MetLife Australia has “bolstered its support” for advisers announcing a raft of key product changes and service initiatives.
A statement from the insurer says that with the most recent MetLife Adviser-Client Relationship Report showing Australians are rediscovering the positive impact of financial advice, it has announced “…continuing investments in supporting financial advisers, improving their experience and making positive product changes to support clients.”
It says it has bolstered its support with a bespoke suite of tools, educational resources and product offerings “…that enable a seamless experience for advisers, to free them up to focus on serving clients and growing their businesses.”
These include:
- A new digital platform that enables “…real-time collaboration, greater flexibility, and complete self-service for policy administration.” MetLife says the new platform delivers on the 1 October regulatory and product changes, “…without disrupting an adviser’s ability to quote and apply for life insurance cover on behalf of clients.”
- A series of four webinars for advisers, featuring expert speakers, is set to launch on 4 November and is designed to highlight the value of life insurance for advisers and their clients. Speakers include well-respected demographer, Bernard Salt, and social researcher Mark McCrindle, covering topics including the non-financial benefits life insurance provides; how increased uptake of life insurance can encourage economic growth.
- Key product changes that comply with APRA’s regulatory guidelines to enhance the sustainability of Income Protection insurance. This includes “…the introduction of a straight 70 percent replacement of income – up to $30,000 per month without income tiering and the option to nominate increased cover for the first six months of up to 90 percent of income, then 70 percent ongoing to age 70.” Metlife says these are in addition to a previously announced three-year rate guarantee for all lump sum products “…that will provide financial certainty and eliminate premium shocks.” Click here to view the 1 October 2021 MetLife PDS.
Meray El-Khoury, Chief Insurance Officer at MetLife Australia, says the financial advice industry has undergone “an incredibly tumultuous couple of years” facing significant regulatory change, public scrutiny and evolving customer expectations – all on top of a global pandemic.
She says the insurer wants to create certainty for both advisers and their clients in an uncertain time.
…We are focused on providing advisers with easy access to the knowledge and assets they need to thrive…
“This is the thread that connects all our recent updates and innovations, from our price guarantee, to the launch of our webinar series and our new digital platform. We are focused on providing advisers with easy access to the knowledge and assets they need to thrive now and into the future.”
The statement adds that according to the most recent MetLife Adviser-Client Relationship Report, 42 percent of people who aren’t currently advised say they are more likely to see a financial adviser now than before Covid-19, and 80 percent of advised consumers with life insurance feel better about their current financial position as a result of having a financial adviser.
It notes the new initiatives add to MetLife’s existing suite of adviser resources, “..all of which will be available to advisers as part of the insurer’s refreshed Adviser Resource Centre, a one-stop-shop for advisers seeking relevant and easily accessible support.”
The site will house video and podcast content, as well as workbooks, prep kits and product knowledge tests, so advisers can apply their new-found learnings, it says.
