Enhancing Retirement Planning: Human Interest Unveils Customer Service Experience Guarantee

Human Interest, a leading provider of automated 401(k) plans, is making retirement planning more accessible for consumers with its new Customer Service Experience Guarantee. Set to launch on March 1, 2025, this initiative aims to enhance service accountability for both administrators and plan participants.

Introducing the Customer Service Experience Guarantee

The Customer Experience Guarantee includes measurable commitments designed to elevate the standards of service in the retirement planning industry. If these standards are not met, administrators will receive a 50% discount on their next invoice, while participants can earn a $25 gift card.

Addressing Common Issues in 401(k) Services

Historically, many 401(k) customers have faced significant delays and inadequate service when managing their retirement plans. According to PBS, a growing number of Americans are making hardship withdrawals from their retirement accounts. In fact, receiving a check from a 401(k) provider can take up to 15 business days, assuming timely communication with the provider.

Commitment to Better Service

Human Interest is dedicated to improving accountability within the retirement planning sector. Rakesh Mahajan, the Chief Revenue Officer, emphasized the importance of reliable service. He stated, “The ability to retire with peace of mind is a really big deal… We’re raising the bar for all customers.”

Real-Life Impact of the Guarantee

Mahajan shared a case study highlighting the urgency many face during crises. For instance, during Hurricane Milton, Human Interest swiftly processed requests, ensuring customers received funds within two days to aid their recovery efforts. In contrast, traditional providers often take days or weeks to process similar requests.

Key Features of the Customer Experience Guarantee

Both administrators and plan participants will benefit from the new guarantee. Key features include:

• Response Time: 100% of inquiries from administrators will receive a non-automated response within four business hours.
• Contribution Processing: 100% of a plan’s contributions will be processed within five business days after payroll is run.

Participant Benefits

For plan participants, the guarantee ensures:

• Distributions will be deposited into bank accounts within two business days.
• Calls will be answered within five minutes during business hours.
• Initial inquiries will receive a non-automated response in four business hours.

Enhancing Speed and Reliability

Human Interest aims to provide quicker access to funds and improve the handling of issues that have historically caused delays. For example, 75% of all payroll contribution files are automatically processed, saving administrators up to 40 hours annually and reducing errors.

Looking Ahead

In 2024, Human Interest processed nearly one million contribution files, with 95% completed in three days or less. The company is optimistic that this new guarantee will inspire a broader change in the retirement planning landscape. Mahajan concluded, “We want to lead by example and encourage other providers to prioritize customer needs over outdated practices.”

For more information on retirement planning and related services, visit our retirement planning page.

Stay tuned for updates as Human Interest continues to raise the standard in customer service within the retirement planning industry.