Business and Technology Trends, 2023: Defined Contribution Retirement Plans

A focus on participant financial wellness across the board requires effective communications, reporting, and analytics.

Plan providers must satisfy three constituencies: the brokers and consultants that help firms select defined contribution plans and specify features, plan sponsors, and plan participants. Other industries have set self-service and user experience expectations for plan participants. The challenge for plan providers is to satisfy these constituencies in a market where they compete with asset management firms, banks, and other financial services players while maintaining their margins.

This report, part of a series on key business and technology trends in specific lines of business in the U.S. insurance industry, provides an overview of business and technology issues for carriers offering defined contribution retirement plans, data about the marketplace, and examples of carriers’ recent technology investments. It draws from the expertise of Datos Insights’ staff, conversations with Datos Insights clients and Insurance Technology Research Council members, and a review of secondary published sources.

Clients of Datos Insights’ Life, Annuities, & Benefits service can download this report.

This report mentions AIG, AIG Retirement, AllianceBernstein, Allianz, Alto, Arnie, Ascensus, Barings, Blackstone, Capitalize, Corebridge Financial Inc., Empower Retirement, Equitable, Fidelity Investments, Fidelity National Information Services (FIS), Franklin Templeton, Google, Great-West Financial, Great-West Investments, Great-West Lifeco, Guideline, Human Interest, Infosys, InterGen Data, John Hancock Retirement, LeafHouse Financial Advisors, Legal & General Investment Management (Holdings), Lincoln Financial, Manifest, Manulife Investment Management, MassMutual, MetLife Investment Management, MFS Investment, Micruity, Newport Group, New York Life Investments, NextCapital, Nuveen, Optimity, Penelope, PIMCO, Principal Financial, Principal Global Investors, Prudential Financial, Putnam Investments, Realworld, Securian Financial, Standard Insurance Company, Sun Life Financial, T. Rowe Price, TIAA, TAG Resources LLC, Transamerica, Truist Financial, Ubiquity, Vanguard, Vestwell, Voya Financial, Voya Investment Management, and Wells Fargo.

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