New Benchmark Study from Corporate Insight Reveals Leaders in Retirement Plan Sponsor Digital Experiences

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Mar 13, 2025, 08:30 ET

NEW YORK, March 13, 2025 /PRNewswire/ -- Corporate Insight (CI), the leading provider of competitive intelligence and customer experience research to the financial services industry, today announced the release of its inaugural DC Plan Sponsor Website Experience Benchmark report. This comprehensive analysis evaluates and ranks the digital experiences of 14 leading recordkeepers' plan sponsor websites across seven key categories.

CI's survey found that decision-makers cite plan fees and costs as the most important consideration when choosing a plan provider

"We're proud to unveil this research, providing an unbiased assessment of how recordkeepers stack up against each other in terms of information, functionality, design, navigation and usability," said Kara Sostar, research manager at CI. "Our proprietary grading criteria and survey-backed framework build on over a decade of research, allowing us to provide a clear view of how well these digital platforms support the needs of plan sponsors."

The report identifies TIAA as the top-performing recordkeeper with a score of 77 out of 100, followed closely by Fidelity (76) and T. Rowe Price (74). The research found significant disparities across the industry, with scores ranging from 77 to a low of 45.

"TIAA leads overall with top-three finishes in five of the seven categories," says Sostar. "Its score in Plan Administration is the highest for any firm in any category in this report. Second-place firm Fidelity also offers a well-rounded experience, finishing top-five in every category."

"T. Rowe Price's third-place position is notable, given its relatively small market share," adds Andrew Denegre, senior analyst at CI. "It's a testament to the impact of the firm's recent investments in areas like reporting and alerts."

Key findings from the benchmark study include:

Participant data availability is crucial – The Participant Data & Management category tied with Plan Information as the most heavily weighted in the benchmark. With 87% of surveyed sponsors rating participant balance details as a top priority, firms like Empower, Fidelity, and Principal distinguished themselves with comprehensive participant data suites.
Plan health tools continue evolving – Nearly every firm in the coverage set has made at least one update to their plan health tools over the past five years, with several implementing complete overhauls or entirely new tools. Multiple firms have expanded the scope of traditional plan health tools by offering actionable next steps for improvement directly connected to data trends.
Users are generally satisfied but want usability improvements – Survey respondents emphasized the need for better navigation and usability, and 85% of sponsors place a high importance on ease of finding information. Principal took first place in the Design & Navigation category, offering a sleek homepage that balances plan information with pathways to key functions.

"Our survey shows that 83% of sponsors rank site functionality and usability as 'very' or 'extremely' important for managing their plans," says Sostar. "As the gap between the best and worst sponsor digital experiences continues to grow, sponsor platforms will play a larger role in winning and retaining business."

The benchmark evaluates 14 retirement plan providers across seven categories:

Participant Data & Management
Plan Information
Design & Navigation
Plan Administration
Profile & Settings
Reporting
Support

The report includes detailed profiles and rankings for American Funds RecordkeeperDirect, Charles Schwab, Empower, Fidelity, Lincoln Financial Group, Merrill, Nationwide, Principal, T. Rowe Price, TIAA, Transamerica, TruStage, Vanguard, and Voya.

About Corporate Insight

Corporate Insight (CI) delivers competitive intelligence, user experience research and consulting services to the nation's leading financial services, insurance and healthcare organizations. As the recognized industry leader in customer experience research for over 30 years, our best-in-class research platform and unique approach of analyzing the actual customer experience helps organizations advance their competitive position in the marketplace.

For inquiries or to interview with an analyst, contact:

Patrick Flood

646-876-7535

[email protected]

SOURCE Corporate Insight