Insurance education critical: MetLife

Consumer education lies at the top of MetLife’s priority list for 2007, according to the insurer’s United States’ head office and Australian representatives.

This was reaffirmed during a visit from senior vice president, international business, Eugene Marks, who spoke about the insurer’s customer-centric focus.

MetLife head of institutional business in Australia Michael Burke said: “Customers realise [the importance of insurance] but the industry struggles with creating opportunities for people to take more cover.

“Insurance can be traded strictly on price, but it is equally about doing the right thing for end customers.”

Despite the depth of concern in the market about the high level of underinsurance within the Australian population, the problem is not being adequately addressed by most insurers, said Burke.

Commenting on the Australian operations of MetLife, Burke said that in the year ahead, MetLife is aiming to ramp up its education of consumers who are not only underinsured but also undereducated when it comes to insurance.

Marks and Burke think there is a great deal of parity between profit and a customer focus, pointing to the formidable presence of MetLife, which spans 35 countries and insures 70 million people globally.

MetLife has only had an onshore presence in Australia for the last 18 months, but it already accounts for 15 per cent of its international business earnings, and 6 per cent of overall earnings.

Burke also said developing stronger ties with superannuation trustees was a growing focus for the insurer.