BALTIMORE, March 17, 2021 /PRNewswire/ -- Transamerica today announced findings from an independent client experience survey of retirement plan sponsors conducted by Chatham Partners. Despite the challenges facing American employers and workers in 2020, Transamerica saw a significant upward trend in plan sponsor satisfaction, especially in customer service and personnel. The independent Chatham Partners Client Experience Analysis indicated upward trends for satisfaction with Transamerica in nearly all categories measured.
"Results from Chatham Partners' 2020 annual client experience study validate that Transamerica's commitment to improving every aspect of customer service is resulting in higher levels of customer satisfaction. The most recent survey demonstrates that Transamerica continues to improve the customer experience and participant journey in nearly every area we measure," said Peter Starr, CEO at Chatham Partners. "Transamerica continues to invest in technology and people, and that has been recognized and valued by Transamerica's customers."
The results stem from a fall 2020 survey of Transamerica plan sponsor clients. The areas of service where retirement plan clients were most satisfied with Transamerica include:
Overall satisfaction with personnel
Overall satisfaction with communication director
Project and time management skills
Knowledge of retirement industry
Satisfaction with communication method
Responsiveness to plan sponsor needs
Knowledge of my plan
"Transamerica is pleased to see these upward trends in client satisfaction from retirement plan sponsors. The results point directly to the superior quality of our client management team that works hard every day to deliver the best customer experience possible," said Kent Callahan, CEO of Workplace Solutions at Transamerica. "We plan to continue that momentum with new features and technology enhancements, along with industry-leading solutions focused on pooled asset plans that can reduce participant fees, plan administrative duties, and fiduciary burdens. We continually listen to customer feedback, and we thank the plan sponsors who took part in this survey. We remain firmly committed to bringing a best-in-class experience to our clients."
Transamerica continued to innovate in 2020, bringing new solutions to help participants manage their investments, reduce college debt, and save for healthcare costs today and in the future, including:
Making its Managed Advice® service available to all defined contribution plans;
Adding new Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) with consolidated participant statements; and
Offering Student Loan Repayment Program, allowing plan sponsors to earmark employer contributions to help employees pay off their student loan debt.
About Chatham Partners' 2020 Client Experience Analysis Chatham's independent third-party research tracks Transamerica's delivery of client services, and benchmarks Transamerica's standing relative to other large-market defined contribution providers. By identifying the most important drivers of client satisfaction, Transamerica uses these findings to help provide the best possible retirement planning solutions for its clients. Chatham Partners' 2020 Client Experience Analysis is based on 240 large-market client responses.
About Transamerica With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Recognizing the necessity of health and wellness during peak working life, Transamerica's dedicated professionals work to help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. In 2020, Transamerica fulfilled its promises to customers, paying more than $49 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica's corporate headquarters is located in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa, and Denver, Colorado. Transamerica is part of the Aegon group of companies. Based in the Netherlands, Aegon is one of the world's largest providers of life insurance, pension solutions, and asset management products, operating in more than 20 markets worldwide. For the full year of 2020, Aegon managed over $1.1 trillion in revenue-generating investments. For more information, please visit www.transamerica.com.
The Managed Advice® service is offered through Transamerica Retirement Advisors, LLC (TRA), an SEC-registered investment advisor. Morningstar Investment Management Associates, LLC®, a wholly-owned subsidiary of Morningstar, is an SEC-registered investment advisor that serves as an independent financial expert and provides the underlying investment advice and portfolio management methodology for the Managed Advice® service. Morningstar is not affiliated with any Transamerica companies. Please see the Managed Advice® agreement for more information on the terms and conditions that apply. Securities offered through Transamerica Investors Securities Corporation (TISC), member FINRA, 440 Mamaroneck Avenue, Harrison, NY 10528. All Transamerica companies identified are affiliated.