MassMutual's 3rd Quarter Update

Please take a moment to view a summary of MassMutual's 3rd Quarter Update:

MassMutual's 3rd Quarter Update

Hello, thank you for taking the time today to come learn about our company’s performance through the third quarter of 2010 and why this matters to you. I would like to thank everyone for all of your hard work. The success we have experienced thus far would not have been possible without everyone’s dedication to helping MassMutual reach our goals.

Now let’s discuss three of our key measures: premiums and fees, operating cash flow, and weighted whole life sales. Each of these measurements is up from last year.

• Our income from premium and fees is above plan for 2010.
• Operating cash flow is tracking slightly below our plan.
• Weighted whole life sales have increased to help us reach No. 2 in the industry.

All three measures are important components to our annual incentive plan. We are on course to finish the year between our “Competing” and “Winning” standards.

I would now ask you, can we reach the “Winning” goal? We can only do it with the help of everyone here. I hope you will all join me in our final push through the last quarter of 2010. Working together I know we can achieve “Winning” status.

Was it worth it?

A lifetime goal and only one mile left. Crowds lining the streets cheering. Every muscle telling her it can't go on but the soul tells her to push through. Five months of training and over 500 miles. Finish line in sight, approaching, and then behind her. The race is over. 

Throw away the Band-Aids…..

As of November 1, 2010 we will no longer need any Band-Aids for the annoying paper cuts that we used to get from all the paper we handled. We will be throwing all the paper away and will not be receiving any more paper. On November 1 we will be introducing AWD to all associates. AWD is an electronic distribution system. This is how all of our work will flow through the process. All mail will now be sent to Kansas where it will then be scanned and sent to each of us through the new electronic system. Every morning we will now know what needs to be completed for the day. This will help us to better prepare and meet our clients’ needs. The entire organization will be able to view work at each step and as it flows through the process. This will help to decrease the phone calls or e-mails we receive questioning the status of work. Trips to the printer or having to walk work to someone else’s desk will no longer be needed. We will now be able to focus more of our time on achieving our goals. This will also save us costs in terms of paper usage and mail services. This money can now be directed towards other objectives to enhance the organization. AWD will provide everyone in the organization with many benefits and will help us to stay competitive in our industry.

Social Media… to allow or to block?

The newest communication tool appears to be the use of social media. There is a great deal of debate whether or not professional organizations should use this tool as a means of communication or allow there employees access to these sites while at work. Some employers use these tools to reach customers, some allow employees access to these sites, and others forbid social media completely. Social media can include various forms of communication such as podcasts, blogs, and networking sites. Some forms are more appropriate and applicable to the workplace than others.

As an organization we have chosen to take a conservative stance and prohibit the use of the sites while at work. The company will not use social networking sites to communicate information at this time and access to these websites will be blocked while using a company computer. The company has two main goals in blocking the use of these sites: workplace efficiency and security. Further research will be conducted in order to judge the benefits versus the threats of this type of communication. We are constantly evaluating our policies to ensure they are providing the most benefit and we will continue to look at the use of social media for our organization in the future.

We also recognize that our employees and customers may choose to use social media outside of the workplace. To help protect them we would like to offer two suggestions when using this type of technology. First, remember once information is posted it remains accessible for extended periods of time and possibly forever. Second, social media interactions are not guaranteed to be private or confidential and many times can be accessed by the public. Caution, good judgment, and common sense are imperative to protecting one’s information while using this type of technology. The following link will provide access to the full white paper concerning out organization’s stance on social media.  Social media white paper

Constant Contact

Constantly we are bombarded with ways to do things cheaper and easier. Recently, I have had some insight that these two principles apply to communication as well. We have been given multiple options to be able to reach others at the touch of a button whether that is through the internet or via phone. At almost any time of the day we can find out where other people are by using options such as Facebook updates, Twitter, or text messaging. We can now communicate with individuals or groups through many methods and at any time.

Many of the new methods allow us to contact others in a less expensive way than previously may have been available. Recently, traveling internationally I inquired into ways I could communicate with others while I was overseas. After calling my cell phone provider I found out that it was much cheaper to use the text message option rather then actually speaking over the phone. This method was not only cheaper but I also found it was much easier. I could send a brief message within minutes to my family and friends in the United States while I was in Europe. The options the cell phone company provided allowed me to stay in constant communication even thousands of miles away. This message of constant communication made easier and cheaper was again brought to my attention when I paid my Internet, cable, and phone bill online. The company was advertising messages such as “reach everyone you love around the country for less” and “keep in touch with the world”. http://ww2.cox.com/residential/connecticut/phone.cox The question that I would pose though is really how beneficial is this option of being able to communicate cheap and easy at any point in time?  And what does this really cost us as individuals?

Employee Engagement

Do we make them "stay"?

As a Defined Benefit Organization we operate in a highly competitivemarket where customer service makes a world of difference. We offer ourplan sponsors products that are competitively priced and provide themwith a multitude of investment and design options from which they canchoose to best suit the needs of their plans. However, the "stay"decision ultimately comes down to the customer service we provide. Tostay with our company, plan sponsors want us to be there when they call,help them through their issues, consult with them on the best remediesfor their problems and let them know they have a partner they can trustto help the participants be successful. In order to compete in themarketplace we need to exceed each of these expectations.

So I ask again, do each and every one of us do enough every day to makethem "stay"?