"Hugh brings extraordinary vision and focus to MassMutual's goal of becoming the leading provider of holistic benefits solutions for employers and their employees," Wietsma said. "As part of those efforts, we want to build stronger relationships with our key third-party distribution firms as well as the newly expanded MassMutual Financial Network. Our distribution capabilities, combined with our innovative workplace tools, clearly differentiate us in the marketplace."
"I am excited to lead the Workplace Solutions team as we seek to expand MassMutual's leadership in the employee benefits marketplace," O'Toole said. "MassMutual has the tools, resources and expertise to help employers and their employees as they seek new workplace benefits solutions through their advisors, secure their future and protect the ones they love."
O'Toole is a veteran of MassMutual, having served in a variety of leadership roles for the retirement plans business. Most recently, O'Toole headed the Viability Advisory Group, which MassMutual purchased in November 2015. Previously, O'Toole served as head of sales for retirement plans for seven years, leaving in July 2014 to form Viability.
During his tenure at MassMutual, the benefits landscape has become increasingly complex, O'Toole said. Employees are struggling with financial wellness, a dynamic that is impacting productivity at the workplace. Research by MassMutual in 2015 showed that 37 percent of American workers find that managing their personal finances is "somewhat" or "very difficult" and 40 percent say personal financial problems are a distraction at work.*
Innovative Workplace Tools
MassMutual, in recognition of the growing complexity of employee benefits decisions, has introduced a suite of workplace benefits tools to help employers and employees make the best possible decisions:
- PlanALYTICSSM measures the relative effectiveness of retirement plans and the retirement readiness of employees who participate in those plans by incorporating actual data from employees' retirement savings.
- ViabilitySM, a patent-pending analysis program that helps companies evaluate the financial costs associated with employees being unprepared for retirement and the loss of productivity attributed to employees' lack of financial security. As part of the evaluation, the program calculates the hard-dollar cost of under-utilization of retirement savings and other employee benefits programs.
- MapMyBenefitsSM, a patent-pending employee benefits guidance tool to help Americans make decisions about their financial needs, including health care coverage, insurance protection and retirement savings, based on their personal financial situations.
- BeneClick!SM, a unique, integrated online marketplace that incorporates the MapMyBenefits tool to help employees prioritize their retirement savings, healthcare and insurance protection benefits based on their individual life stages, and then take action.
MassMutual is focused on maximizing the full suite of workplace solutions as part of its long-term success in the rapidly converging retirement plans and worksite markets, according to Wietsma. The ability to deliver holistic benefits solutions will enable MassMutual to break away from its competitors and increase the value the insurer ultimately delivers to customers, he said.
"The financial struggles of American workers have real costs for employers," Wietsma said. "MassMutual is endeavoring to work closely with employers and their advisors to make the most of limited benefit dollars. With our innovative set of solutions and tools, MassMutual is uniquely positioned to engage employees at the workplace, help them make better choices and take actions that lead to improved outcomes."
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit www.massmutual.com.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.
*2015 MassMutual Employee Benefits Security Study, The study focused on 1,517 working Americans who were at least age 18 in a wide variety of jobs and industries, https://www.massmutual.com/~/media/files/MM-EE-Benefits-Security-Study-Report.pdf
Contact: David Potter
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SOURCE Massachusetts Mutual Life Insurance Co.