FinTech
19 September 2018

MassMutual: FinTech Startup Challenges 2019

Written by Amanda Wallace

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At MassMutual, our unwavering focus is – and will continue to be – 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 we do is focused on our customers. We provide holistic financial solutions, guidance and education in the way our customers want to engage with us, on their terms – 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. 

Startups are the hub of innovation. We need new ideas and innovation in the financial services industry and we believe that by creating a platform through MassChallenge’s FinTech program we will help build industry and startup collaboration.  

We have three challenges for startups: 

  1. Holistic financial planning: We know sometimes life insurance can be a singular transaction. We want to engage our customers in a more meaningful way that drives consideration, focus on financial planning/literacy and, potentially, action. Once insurance is purchased, many financial companies do very little to further engage customers. How can we increase engagement with customers to help them see the value in retaining their products, think about their financial wellness more holistically and – ultimately – understand the value of the solutions they’ve put in place?   
  2. Financial education: One of the biggest challenges of selling insurance and protection solutions, is the perception among some consumers that there isn’t any immediate tangible value until the customer has a claim. How can we overcome this or integrate offerings with more tangible value? We see this as both a challenge AND an opportunity.
  3. Digital enablement: Digital means action happens in seconds, not minutes or days. Competing in today’s digital space is continually challenging as consumers expect their customer service to be as prompt as Amazon's, their results as quick and accurate as Google's, and with an interface as simple as Uber's. How can we ensure we are meeting these growing consumer expectations?

How will we help startups grow their businesses? 

MassMutual is an excellent partner for startups because we are passionate about innovation and have many resources to help startups grow. We want you to be successful. Let’s make Boston the leading FinTech epicenter for talent and innovation while solving our industry’s challenges.

 

Amanda Wallace, Head of Direct to Consumer

Want to partner with MassMutual during the 2019 MassChallenge FinTech program?

Apply at https://accelerate.masschallenge.org by October 12, 2018 at 12:00PM (noon) ET. 

 

Browse the list below to learn more about the challenges issued by MassChallenge FinTech partners for the 2019 program.

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Mission

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