Transamerica Retirement Services Receives Nine "Best in Class" Ratings in Chatham Partners` 2008 Client Satisfaction Analysis
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Transamerica Exceeds the Proprietary Benchmark in 76 of the 77 Individual
Attributes and All 20 Overall Attributes, Including "Overall Client
Satisfaction"
LOS ANGELES--(Business Wire)--
Continuing its long-standing record of industry recognition for outstanding
customer service, Transamerica Retirement Services today announced it has
received nine "Best in Class" ratings from the Chatham Partners' 2008 Client
Satisfaction Analysis. Transamerica exceeded Chatham`s proprietary benchmark in
76 of the 77 individual attributes measured.
Transamerica`s "Best in Class" ratings were received for the following
attributes:
* Accuracy of processing employee contributions, distributions, and loans
* Timeliness of processing employee contributions, distributions, and loans
* Overall satisfaction with employee transaction processing
* Timeliness of participant statements
* Accuracy of participant statements
* Courteous and professional manner of participant contact center
representatives
* Courteous and professional manner of SponsorConnect
* Courteous and professional manner of Account Specialist Team
* Client Relationship Manager`s knowledge of the retirement industry
Transamerica received an additional "Best in Class" award for ease of the
enrollment process for participants from clients with a Client Relationship
Manager. In addition, Transamerica outperformed Chatham`s benchmark for client
loyalty and 91 percent of clients surveyed reported that they "definitely" or
"likely" will continue their partnership with Transamerica.
"Transamerica has an extensive track record of superior customer service which
is consistently reflected in our annual client satisfaction analysis," said
Peter Starr, president of Chatham Partners. "As an established customer service
leader, it comes as no surprise that Transamerica`s client loyalty ranks among
the very best in the industry."
Overall impressions of Transamerica exceeded Chatham`s proprietary benchmark in
all 7 categories, including:
* Overall Satisfaction with Transamerica
* Would Recommend to Others
* Good Value for the Money
* Easy to do Business With
* Treats Me as Important
* Reputation as a Retirement Services Provider
* Committed to Technology
For specific products and services, Transamerica outperformed Chatham`s
proprietary benchmark in all 13 product and service areas, including:
* Employee Education
* Investment Choices/Performance
* Automated Voice Response System
* Plan Sponsor Web site
* Participant Web site
* Fees
* Plan Sponsor Services
* Participant Services
* Participant Statements
* Contact Center Reps
* Client Relationship Manager
* Processing Employee Transactions
* Personnel
Transamerica was rated as the best performer among all providers when compared
to the benchmark for Fees.
Kent Callahan, president and CEO of Transamerica Retirement Services, and once
again named one of the top 100 most influential people (ranked 34th) in the
defined contribution industry1, stated, "In the competitive small plan market,
it`s essential for providers like Transamerica to offer the absolute best value
to our clients. By recognizing us as the top performer with regards to plan fees
and scoring us above Chatham`s benchmark in each area measured, our clients
affirm Transamerica as being among the very best providers in the small plan
market today."
Chatham's independent third-party research helps isolate Transamerica's key
strengths, weaknesses, and gaps in delivery of client services, and benchmarks
Transamerica`s standing relative to other small-market defined contribution
providers. By identifying the most important drivers of client satisfaction,
Transamerica uses these findings to help provide the best possible retirement
planning solutions for its clients.
Questions were rated on a 7-point scale with "6" and "7" representing the
highest levels of satisfaction. A best in class rating was received when at
least 85 percent of the respondents selected a "6" or "7" for a specific area.
The Chatham Partners` 2008 Client Satisfaction Analysis Survey report was
prepared on behalf of Transamerica Retirement Services on December 4, 2008, and
it is based on 717 client responses.
The Chatham Partners' proprietary small market DC benchmark (<$25mm in assets)
is comprised of survey results of nine 401(k) providers. Transamerica Retirement
Services is not affiliated with Chatham Partners, LLC.
About Chatham Partners
Chatham Partners is a market research and consulting firm specializing in
assisting clients in maximizing the value of past, current and future customer,
and intermediary seller relationships through customer satisfaction, win/loss
and intermediary analysis. For additional information please contact Peter
Starr, president of Chatham Partners, at (781) 314-0604 or visit
www.chathamllc.com.
About Transamerica Retirement Services
Transamerica Retirement Services ("Transamerica"), a marketing unit of
Transamerica Financial Life Insurance Company, 4 Manhattanville Road, Purchase,
New York 10577, and other of its affiliates, designs customized retirement plan
solutions to meet the unique needs of small- to mid-sized businesses.
Transamerica Retirement Services ranked among the top plan providers2 in a
recent PLANSPONSOR® Magazine Defined Contribution Survey and has more than
14,5003 retirement plans totaling more than $16.53 billion in assets. For more
information about Transamerica, please refer to www.TA-Retirement.com.
1 401kWire, "Who are the 401(k) Industry`s Most Influential," January 2009.
2 The November 2008 PLANSPONSOR® Magazine Defined Contribution Survey results
place Transamerica Retirement Services among the top providers out of 52 for
retirement plans with up to $50 million in assets based on total number of cups
won. See the November 2008 issue of PLANSPONSOR Magazine for complete results.
3 As of December 31, 2007.
TRS 5439-1208
Transamerica Retirement Services
Vivian Doan / Michael Altfest, 415-222-9944
michael.altfest@edelman.com
vivian.doan@edelman.com
Copyright Business Wire 2009
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