The Three Pillars of Exceptional Service Delivery
Today’s informed plan sponsors are now looking for more than payout annuity providers. They are increasingly searching for retirement experts who devote time and attention to the retiree experience. Further, the retiree experience is now inclusive of insurer capabilities and retiree communications before, during and after a pension risk transfer transition.
Exceptional service delivery is the new benchmark in pension risk transfer, and it involves more than simply achieving baseline objectives or offering operational effectiveness. Delivering exceptional service requires a comprehensive, integrated approach that requires a profound awareness of the challenges plan sponsors and retirees face, and addresses those challenges head-on.
Prudential’s new series of white papers, “The Three Pillars of Exceptional Service Delivery,” examine this new benchmark in detail. These insightful papers look beyond the financial aspects of pension de-risking, concentrating instead on systems capacity—or the ability to on-board several thousand annuitants, seamlessly and without error—and human resources capacity; that is, having a team in place with the experience and expertise to guide the plan sponsor and its retirees through every stage of the pension risk transfer process.
The papers also explore the emotional side of pension risk transfer, examining how retirees may experience anxiety when the obligation to make their payments is transitioned to an insurer, and how the insurer’s ability to deliver exceptional customer service can alleviate that apprehension and restore retirees’ confidence.