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

Jan 19, 2023
Large light bulb icon centered in an orange circle surrounded by small decorative icons and circles

At Voya, we are always innovating to help employers realize greater value by getting their workplace benefits and savings in sync. Our personalized, digital experiences can help improve employee financial outcomes, boost their engagement and save time with a simplified experience.

Many of our newest enhancements are centered around inclusivity, timely guidance and simple experiences for employees, employers and everyone in between. These areas of impact demonstrate how Voya is fighting for everyone’s opportunity for a more secure financial future.

Here are 10 highlights on our latest innovations.

Enriched employee experience

1. New ways to understand workplace benefits and savings — and how they connect

People learn differently, so we’re broadening our methods to include new, engaging ways to communicate with employees. In 2022, we launched multiple multi-media communication campaigns that:

  • Encourage employees to participate in their workplace benefits and savings
  • Educate employees on the concepts that they may find complex

More interactive experiences are planned in 2023, including an easy-to-read dashboard personalized to each person’s unique workplace benefits and savings.

2. More Spanish-language capabilities

Another way we’re building on our pledge to inclusivity is by expanding our Spanish-language library. We’ve created Spanish versions of more of our experiences (including our Voya Retire mobile app.2

The 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.

3. Education focused on younger employees

While people under 50 may feel they are too young, too busy or too budget-focused to think about saving for retirement, the truth is, early baby steps can make a huge difference later. Voya has created more educational pieces tailored for this younger audience, helping them to picture their retirement and get started on planning early.

4. AI-driven, personalized experiences

Voya PAL (Personal Assistant Liaison) chatbot feature is now available in Voya’s Health Solutions Claim Center, Participant website and the Voya Retire mobile app. This serves customers with 24/7 availability, so they can get answers efficiently and on their schedule.

More machine-learning improvements are planned for 2023, further refining this popular feature.

5. Reassurance during market volatility

Our market volatility resources page is a wealth of information to help individuals through times of volatility. This page is continually 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 conduct live Voya Learn sessions on navigating market volatility throughout the year, which are also available on demand.

Enhanced employer experience

6. Regulatory resources

As laws change, Voya continually creates resources to help employers, intermediaries and employees navigate the new updates. Keep up with the Voya Insights blog to see the latest news and regulatory changes.

Currently, we’re focusing on the recent changes enacted by the SECURE Act 2.0 passed in late 2022. For more information, go here.

7. Brand-new myVoyage digital app

This new digital experience delivers holistic views of employees’ finances and workplace benefits along with AI-driven insights. With mobile and desktop versions, individuals can explore their finances in a new way — getting tips and recommendations on how to live for today and plan for tomorrow.

Employers who choose to offer this to their employers could see increased participation and engagement in their programs.

8. Ongoing improvements to Sponsor Web

New functionality makes it easier than ever for employers to get workplace benefits and savings in sync. As part of the ongoing evolution of Sponsor Web, we introduced several new features to create an even better experience for plan administrators. Some of these include:

  • Interactive pages
  • Redesigned plan and participant lists
  • Homepage customization options

9. Newest wealth solutions

To better serve a larger variety of employee needs, we continually update our retirement savings offerings. Most recently, we launched two new retirement options:

  • Personalized Target Date Solutions
  • New alternative investment for nonqualified deferred compensation plans

10. Exciting thought leadership

We believe everyone should have the opportunity for a secure financial future, so we dedicate resources to study behavioral science. Voya’s Behavioral Finance Institute for Innovation* regularly releases new studies and findings that help guide our future enhancements and innovations.

Our most recent paper is about the impacts of connecting Higher Education workplace benefits. Later this year, we will study the impacts of Diversity, Equity and Inclusion efforts, as well as our Voya Cares initiative.   

Voya continuously strives to be innovative, flexible and results-driven — helping both employers and employees 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/future-of-benefits

 

This post has been updated from the original version published on July 28, 2022.

 

Related Items

* Dr. Benartzi is a paid consultant to Voya Services Company, a wholly-owned subsidiary of Voya Financial.

1. Save(d) by Design, By Saurabh Bhargava*, Lynn Conell-Price*, Richard T. Mason+, Shlomo Benartzi++ . October 2018, https://www.voya.com/sites/www/files/2022-05/Saved_by_Design_Working_paper_final.pdf (Carnegie Mellon University* City, University of London and Voya Financial+ University of California, Los Angeles+)

2. For those plans with Spanish language experience.

3. Voya Survey Finds One-Third of American Workers Don’t Understand the Benefits They Selected During Open Enrollment,  https://www.voya.com/news/2021/01/voya-survey-finds-one-third-american-workers-dont-understand-benefits-they-selected

4. New Voya Survey Finds Most Americans are Keeping a Long-Term View on Their Investments, Despite Market Uncertainty, https://www.voya.com/news/2020/04/new-voya-survey-finds-most-americans-are-keeping-long-term-view-their-investments

5. Majority of Americans say their workplace benefits will play a more critical role in future job selection, according to new Voya survey, https://www.voya.com/news/2021/09/majority-americans-say-their-workplace-benefits-will-play-more-critical-role-future

Not FDIC/NCUA/NCUSIF Insured I Not a Deposit of a Bank/Credit Union I May Lose Value I Not Bank/Credit Union Guaranteed I Not Insured by Any Federal Government Agency

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.

CN2643915_0125