Corporate Insight spends much of its time analyzing the retirement plan participant experience with plan providers.
In its recent Retirement Plan Monitor Report, the firm offered best practices for mobile offerings from retirement plan providers—which can also be a list for things plan sponsors may want to look for from their providers.
- Include retirement-related projections: “We look for practices or capabilities that would set one provider apart from another; personalized data is important,” Drew Maresca, head of retirement research at Corporate Insight, told PLANSPONSOR. He said participants who see an estimated retirement income will be more engaged since the data is a bit more personal than just an account balance. It could spur participants to take action.
- Allow participants to initiate calls from the app: Maresca pointed out that 11 of 18 firms Corporate Insight analyzed offer iPhone apps, but only two offer iPad apps, so the mobile app effort is more phone-heavy. It makes sense to tie in features of a phone, he added. This feature makes it simple for employees to initiate calls, because it is more difficult to go back and forth between a dial screen and app screen. In addition, if participants have to make a note to call later, the likelihood they will follow through decreases.