HARTFORD, Conn.-- MassMutual Financial Group today introduced Web-based enrollment for its Strategic Edge group universal and group variable universal life insurance products, making participant enrollment fast, easy and accurate.
The new Web-based, secure enrollment site enables participants to enroll, make beneficiary selections, choose to invest premiums when applicable, and complete forms with an electronic signature. Additionally, it provides investment information and educational resources, including helpful videos that explain the product's features and benefits.
The online enrollment system is particularly beneficial for the busy executives for whom the group universal and group variable universal life insurance policies are intended. Executives can complete their paperless enrollment in private, in a secure environment, and with a few clicks of a mouse. They can obtain assistance during the process via email or phone, and enjoy convenient links to fund performance information and fund allocation tools that help determine risk tolerance and appropriate investment classes.
The enrollment system makes the collection of data more accurate by pre-populating screens with participants' demographic information and by flagging participants' entries for inconsistencies or missing data. Additionally, plan sponsors enjoy enhanced reporting capabilities, and can monitor enrollment with real-time reports that show how many participants have begun their enrollment, completed it or are in process.
"MassMutual has a well-deserved reputation for using technology to enhance the experiences of its plan sponsors and their participants," said John Laprade, Manager of Group Variable Universal Life Sales. "This new enrollment system will help our clients maximize their investment in this great employee benefit. And it will help participants conveniently use this benefit to their best advantage."
Employers use Group Universal Life (GUL) and Group Variable Universal Life (GVUL) insurance as a way to recruit, retain and reward their employees. They are particularly popular among professional services firms, corporations, universities and hospitals. GUL and GVUL policies combine low cost of insurance rates with the convenience of group underwriting, which results in premiums that are usually below what employees could obtain individually.
