While there’s no shortage of polls and polls monitoring our nation’s pulse, one telling barometer is our Internet search history. What we Google speaks volumes about what’s on our minds. And in 2022, searches for “recession” and “cost of living” hit their highest levels in nearly a decade. Obviously, a lot of people have been thinking — or worried — about the economy.
That’s not surprising. Over the past year, we’ve seen shockwave after shockwave, from supply chain disruptions and inflation to soaring interest rate hikes and a downturn in financial markets. And while we’ve seen some promising economic signs like a slowdown in inflation in early 2023, it’s still likely we’re in for more volatility this year.
As I look ahead to the months ahead, I reflect on the history of MassMutual and how it has prepared us well for this moment. For more than 172 years, we’ve been helping people navigate even worse times of turmoil and stress while achieving our goal of helping people secure their futures and protect their loved ones.
And at a time when more and more families are feeling financially strained, we know it’s more important than ever to continue serving that purpose. That’s why over the coming year we will aim to bring our solutions to more families across the US to help them achieve financial security while fostering financial resilience and opportunity in western Massachusetts and beyond.
Uncertainty has been a constant in our lives for the past three years as the global pandemic first emerged, reminding us how fragile the future can be. It has prompted more Americans than ever to seek the financial security and protection that life insurance provides, and that demand has accelerated efforts to transform our business and meet the needs of our customers in today’s increasingly digital world.
The Massachusetts Mutual Life Insurance headquarters on State Street in Springfield. (DAVE ROBACK/THE REPUBLICAN FILE PHOTO)
One way to do that is by improving and evolving the way we connect with people. For us, it starts with our dedicated and passionate network of financial professionals who have trusted our clients with advice and support from the moment we issued our first policy here in Springfield. We provide the tools and solutions to help them excel at their jobs and serve clients better, including the ability to see our clients’ financial holdings so they can develop a thoughtful, holistic plan for the future.
At the same time, we’ve accelerated our efforts to reach people in even more ways, so they can work with us whenever and wherever it’s most convenient for them—whether that’s through other financial institutions or through their employers, banks, or even their phones. We’ve also expanded our range of solutions so we can fully support our clients through life’s changes and challenges, whether they have tragically lost a family breadwinner, are recovering from an illness or disability, or are looking to fill an income gap in retirement.
Of course, to get the most value from these long-term relationships, we need to deliver a superior digital experience—starting with how people buy life insurance. Fortunately, we’ve made strides in streamlining this historically tedious process by using algorithms that allow us to issue reports faster. And once customers have purchased a policy, our enhanced self-service capabilities allow them to manage it on their terms – anywhere, anytime, on any web or mobile device.
As MassMutual helps more Americans in every corner of the country, we’re also focused on making a difference in our own backyard. From our earliest beginnings, we have been committed to investing in a variety of charities and non-profit organizations that help strengthen the communities in which we live and work. We’re proud to support efforts through the MassMutual Foundation that create equal access to social and economic opportunity and help achieve better financial outcomes for families in western Massachusetts so we can all thrive.
One of these recent initiatives is our partnership with the Center for Social Justice at Western New England University Law School, through which we are helping to expand access to the internet and legal resources for residents most disadvantaged by the digital divide . Our combined effort is providing computer stations throughout the Springfield area so individuals can easily find free legal information and service providers online and attend court sessions virtually. Whether residents are facing debt collection or another legal matter, residents can better understand the law and their rights — and arrive at court well-prepared.
Way Finders partners with the MassMutual Foundation for its City of Homes initiative, which gives Springfield first-time home buyers the opportunity to purchase affordable, renovated homes in neighborhoods where more than half of the residents live below the poverty line.
We also support disadvantaged individuals by guiding them down one of the surest paths to wealth creation: home ownership. This year, the MassMutual Foundation is helping to fund Way Finders’ City of Homes pilot program, which enables first-time homebuyers in Springfield to purchase affordable, renovated homes in neighborhoods where more than half of the residents live below the poverty line . We hope this opens the door for upward mobility and helps people gain the kind of stability and security that will be passed down from generation to generation, while improving the quality of life in areas they need most.
The uncertainty and instability of the past three years has given Americans everywhere a sharper understanding of the fragility of life — and a renewed sense of clarity. It gave us a deeper appreciation for the comfort that comes from knowing you cared first and foremost for the people who matter most.
From our perspective at MassMutual, that’s you – our neighbors here in western Massachusetts. And just as we have been since 1851, we will also be there for you in 2023 and beyond.
Roger Crandall is Chairman, President and CEO of MassMutual. To learn more about Massachusetts Mutual Life Insurance Co., go online to massmutual.com.
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