FinTech
30 August 2019

MassMutual: FinTech 2020 Startup Challenges

Written by Amanda Wallace and Mohammed Dastigir

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At MassMutual, our unwavering focus is helping people secure their future and protect the ones they love. We’re a mutual company, which means we’re owned by our policyowners – so everything MassMutual does is focused on our customers. We provide holistic financial solutions, guidance and education in the way our customers want to engage with us – whether in person, online, at the workplace or over the phone. We offer a wide range of financial products and services, including life insurance, protection products, retirement, and investment solutions to help people achieve their financial goals.

Hear MassMutual's 2020 Challenges:

WHY WE’VE PARTNERED WITH MASSCHALLENGE: 

We’ve had great partnerships with our MassChallenge startups, including Cake and Surround Insurance, and we firmly believe that the collaborative MassChallenge Fintech program will only add to the region’s position as a leader in Fintech. 

OUR CHALLENGES: 

We have four challenges that we’re interested in partnering on: 

1) Financial education and holistic financial planning 

Millions of Americans are living paycheck to paycheck and don’t have the means to invest in protection products. How do we create an environment where people of all ages and income levels have the opportunity and ability to gain financial literacy, and then put those learnings into practice? How can we help break the cycle of financial insecurity and help them invest in a healthy financial future?

2) Real-time intelligence 

Having real-time, actionable intelligence will help our customers make better decisions and help us provide better support and guidance on what some of their best solutions are.  Consumers need the ability to understand how advice changes throughout their lifetimes, considerations they should take into account for key life events and how their situations right now may impact some of their choices. How can we leverage AI and other real-time intelligence capabilities to help aide in offering the right products and services at the right time and enable better decision making? 

3) Customer centricity

Enabling customers to have a unified view and understanding of their insurance needs is a huge gap in the industry today. We want to understand how our customers feel about our company and our solutions to help them make the right choices and decisions. We want to make the right offer at the right time.  We are interested in finding ways to create a more unified experience to understand and service the needs of our policyowners and customers. 

4) Recruiting and employee experience

Attracting and retaining top talent in today’s competitive job market is extremely challenging. People tend to be good at their jobs because of the qualities they possess. Are we able to efficiently and effectively discover those qualities and hence, determine a person’s best role at our firm? As employers, are we flexible enough to see our colleagues as true individuals that all learn, work and think differently? Finally, how can we create personalized employee experiences that will provide fulfillment and lead to long-term employee retention?

HOW WE’LL HELP STARTUPS GROW THEIR BUSINESSES:

MassMutual has been an industry leader in innovation, and we continue to partner with startups to get access to fresh, out-of-the-box thinking. Startups are becoming one of the strengths of the financial services industry and we know that they’ll help us fulfill our purpose to help more people secure their future and protect the ones they love.  MassMutual is able to offer the tools, resources and environment in which startups can thrive. MassMutual is excited to be a part of MassChallenge, and we can’t wait to see who we’re matched with this year!  

Live Mutual - Stand by you


Live Mutual - Dreams


Live Mutual - Legacy 

 

Hear other FinTech Partner Challenges here!

 

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Mission

MassChallenge strengthens the global innovation ecosystem by accelerating high-potential startups across all industries, from anywhere in the world.