The retirement plan industry in the US is evolving rapidly. With over US$37.5 trillion of assets under management as of Q1 2022, it is one of the largest retirement markets in the world. However, about 25% of the working-class population lacks adequate retirement coverage due to insufficient financial awareness and/or limited access to retirement plans. At the same time, factors such as growth challenges, fee pressures, regulatory changes, low interest rates, and excessive costs to maintain legacy systems are further impacting the industry. The COVID-19 pandemic compounded these pressures and led to several large-scale consolidation activities / exits in and from the market.

In this report, we explore how participant awareness, efficient operations, and personalized offerings are valuable experience differentiators that can enable retirement plan providers and sponsors to plug gaps in plan participants’ expectations from traditional retirement/pension products and develop their own target-state vision of SUPERior retirement experiences. We also list the drivers of delightful experiences for retirement firms by analyzing the participant journeys of four key demographic groups – young working professionals, mid-career professionals, near-retirees, and retirees – in the US.

Scope:

• Industry: retirement technology
• Geography: North America

Contents:

In this report, we:

• Examine the impact of investments on building innovative retirement experiences and explore the business benefits they realize
• Offer recommendations on data and technology investments that can help retirement plan providers and sponsors craft SUPERior retirement experiences for their participants

Membership (s)

Insurance Information Technology

Sourcing and Vendor Management