Transamerica's Client Management Team Receives Praise From Retirement Plan Sponsors for Superior Service and Support

Transamerica today announced findings from an independent client experience survey of retirement plan sponsors conducted by Chatham Partners. Despite the challenges facing American employers and workers in 2020, Transamerica saw a significant upward trend in plan sponsor satisfaction, especially in customer service and personnel. The independent Chatham Partners Client Experience Analysis indicated upward trends for satisfaction with Transamerica in nearly all categories measured.

“Results from Chatham Partners’ 2020 annual client experience study validate that Transamerica’s commitment to improving every aspect of customer service is resulting in higher levels of customer satisfaction. The most recent survey demonstrates that Transamerica continues to improve the customer experience and participant journey in nearly every area we measure,” said Peter Starr, CEO at Chatham Partners. “Transamerica continues to invest in technology and people, and that has been recognized and valued by Transamerica’s customers.”

The results stem from a fall 2020 survey of Transamerica plan sponsor clients. The areas of service where retirement plan clients were most satisfied with Transamerica include:

• Overall satisfaction with personnel        
• Communication skills
• Overall satisfaction with communication director
• Project and time management skills
• Knowledge of retirement industry
• Accessibility
• Satisfaction with communication method
• Responsiveness
• Responsiveness to plan sponsor needs
• Knowledge of my plan

“Transamerica is pleased to see these upward trends in client satisfaction from retirement plan sponsors. The results point directly to the superior quality of our client management team that works hard every day to deliver the best customer experience possible,” said Kent Callahan, CEO of Workplace Solutions at Transamerica. “We plan to continue that momentum with new features and technology enhancements, along with industry-leading solutions focused on pooled asset plans that can reduce participant fees, plan administrative duties, and fiduciary burdens. We continually listen to customer feedback, and we thank the plan sponsors who took part in this survey. We remain firmly committed to bringing a best-in-class experience to our clients.”

Last year, Transamerica significantly grew its client engagement and retirement call center teams. In April, Transamerica announced a comprehensive CARES Act customer support initiative, designed to help both retirement plan sponsors and their employees access fee waivers associated with coronavirus-related distributions. In June, the company expanded its financial education program with an online financial wellness center. In September, it launched a small business initiative to support retirement plan sponsors and their participants.

Transamerica continued to innovate in 2020, bringing new solutions to help participants manage their investments, reduce college debt, and save for healthcare costs today and in the future, including:

• Making its Managed Advice^® service available to all defined contribution plans;
• Adding new Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) with consolidated participant statements; and
• Offering Student Loan Repayment Program, allowing plan sponsors to earmark employer contributions to help employees pay off their student loan debt.