Massachusetts Mutual Life Insurance Company is launching an integrated benefit exchange called BeneClick! that features a guidance tool to help employees prioritize their retirement savings, health care, and insurance protection benefits based on their individual life stages and then take action.
The new exchange, an online marketplace for people to select their employer-sponsored benefits, is powered by Maxwell Health’s benefits technology platform.
According to MassMutual, BeneClick! is being introduced through its distribution partners on a limited basis. It will be available more broadly as of the middle of 2016.
At first, MassMutual will offer access to retirement plan enrollment features and life insurance products; the firm plans to add additional insurance products such as critical illness and accident protection in 2016.
The exchange also integrates the MassMutual MapMyBenefits tool, which allows employees to prioritize their benefits choices based on their life stages, financial goals, and personal finances.
This approach to workplace benefits combines retirement readiness, health care coverage, and preparation for unanticipated events.
The tool is designed to help mitigate health and financial issues even as people worry increasingly about their finances. A 2014 survey of financial wellness issues by PriceWaterhouseCoopers found that almost one out of every four employees say personal financial problems have become a distraction at work.
In addition, the American Psychological Association has found that money issues are consistently at the top of Americans’ lists of biggest stressors since 2007. Money worries have become a major contributor to losses in workplace productivity.