Company receives 'Best in Class' awards in five asset-class categories, from Micro to Large Market
INDIANAPOLIS, Jan. 29, 2021 /PRNewswire/ -- OneAmerica® earned recognition as a Best in Class retirement-plan industry recordkeeper as measured by PLANSPONSOR magazine in its 2020 Annual Defined Contribution (DC) Survey.
OneAmerica received 86 Best in Class awards (each represented by a trophy, or Cup) placing the company third among 17 competitors. An award is earned by being one of the top three providers in a specific category or by achieving net satisfaction higher than the category benchmark. Through the publication's unique measuring system, OneAmerica was recognized across all five market segments in which it qualified to be judged, from under Micro plans (under $5 million) to Large Market plans ($200 million to $1 billion).
"OneAmerica is committed to the retirement industry and the customers we serve," said Sandy McCarthy, president of Retirement Services for OneAmerica. "We're proud to be a strong and growing force in the retirement space, and we continue to make investments in our business that propel us forward and deliver meaningful results for our distribution partners, plan sponsors and retirement plan participants. These survey results are a testament that our strategic investments are making a difference for our customers."
The 86 total awards are the most the company has earned, as compared to previous years. By market size, OneAmerica received the following Best in Class award counts:
17 in the "Micro" market (<$5MM)
16 in the "Small A" market ($5MM - $25MM)
16 in the "Small B" market ($25MM - $50MM)
19 in the "Mid" market ($50MM - $200MM)
18 in the "Large" market ($200MM - $1B)
While the awards' total ranks OneAmerica third, the company did particularly well in the "Large" market ($200MM-$1B) where, with 18 awards, it tied for the most awards received among listed providers. In the "Mid" market, OneAmerica received 19 awards, the second most among listed providers. Additionally, the 2020 total reflects an 86% increase from the awards total in 2019 (46) and a more than two-fold increase from the awards total in 2018 (27).
"Sponsor service, support and relationships are always important to us, but this was especially the case in 2020 — a year that challenged all of us in unique ways," said Alan Blaskowski, Retirement Services relationship management leader at OneAmerica. "We took a top-to-bottom service-oriented approach, doing whatever we could to show up when our clients needed us most. We're thrilled to see that our efforts resonated with clients. These survey results are recognition of that service- and relationship-focused approach."
For the third consecutive year, OneAmerica received awards in all possible sponsor service/support categories across all markets in which it qualified. Sponsor service/support subcategories include plan/industry knowledge, responsiveness and consistency, regulatory updates and compliance support.
OneAmerica nearly swept the Plan Administration category, receiving awards in all but one of the 30 eligible subsections, across all five market segments. Enrollment materials/support, Plan Management and Custom investment options also received awards in each of the five market segments, respectively.
The survey also reported on customer loyalty across five subcategories — participant services, plan sponsor services, service teams and support, plan administration and investments and fees. Customer loyalty is calculated using a modified version of Satmetrix Systems' Net Promoter System (NPS®) by asking a single question: "On a scale of 0 to 10, how likely are you to recommend a company to a friend or colleague?"
While customer loyalty, as reported by the percentage of respondents who were "completely satisfied," placed OneAmerica in the top five (in four of the five market segments in which it qualified), the company did particularly well in the Large Market. There, OneAmerica had the second-highest score among listed providers with top-five placement across all subcategories. And, with a customer satisfaction score of 93.2%, OneAmerica had the highest score among listed providers in service teams and support.
"The survey results highlight our strength across the board, but they also validate who we are as an organization," McCarthy said. "We have a strong vision in terms of supporting our customers. We believe in relationships, in truly listening to understand clients' needs, and in delivering solutions that directly address those needs. We're thrilled to see that approach garnering recognition in the 2020 DC Survey."
OneAmerica is the marketing name for the companies of OneAmerica.
PLANSPONSOR and Asset International, Inc. are not affiliated with OneAmerica®. Net Promoter Score, Net Promoter, and NPS are trademarks of NICE Systems, Inc., Bain and Company, Inc., and Fred Reichheld.
PLANSPONSOR, with its reputation for editorial integrity, objectivity and leadership, is the trusted information and solutions resource for America's retirement benefits decision-makers. Through its award-winning magazine, website, e-newsletters, research and conferences, PLANSPONSOR reaches the most engaged retirement plan and benefits executives in America. For more information, visit www.plansponsor.com.
A national provider of insurance and financial services for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit oneamerica.com/about-us/companies-of-oneamerica.
Products issued and underwritten by American United Life Insurance Company® (AUL), a OneAmerica company. Administrative and recordkeeping services provided by OneAmerica Retirement Services LLC, a OneAmerica company, which is not a broker/dealer or investment advisor.
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