In a world where mobile communications is becoming the order of the day, ING US has harnessed this trend to encourage employees to enrol in their workplace retirement plan.
Initial results of the life insurer’s initiative, which it has dubbed ING iEnroll, are encouraging.
Enabling employees to access ING US’ enrolment centre online at their workplace lies at the heart of the insurer’s solution. To facilitate this, ING US uses small laptop computers, so-called tablets, which are made available onsite. Alternatively, employees can access the enrolment centre through their own mobile device.
“One of the biggest challenges our industry faces is getting individuals to take an important first step by joining their employer-sponsored retirement plan,” says Rick Mason, president of corporate markets for ING US Retirement.
“We’re extremely excited with the initial results from our new programme, especially with small employers where plan participation rates are typically lower.”
Based on a six-month pilot programme, ING US found that 97% of employees attending an ING iEnroll meeting either enrolled or re-enrolled in their company’s retirement plan using a tablet during the session.
According to ING US, the average participation rate among employees in their company’s 401(k) retirement plan was 82.3% at the end of 2009.