Human Interest unveils a “401(k) Customer Experience Guarantee.” At least with those fiduciary warranties, it’s not insulting anyone’s intelligence.
The Customer Experience Guarantee includes specific, measurable service commitments, and the company said it has plans to improve guarantees year-over-year.
For plan sponsors, the commitments include:
• 100% of an administrator’s inquiry submitted through the Human Interest Support Center will receive a non-automated response within four business hours.
• 100% of a plan’s contributions will be processed within 5 business days of running payroll.
For plan participants:
• 100% of participants’ distributions will be sent to their bank accounts within 2 business days.
• 100% of a participant’s calls will be answered within 5 minutes during business hours.
• 100% of a participant’s initial inquiries submitted through the Human Interest Support Center will receive a non-automated response within four business hours.
If Human Interest doesn’t deliver on its promises, plan sponsors or participants will be compensated. If at any time these standards aren’t met, Human Interest will provide plan sponsors 50% off their next invoice, and participants will be eligible for a $25 gift card. Participants are eligible for a maximum of four successful claims per calendar year with a limit of one claim per month. For plan sponsors, the discount applies to monthly administrative and per-employee fees; the maximum cumulative discount may not exceed $5,000 per calendar year with a limit of one claim per month.
I don’t know how difficult it will be to be compensated, but this is a smart marketing tool. Again,
