10 ways Voya is innovating to better participant and plan sponsor experiences

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From optimizing and personalizing participant experiences to simplifying plan administration and building solutions that improve access, functionality and security, Voya’s latest customer-centric, digital-focused enhancements help deliver on that promise by meeting the needs of our customers: employers, employees and intermediaries.

We are continuously developing innovations to help employers realize greater value by getting their workplace benefits and savings in sync through personalized experiences — which can improve employee financial outcomes, boost engagement and save time with a simplified experience.

Here are 10 innovation highlights — all designed to enhance both the participant and plan sponsor experience.

Enriching participant experiences

1. Reimagined Voya Retire mobile app

The reimagined Voya Retire mobile app is an easy, secure and convenient way for your employees to access and manage their retirement savings, as well as health savings and investment accounts (if applicable) — all while on the go.

It features a sleek and clean design with intuitive global navigation, offering your employees access to virtually everything available through the retirement savings website. And look for this enhanced participant experience available in Spanish this summer.1 This is yet another way we are expanding our Spanish language capabilities.

Take a look at all the Voya Retire mobile app can offer you and your employees.

2. Voice biometrics for Interactive Voice Response (IVR) system

When participants call Voya, they can now use their voice to validate and authenticate their identity in the IVR. This is an extension of the Voya Voiceprint security feature that is already available for customer service agent interactions.

3. Voya PAL now available in Voya’s Health Solutions Claim Center

Building on the success of Voya’s PAL Chatbot feature on the retirement savings plan participant website and Voya Retire mobile app, Voya PAL is now available in Voya’s Health Solutions Claim Center. This Chatbot serves customers at all hours of the day or night with 24/7 availability.

4. Refreshed market volatility resources

Our marketing volatility resources page is a useful resource for information on navigating market volatility. This page is continuously updated with relevant blog and video content on current events that have contributed to the recent market volatility — including the Russia/Ukraine conflict and inflation. In addition, we conducted live Voya Learn sessions on navigating market volatility which are now available on demand.

5. Workplace benefits and savings videos

Later this year, we will launch a series of short videos to help employees understand the value of thinking about their workplace benefits and savings in a connected way. The series will highlight different workplace benefits and savings vehicles and demonstrate how they work together to improve overall financial wellness.

New plan sponsor solutions

6. Expanded personalized guidance

Continuing to enhance the myHealth&Wealth™ experience, we added supplemental health education and retirement plan modeling to include after tax 401(k), retired spouse and options for employees who may be on-track or exceeding their savings goals.

Watch Maria’s story to see how this tool can benefit your employees.

7. myVoyage mobile app

With the myVoyage mobile app, employees will enjoy a holistic benefits and workplace savings experience that can help them get more out of their health benefits and workplace savings accounts year-round.

The app may also help motivate employees to take charge of their health and financial well-being, set goals and track progress. If a plan sponsor would like to enable this feature, myVoyage can refer employees to the plan’s financial professional for one-on-one financial advice and guidance.

8. Sponsor Web enhancements

As part of the ongoing evolution, in late June we started to roll out new functionality on Sponsor Web with the addition of a new Recent Activity tile to the homepage bringing more information up front.

Details on contributions, loan payments, distributions and new loan activity are a click away with new interactive pages. Sponsors will be able to conveniently view, export and print the details without running a report.

9. Bonus deferral elections

Voya will be extending access to the bonus deferral elections feature which allows employers to separately track contribution elections for bonus deferrals. This feature will be available to those employers who pay bonuses, include bonus compensation under their plan’s definition of compensation and allow their employees to make a separate contribution election for bonus compensation.

10. Voya Insights Lab

Our Insights Lab uses data, research and insights to empower employers to improve plan design and outcomes. Leveraging a suite of outcome-focused reporting, insights and measurable results, the lab looks for ways to enhance workplace savings offerings, find new ways to drive engagement and evaluate outcomes and their impact.

Recent experience enhancements include:

  • New personalized videos
  • Rate escalation enhancements in the participant website, Voya Retire mobile app and retirement plan enrollment experiences
  • Pennies per dollar framing in retirement plan enrollment experience

Voya continuously strives to be innovative, flexible and results-driven — helping both plan sponsors and plan participants take positive actions toward achieving retirement plan success. To find out how you can get your workplace benefits and savings in sync, visit voya.com/futureofbenefits.

This is the first article in a three-part series, where we explore how companies can realize greater value by syncing their workplace benefits and savings. Read related articles:

Related Items

1. For those plans with Spanish language experience.

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Neither Voya® nor its affiliated companies or representatives provide tax or legal advice. Please consult a tax adviser or attorney before making a tax-related investment/insurance decision.

Any insurance products, annuities and funding agreements that you may have purchased are sold as securities and are issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). Fixed annuities are issued by VRIAC. VRIAC is solely responsible for meeting its obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services, LLC (“VIPS”). Neither VRIAC nor VIPS engage in the sale or solicitation of securities. If custodial or trust agreements are part of this arrangement, they may be provided by Voya Institutional Trust Company. All companies are members of the Voya® family of companies. Securities distributed by Voya Financial Partners, LLC (member SIPC) or other broker-dealers with which it has a selling agreement. All products or services may not be available in all states.