Product changes offer increased flexibility and additional cover
The product changes continue the transformation of MetLife’s employee benefits business following the appointment of Stephanie Baillie as Employee Benefits Director, and build on 2011 growth in both new business and retention of existing clients.
Registered and excepted policies will now be available. Other product enhancements include increasing maximum ages for cover to 75 from 70 and providing early retirement cover to all retirees, as well as increasing the maximum temporary cover above the free cover limit from £1.25 million to £3 million and expanding cover to include all causes, not just accidental death cover.
Actively at work requirements have been improved, with scheme members only required to be at work on the day before the scheme starts, and terms for schemes transferring from other providers have also been enhanced.
MetLife believes the re-launched product will enable it to maintain its strong service commitment which has seen it retain 85% of clients year on year while focusing on developing new business.
Stephanie Baillie, Employee Benefits Director of MetLife UK said: “Enhancing our existing Group Life product is a logical first step in building our offering in the employee benefits market.
“MetLife’s global expertise and strong heritage in the group protection market give us a robust base from which to build our tailored approach for the UK market.”
Additional product launches are planned in 2013 with MetLife also focusing on further developing customer service and distribution to deepen relationships with IFAs and Employee Benefit Consultants.
The group has set up a dedicated sales support team to help increase the focus on intermediaries with administration now being handled by a dedicated operations team to enable a clearer focus on customer service and retention.
MetLife is one of the fastest-growing life and pensions groups in the UK and has its UK Employee Benefits division in Brighton*. Employing around 150 people, it is the UK hub for the sales and administration of its employee benefits and individual protection businesses.