September 8, 2015
Mark Bouris’s Yellow Brick Road has announced the launch of a new range of life insurance products to serve clients of its mortgage and broking businesses, in partnership with MetLife Australia.
In a move that signals the insurer’s previously-stated intention to expand its footprint in the Australian retail market, YBR noted the Australian arm of US-based MetLife was chosen due to being best in class on a global scale.
The products are set for release next month, ahead of the release of a full suite of white-labelled income protection and life insurance options.
Australians still lack the insurance to repay their mortgage if something unexpected happens
Commenting on the need for appropriate levels of life insurance cover, Mr Bouris noted a core part of business at Yellow Brick Road is to provide its customers with protection against the unexpected. “When a person secures a mortgage, it is generally the biggest debt they will take on in their life. As mortgage sizes significantly grow, Australians still lack the insurance to repay their mortgage if something unexpected happens.”
Leveraging the scale of its 255 YBR licensees and 850 Vow Financial independent brokers, the Group says these MetLife products will be tailored specifically to meet the needs of customers at different life stages.
YBR CEO, Matt Lawler, commented, “We have built strong branch and broker channels and with our scale, the timing is right to accelerate distribution of a high-quality, white-labelled insurance product.
From the insurer’s perspective, MetLife CEO, Deanne Stewart, said the Yellow Brick Road partnership would be the ideal avenue for MetLife to expand its footprint in the retail market” “The broker market has been underserviced for some time. This partnership is a means for MetLife to address that service gap with a quality retail insurance offering, utilising Yellow Brick Road’s strong network of advisers and brokers.”
Ms Stewart added, “For our part, we were attracted not only to Yellow Brick Road’s growing network, but also its independence and ethos of challenging and disrupting business-as-usual in the personal finance industry.”