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MassMutual puts benefits shopping in consumers’ hands via new app

MassMutual Financial Group is introducing a new mobile application to complement its benefits exchange program – which combines healthcare coverage, retirement savings and insurance protection into one platform – enabling users to purchase individual packages or those offered by their employers.

MassMutual’s BeneClick! app for smartphones and tablets is accessible through customers’ PIN numbers, and offers users the ability to view a range of pertinent benefits information, such as insurance identification numbers and existing coverage details. A growing number of financial marketers are digitizing their services, hoping to meet more consumers on their most frequented platforms.

“Mobile is just one core component of the overall goal, which is focused on an omnichannel digital experience for the customer,” said James Ocampo, head of BeneClick! at MassMutual Financial Group. “Our goal is to be able to connect the digital experience not only on mobile, but all digital platforms.”

Keeping consumers covered
MassMutual’s BeneClick! app is a mobile extension of the company’s benefits exchange of the same name, which provides a singular platform on which customers can access their retirement savings, healthcare coverage and insurance protection. Consumers can leverage benefits exchanges to shop for a variety of packages, either individually or by the choices offered by their employers.

Users can access information within the new app by inputting their PIN numbers. The app also helps connect employees who access their company-provided benefits on its platform.

MassMutual sought to develop a centralized mobile hub that keeps consumers’ benefits information in one easily accessible place, enabling them to view details while on-the-go.

Users can access information regarding their existing benefits coverage, insurance policy and identification numbers and wellness support services, which include telemedicine and medical concierge services as well as activity tracking devices.

Additionally, individuals can find other valuable account information within the BeneClick! app, such as rate of return details within 401(k), balances and employer-provided defined contribution retirement savings plans.

Filling customer demand
According to the 2015 MassMutual Employee Benefits Security Study, 74 percent of American employees said having enough medical insurance protection is very important, while 52 percent agreed that having adequate disability and life insurance protection is very important.

MassMutual designed the BeneClick! app to fulfill these needs and offer answers to individuals’ insurance-related questions at any time.

The app, which is available for Android and iOS devices, can be used free of charge by any worker who has already leveraged the BeneClick! platform.

MassMutual claims the app is an ideal platform with which to foster long-term customer engagement.

“Currently, we think of it as a mobile wallet, a way for a person to view their existing benefits so they can have easy access to their information,” Mr. Ocampo said. “The inclusion of retirement [savings] gives that ability to provide a holistic view of a person’s benefits.”

The company may see additional consumers start to use the BeneClick! platform before seguing over to the app, which would place it a leg above its competitors when it comes to offering digital solutions.

“In a digitally evolving world, we think of providing these products as a service, which is to care about the individual, their health, and their finances,” Mr. Ocampo said.