Transamerica ranked as the top retirement plan provider for participant services, participant statements, participant website, voice response system, and helping to fulfill fiduciary responsibilities, according to the survey.
For participant-related services, best-in-class rankings were given for participant contact center representatives and employee transactions/processing transactions.
In the annual survey, plan sponsors were asked about their satisfaction with Transamerica on a variety of customer service attributes, and best-in-class ratings are provided to survey attributes in which 85% or more of respondents rate the attribute a 6 or 7, on a 1 to 7 scale where a rating of 7 signifies 'very satisfied'. Separately, Chatham's proprietary benchmarks compare and rank Transamerica's performance to retirement plan providers in similar markets.
Best in class for 165 attributes
Overall, Transamerica Retirement Solutions received 165 best-in-class designations covering the retirement plan market it serves. Chatham Partners surveys plan sponsors on their satisfaction of a wide array of attributes relating to plan sponsor and participant services, including:
- Overall satisfaction with personnel
- Overall satisfaction with participant website
- Overall satisfaction with plan sponsor administrative services
- Overall satisfaction with Processing Transactions
- Treats me as an important client
- Provides high-quality service
- Would recommend to others
- Easy to do business with
"Transamerica is committed to helping people save and invest wisely to secure their retirement dreams, and that message resonates with plan sponsors. The analysis indicates clients are very satisfied with Transamerica's ability to provide technology and best practices in employee engagement that drive better retirement outcomes," said Peter Starr, president of Chatham Partners.
"In our analyses, Transamerica continues to be a leader and demonstrates an ability to partner effectively with plan sponsors to deliver a quality retirement plan through superior customer service."
Client feedback drives product and service enhancements
"Ongoing client feedback, including Chatham Partners' annual client satisfaction analysis, is critical in driving product and service enhancements," said Alice Hocking, chief operating officer for Transamerica Retirement Solutions.
"Our reputation for client satisfaction is built upon our ability to provide plan sponsors with innovative industry-leading solutions that help participants achieve a funded retirement and help sponsors fulfill their fiduciary requirements. Much of our success is due to the exceptional work of our employees, who strive each day to exceed customer expectations."
*Transamerica is Aegon's successful brand in North America.
