MassMutual looks to foster financial resilience

hile there is no shortage of polls and surveys that monitor the pulse of our nation, one telling barometer is our internet search history. What we Google speaks volumes about what’s on our minds. And in 2022, queries for “recession” and “cost of living” reached their highest levels in almost a decade. Clearly, many people thought — or worried — about the economy.

This isn’t surprising. Over the past year, we’ve endured one shockwave after another, from supply chain disruptions and inflation to steep interest rate hikes and downturn in the financial markets. And while we’ve seen some promising economic signs like cooling inflation early in 2023, it’s still likely that we’re in for more volatility this year.

As I look ahead to the coming months, I find myself reflecting on MassMutual’s history and how it has prepared us well for this moment. For more than 172 years, we’ve helped people navigate through even worse periods of turmoil and stress, as we’ve delivered on our purpose to help people secure their future and protect the ones they love. And at a time when a growing number of families are financially strained, we know

Wit’s more important than ever to continue delivering on that purpose. That’s why in the coming year we will aim to bring our solutions to more families across the U.S. to help them achieve financial security, while also fostering financial resilience and opportunity in Western Massachusetts and beyond.

Uncertainty has been a constant in our lives for the past three years, when the global pandemic first surfaced and reminded us of how fragile the future can be. It prompted more Americans than ever to seek the financial security and protection that life insurance provides, and this demand has accelerated efforts to transform our business and meet the needs of our customers in today’s increasingly digital world.

One of the ways we’re doing this is by enhancing and evolving how we connect with people. For us, that begins with our dedicated and passionate network of financial professionals, who have provided trusted advice and guidance to our customers from the moment we issued our first policy right here in Springfield. We provide the tools and solutions to help them excel in their jobs and better serve customers, including the ability to view our customers’ financial holdings so they can develop a thoughtful, holistic plan for the future.

At the same time, we’ve accelerated our efforts to reach people in more ways, so they can work with us whenever and wherever it’s most convenient for them — whether it’s through other financial institutions, or through their employers, banks, or even their phones. We’ve also broadened our suite of solutions so we can fully support customers through life’s changes and access to the internet challenges, whether they’ve tragically lost a family breadwinner, are recovering from an illness or disability, or want to fill an income gap in retirement. resources

Of course, to deliver the most value throughout these long-term relationships, we must provide a superior digital experience — starting with how people purchase life insurance. Fortunately, we’ve made strides in streamlining this historically arduous process, using algorithms that allow us to issue coverage more quickly. And once customers purchase a policy, our enhanced self-service capabilities enable them to manage it on their terms — anywhere, anytime, on any web or mobile device.

While MassMutual is helping more Americans in each corner of the country, we’re also focused on making a difference in our own backyard.

From our earliest beginnings, we’ve been committed to investing in a breadth of charitable causes and nonprofit organizations that help strengthen the communities where we live and work. Through the MassMutual Foundation, we’re proud to support efforts that create equitable access to social and economic opportunities and help deliver better financial outcomes for families in Western Massachusetts, so all of us can thrive.

One of these most recent initiatives is our partnership with the Center for Social Justice at the Western New England University Law School, through which we’re helping expand access to the internet and legal resources for residents who are most disadvantaged by the digital divide. Our joint effort provides computer stations throughout the Springfield area so individuals can easily find free legal information and

Richard K. Sullivan

The Cliff Effect Pilot Program falls within the economic development council’s strategic plan, as a major economic development strategy to stabilize, revitalize, and strengthen the economic vitality of the people and the communities of Massachusetts. The Cliff Effect Pilot will run hand-inhand with the council’s Western

SEE SULLIVAN, PAGE J9 service providers online, as well as attend court sessions virtually. So whether residents are facing debt collection or any other legal matter, they can better understand the law and their rights — and show up for court well prepared.

We’re also supporting disadvantaged individuals by putting them on one of the surest paths to accumulating wealth: home ownership. This year, the MassMutual Foundation is helping to fund Way Finders’ City of Homes pilot program, which gives first-time home buyers in Springfield the opportunity to purchase affordable, rehabilitated homes in neighborhoods where more than half of residents live below the poverty line. Our hope is that this will open the door for upward mobility and help people gain the kind of stability and security that’s passed on from generation to generation, while enhancing the quality of life in areas that need it most.

The uncertainty and instability of the past three years have given Americans everywhere a more acute understanding of life’s fragility — as well as a renewed sense of clarity. It has instilled in us a more profound appreciation for the comfort that comes from knowing that, above all, you’ve taken care of the people who matter most.

From our perspective at MassMutual, those people are you — our neighbors right here in Western Massachusetts. And just as we have since 1851, we’ll continue to be there for you in 2023 and beyond.

Roger Crandall is chairman, president and CEO of MassMutual. To learn more about Massachusetts Mutual Life Insurance Co., go online to massmutual.com

Outlook 2023 Dedication

For the past two decades, The Republican’s Outlook editions have been recognized with annual awards by the New England Newspaper & Press Association as outstanding special section and outstanding business section. As with previous years, Outlook 2023 carries the imprint of print design leader Patricia A. Thompson. This year’s edition is dedicated to her memory. Patty died on Jan. 7 after an 18-year battle with breast cancer.

PATRICIA A. THOMPSON

Federal investment helped WMass cope, recover

On March 11, 2020, Dr. Anthony Fauci spoke before the House Committee on Oversight and Reform, warning that the worst of the novel coronavirus was yet to come. At this point, the new virus had infected over 1,000 people across 40 states and was responsible for at least 31 fatalities on American soil.

“It’s going to get worse,” he said.

And, unfortunately, over the past two years it did. The pandemic’s impact has been unimaginable. Our region lost so many lives, including over 21,000 here in the Bay State, and we endured real economic hardship. But fortunately, with the Biden administration came new, strategic leadership that has helped our nation climb out of the depths of the crisis. As we continue recovering and rebuilding, Democrats in Washington are focused on restructuring our economy to work better for everyone.

I firmly believe that the CARES Act saved the American economy. The $2.2 trillion economic stimulus bill signed into law on March 27, 2020, provided immediate emergency assistance to industries that needed it most during this vulnerable time. Amidst unthinkable challenges, we’ve managed to achieve a historic rebound.

The latest U.S. Bureau of Labor Statistics jobs report showed that our economy remains resilient. Democratic investments continue to spur sustainable job growth, and we’ve defied global headwinds.

The economy has created over 10 million jobs since the president took office, the unemployment rate has plummeted and here in the commonwealth, it is at 3.4%.

We’re seeing the best economy for American workers in decades, with people earning higher wages, receiving better benefits, and obtaining better jobs across the board. This past year we continued our momentum while also addressing new challenges here at home and overseas.

Recently, Federal Reserve Chair Jerome Powell acknowledged the progress we are making on tackling inflation and said that now is the time for steadiness. A paycheck means stability, and workers finding the best opportunities they can is the strongest building block an economy can have.

As we continue to recoup, Congress addressed a key issue that will strengthen Americans’ financial security and resiliency: retirement policy.

A startling statistic is that half the people who get up and go