principle. Think of these commitments as a pledge—upholding an obligation to those they serve. Without them, an organization may be setting itself up for failure in terms of not living up to their customers’ desired expectations.

As consumers, we are far more forgiving when a movie does not live up to our expectations. However, would we be as understanding when it comes to financial well-being? Consider protection products and services, such as those offered by MassMutual Worksite. Would working Americans be as forgiving if we did not live up to our purpose and commitment? After all, they rely on us for financial security—that’s a risk we are not willing to take.

So how do we, a group voluntary benefits provider, deliver on those commitments and forge trusting, long-lasting relationships? It’s a triple challenge when you’re dedicated to the financial well-being of the workforce where trust needs to be obtained on three levels: the benefits producer offering our products and services, the employer who has agreed to include our financial solutions in their group voluntary benefits, and the employees who purchase coverage to build a safety net for themselves and those that depend on them.

As an illustration of how purpose and commitment interconnect, I’d like to share MassMutual Worksite’s commitment for each of our valued customers:

• Our commitment to benefits producers: We take your business to the next level with solutions and services you and your clients can count on.
• Our commitment to employers: We help you attract and retain top talent through benefits employees can count on for their financial well-being.
• Our commitment to employees: We help make financial well-being a reality for you and those who count on you.

A common thread among all three statements is our dedication to supporting your goals and our combined, ongoing commitment toward the welfare of working Americans. We recognize that benefits producers are essential to us, as they are essential to their clients, as employers are essential to employees.

Particularly for benefits producers, we’re seeing even more opportunities to live up to the rapidly evolving landscape of group benefits. It’s about meeting workers where they are and communicating in a way that demonstrates you understand their attitudes, unique perspectives, and concerns. One area where employees are more closely examining their worksite benefits is life insurance options. According to recent LIMRA research, 66% of workers are paying more attention to the benefits and coverages their companies are offering, and 64% are more likely to consider signing up for certain benefits.¹ In addition, at least 39% of companies with 100 or more employees plan to work with more insurance carriers in the next five years and consider life insurance as one perk that tops the list of ancillary benefits employees will want in the future.²

One of the contributing factors to increased interest in life insurance is the heightened consumer awareness resulting from a post-pandemic environment. In fact, 47% of Millennials alone see general insurance benefits offered at work as more valuable compared with prior to the pandemic.3 Workers today have a newfound appreciation for financial solutions that can add to financial security and well-being.

But having a purpose and commitment is about more than product satisfaction, it’s also about service delivery and the impact of digital transformation, where benefits producers are sought after for their strategic approach to implementation, participation, and education. These are areas where producers have an opportunity to differentiate themselves and partnering with the right carrier can help.

Producers should seek employee benefits carriers that:

• offer financial solutions for their clients that helps the employer attract and retain top talent
• offer clients products that all working Americans can access and afford
• help clients shape the enrollment conversation with their employees so they can maximize participation

Employee benefits carriers need to recognize that a producer’s success is their success. It’s essential to offer more thought leadership in the form of product information, educational resources, and insightful trends that add to client relationships. It’s about offering a range of service experiences, from a digital self-service portal to live support.

I’m proud to say, these are activities we address and care about at MassMutual Worksite. We continue to invest in you and those you serve with products and features that are appealing to working Americans and the support you need to deliver on those solutions today. And we’re investing in technology and tapping into data to identify opportunities for tomorrow.

At MassMutual Worksite, we’re dedicated to our purpose. We have an obligation to those we serve and we’re taking action to live up to the commitments we make.