7 ways Voya is innovating to better employee and plan sponsor experiences
Jun 21, 2023
Our innovative spirit is driven by technology, human-centered design and deeper integration. We continually upgrade our workplace solutions to add new functionality, enhance cybersecurity and be more accessible to all customers.
Our latest developments optimize and enhance the Voya experience to offer hyper-personalized solutions for our customers. Here are seven highlights on our latest innovations.
Enriched employee experience
#1. Voya Retirement Advisors (VRA) powered by Morningstar
A new advisory services program called Voya Retirement Advisors (VRA) powered by Morningstar enhances our suite of solutions for retirement plan participants.
- 1:1 support for participants to connect with VRA investment advisor representatives by phone or in person for personalized help with their retirement savings and planning goals
- Integrated experience within the participant website and mobile app
As an added benefit, Voya serves as the fiduciary so employers gain a streamlined experience by having recordkeeping and advice services through one provider.
#2. Connecting workplace solutions
Our myVoyage 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.
Recent enhancements to the myVoyage experience include:
- New Saving for College life event module in the myVoyage app: allows employees to calculate the cost of college, set a savings goal and track progress by linking their 529 or other college savings account.
- Voya PAL chatbot feature available through the myVoyage website: PAL will help answer frequently asked questions at all hours of the day or night with 24/7 availability and transfer employees to a live agent when appropriate.
#3. AI-driven personalized experiences
Personalized journeys nudge employees towards their next best action using data and intelligent automation. We are continually developing new and engaging targeted journeys.
Enhanced employer experience
#4. Ongoing enhancements to our plan sponsor website
New functionality makes it easier than ever for employers to get workplace benefits and savings in sync, and to manage retirement plans. Some examples of recent enhancements to the Sponsor Website include easier navigation and new editing capabilities.
#5. 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
#6. Digestible resources on SECURE 2.0
Keep up with the Voya Insights employer blog to see the latest news and regulatory changes. Currently, we’re focusing on implementing the recent changes enacted by the SECURE Act 2.0 passed in late 2022. Our online resource hub includes timely articles, videos and podcasts with thought leaders.
#7. Distinctive thought leadership
Voya’s Thought Leadership Council in collaboration with The Voya Behavioral Finance Institute for Innovation develops unique perspectives on workplace benefits and savings topics, and uses research to inform and educate intermediaries and employers. Read on for our latest research and perspectives:
1. Helping employees from different communities manage finances and save for retirement
- New research from Voya to bring greater financial equity to the workplace to support everyone’s opportunity for a better financial future.
2. Ready, willing and able: Older Americans can help ease labor shortages
- Research collaboration between Voya Cares®and Easterseals offers insight into how to attract and retain these older workers looking to stay in the workforce.
3. How to auto-escalate your 401(k)
- Auto-escalation has helped transform the retirement system, making it easier for employees to save more over time. But what is the optimal initial default savings rate? And how much should that rate be increased over time? This new paper details the results of research into these questions, which employers can use to help optimize their own plan design.
Voya is committed to helping employees take positive actions toward achieving a secure financial future. To find out how you can get your workplace benefits and savings in sync, visit voya.com/future-of-benefits.
myVoyage honored and recognized
Voya Financial was honored as a Finalist in Fast Company magazine’s 2023 World Changing Ideas Awards for the myVoyage personalized enrollment guidance tool
“Personal Finance” category May 2023
Related Items
In May 2023 Voya Financial was honored as a finalist in the “Personal Finance” category of the Fast Company magazine’s World Changing Ideas Awards for its myVoyage Personalized Enrollment Guidance tool. The awards cover projects that have launched since January 2022. The “Personal Finance” category honors tools, initiatives, and other products and services that help people better manage their money. Finalists in each of the 44 Categories are selected from all eligible entries by Fast Company editors and two individuals active in the corresponding industry. Entries are judged on their business impact, beauty, originality, functionality, social impact, and depth of user insight. Voya paid an application fee to be considered and pays a logo licensing fee. Awards and/or rankings are not representative of actual client experience or outcomes and are not indicative of any future performance.
1 (Voya Financial Consumer Insights & Research survey conducted March 9-10, 2023, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S.)
2 Voya internal data as of 8/23/22.
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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.
This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/insurance decision.
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