MetLife targets SME group life market with Steadfast partnership
Small to medium-sized enterprises will be able to obtain group life cover from MetLife Insurance Ltd that was previously sold through superannuation funds as part of its partnership with insurance broker, Steadfast.
The partnership will see the global life insurance giant offer co-branded tailored corporate life products sold to SMEs alongside Steadfast's existing business insurance products.
MetLife chief executive, Deanne Stewart, said the partnership was an important strategic move for the business in the Australian market, with almost one in five Australian families not holding life insurance, according to research published by the Financial Services Council earlier this year.
The research also found that almost half of working Australians reported concerns over having enough money to pay for expenses if they were to become unemployed, while 35 per cent of those surveyed said they had no disability cover.
"It is clear that many thousands of SME employers do not currently have adequate life or disability insurance for their staff," she said.
"By taking our life products direct to SMEs, and packaging them in a way that makes them compelling to both employers and employees, we expect to help more Australian businesses not only protect and retain existing staff, but also use improved benefits to attract talent in the future."
Under the partnership the initial focus will be on offering firms with as few as 12 employees Steadfast-MetLife corporate life insurance, income protection and total and permanent disability (TPD) cover, further products geared to the needs of SME market to be developed as part of a long-term strategy.
AUTHOR
Nicholas O'Donoghue
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