New audit allows retirement plan providers to pinpoint and fix shortcomings within their plan-sponsor-facing digital user experience – a critical advantage at a time when plan sponsors are prioritizing the quality of plan sponsor portals over participant platforms.
NEW YORK, September 12, 2019 /PRNewswire/ — Corporate Insight, the leading provider of competitive intelligence and customer experience research to the retirement industry, today announced the launch of its Defined Contribution (DC) Plan Sponsor Digital Audit. The new audit service provides an in-depth assessment of the digital user experience offered by retirement plan providers (recordkeepers) to plan sponsors, measuring their plan sponsor-facing websites against key competitors. The audit identifies competitive strengths, weaknesses and opportunities for improvement, enabling recordkeepers to set the right development priorities and deliver a best-in-class digital experience to sponsors. Six core categories are featured:
- Education & Help Resources
- Participant Data & Management
- Plan Administration
- Plan Information
- Website Design & Settings
The audit framework, grade definitions and criteria are based on industry best practices identified by Corporate Insight’s Retirement Plan Monitor – Institutional research service, which tracks and analyzes the plan sponsor websites of 15 leading recordkeepers. Our latest survey found 91% of plan sponsors say that the site experience is either of equal or greater importance to the participant site experience. Additional key findings include:
- Over three-quarters (76%) of respondents stated that the plan sponsor website is “very important” or “extremely important” in terms of professional responsibilities.
- Many sponsors (68%) reported that they log into the plan sponsor website at least once per week, while 18% log in daily.
- While most plan sponsors are “satisfied” with their current plan sponsor website, only 31% responded that they are “very satisfied.”
“When it comes to digital platform importance, our survey found that the quality of the plan sponsor portal can have a greater impact on the choice of recordkeeper than the quality of the participant digital experience,” said Michael Ellison, president of Corporate Insight. “We believe that this audit can play an instrumental role in helping clients optimize their plan sponsor digital experience, leading to greater client retention.”
About Corporate Insight
Corporate Insight delivers competitive intelligence, user experience research and consulting services to the nation’s leading financial, health and philanthropic institutions. As the recognized industry leader in customer experience research for over 25 years, we have been the trusted partner to corporations seeking to improve their digital capabilities and user experience. Our best-in-class research platform and unique approach of analyzing the actual customer experience helps corporations advance their competitive position in the marketplace.
For additional information on Corporate Insight: www.CorporateInsight.com/about-us.
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