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MassMutual launches benefits exchange, advice tool

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Massachusetts Mutual Life Insurance Co. on Tuesday launched an employee benefits exchange and advice tool that aims to help employees navigate retirement, health care and insurance benefits.

The exchange, called BeneClick!, allows users to choose retirement plans and life insurance products, according to a statement by Springfield, Massachusetts-based MassMutual. In 2016 the exchange will offer other insurance products, such as critical illness and accident protection, MassMutual said.

The exchange also integrates MassMutual’s MapMyBenefits tool, helping employees choose benefits based on their age, financial goals and personal finances, according to the statement.

The tool will be introduced through MassMutual’s distribution partners on a limited basis and rolled out nationwide in mid-2016, a company spokesman said. He declined to say where the tool initially will be available.

“BeneClick! represents the wave of the future as the retirement plan and workplace insurance marketplaces converge, creating a new employee benefits dynamic,” Elaine Sarsynski, executive vice president of MassMutual retirement services and worksite insurance, said in the statement.