It’s never easy to take on a leading role in a venerable company like Indianapolis-based One America®, but Sandy McCarthy hit the ground running, speaking with (or, more importantly, listening to) plan sponsors, advisors and participants in the first few weeks of her tenure.
Her takeaway?
A laser-like focus on the individual customer. It might sound like table stakes, but how they’re doing it is just one of many things that sets OneAmerica apart. Paying out more than $5.8 billion in claims to customers in 2017, it’s more than just a marketing message.
Indeed, it’s endemic to their culture and core values, something that fits with the hardworking and innovative image for which the company is known.
In a wide-ranging interview with 401(k) Specialist, McCarthy, president of OneAmerica Retirement Services division and a 30-plus year industry veteran, was more than happy to discuss where they’ve been and where they’re headed, as well as how they’re “delighting” the people and participants they serve.
Q: You have an extensive resume within the industry—joining and advising some of the biggest names in retirement. What struck you about OneAmerica and the services it provides?
A: As I was looking at the opportunity, I became very bullish on OneAmerica. We’re in an unbelievable position to be able to effectively service the individual and hold true to that promise.
It came through loud and clear from the very beginning of my meetings with the leaders within this organization, as well as our individual associates, and it matters to us. It’s right there in our annual report, titled Enduring Values. What more can you say about that?
Something that’s held true for me throughout my years of experience is that if you service your clients well, understand their needs and believe in their futures, then everything works.
I would also tell you that I’ve never seen such strong support, value and commitment to our associates. It goes back to basics—if employees feel good about what you’re doing, it comes through in terms of how well they deliver on your customer-focused promise.
Q: So how do you deliver on that promise?
A: It’s embodied by the acronym ASPIRE. It’s the catalyst for working in the best interest of our customers, and means:
- Achievement—through discipline, effort and skill
- Stewardship—protecting and managing
- Partnership—building trusted relationships
- Integrity—doing the right thing
- Responsiveness—identifying and resolving customer needs
- Excellence—developing our people and improving operations
I felt and understood those values almost immediately when I initially spoke with this organization. And it shows as I walk through the building and see employees living those values through the service they provide each and every day.
Q: What about new company initiatives?
A: Not to belabor the point, but they emphasize our true focus on the customer and how we continue to delight them through innovation and investment in the business.
We’ve had very significant growth and are poised for continued growth. It’s driven through the innovation, technology and staying current and relevant with our plan advisors, sponsors and participants.
We’ll continue to see more of that in the space where we play, and use our experience, particularly in the tax-exempt retirement plan space, to come up with designs that benefit the employee and their employer.
Based on the foundational elements I described, we’re also focused on the total wealth aspect of retirement. We continue to launch creative and innovative ideas around the total wealth perspective when someone retires.
Q: How big of a role does technology play?
A: We’ve won awards and accolades for our technology, and our mobile app in particular. However, it’s not only about our high-tech solutions, but also our high-touch solutions, which is a critical value to us in our promise to the individual.
We continue to look at ways to extend our service model, and our concierge service, for example, is easy to understand and can be accessed in either a high-touch or high-tech way.
We also just launched OnePension, an innovative type of profit-sharing retirement plan that provides participants with the option of guaranteed income for life.
We’re different in that we focus on our effectiveness and flexibility in responding to industry trends like changing consumer behavior, the continuous evolution of technology and Washington’s voice. Those trends really haven’t changed over the course of the past 30 years in terms of categories, but what’s underlying those categories specifically is changing, and we’re responding and continue to respond in a meaningful way.
Q: Everyone’s talking about the “customer experience.” How is OneAmerica addressing it?
A: One big thing we’re doing is analyzing and measuring different customer experiences through the use of data. We have a data analytics team that, rather than outcomes, is looking at how our clients experience the services we provide. They’re doing so specifically so that we can continue to enhance those touch points.
We’re developing new educational tools, as well as expanding in-person education sessions with the individual, but I also love what we are doing with the Client Advisory Council and the feedback we’re getting from it.
I’m a big listener not only because I’m new, but also because it’s my style and approach. Like many organizations, we have a Client Advisory Council.
One of the things we do differently is that we actually reach out on a periodic basis to our clients, as opposed to only scheduled, in-person gatherings. What we’ve heard is that they’re surprised that we take so much interest in wanting to understand more about their perspective on our service delivery.
And it’s not just the Client Advisory Council, it’s about extending that reach with those customers to understand—whether the customer is the plan sponsor, the advisor or participant—and ask those questions.
Q: Are you afraid that you might lose your focus on the individual as you continue to grow?
A: OneAmerica is big enough to have scale, but small and nimble enough to customize solutions. In terms of building relationships and the personalization with customers we serve, it’s not just OneAmerica saying we have great relationships.
We’ve received several accolades this year for our ability to help our clients improve the number of participants in their plans and the number of dollars they’re investing, which goes to our overall goal of improving everyone’s perspective on retirement.
When you have the acknowledgment from J.D. Power and other outside third parties that those things are happening—as well as ranking high in “trustworthiness” and “satisfaction”—it ultimately all comes back to the investment we’ve made in service and technology in line with our core values.
OneAmerica® is the marketing name for the companies of OneAmerica. Products issued and underwritten by American United Life Insurance Company® (AUL), a OneAmerica company. Administrative and recordkeeping services provided by McCready and Keene, Inc. or OneAmerica Retirement Services LLC, companies of OneAmerica which are not broker/dealers or investment advisors.
Lifetime income is not the only annuity payout option and the individual should consider with care their specific needs and financial situation prior to annuitizing.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
