Employers have always depended on our insurance and retirement products to connect employees with financial well-being, and we continue to innovate to boost the access of these products and increase their participation rate. Our efforts to integrate our products and platforms help ensure that customers’ financial savings and wellness decisions are cohesive and connected with their everyday financial requirements. We’ve also seen that consumers want to engage with our financial professionals more because our content and offerings drive interest, intent, and ultimately, action.
Financial Health With MapMyFinancesSM
Given the growing appetite for actionable financial well-being support delivered through the workplace, MassMutual fully deployed MapMyFinancesSM in 2019 to help organizations’ employees develop a short- and long-term financial game plan. MapMyFinances is designed to give users a better understanding of their benefit needs, helping them to feel financially healthy and secure, today and for the future. Based on information about themselves and any family members, individuals receive a financial wellness score based on their personal financial situation. Additionally, they are provided a tailored step-by-step game plan to improve their overall financial wellness, prioritizing important decisions while considering what an individual can actually afford.
Additionally, MapMyFinances connects users from planning to execution by creating an ecosystem to take action. Among those integrated employer elected benefits are a Health Savings Account (HSA) and Student Loan Repayment program, helping users save for health care expenses and paying down student loans. As actions take place, individuals can see how their score improves, allowing for a dynamic and customized experience. Financial advisors serving these employers have leveraged MapMyFinances to provide more targeted approaches to help improve overall workforce financial wellness.
