Meray El-Khoury

With the most recent MetLife Adviser-Client Relationship Report showing Australians are rediscovering the positive impact of financial advice, MetLife Australia has announced continuing investments in supporting financial advisers, improving their experience and making positive product changes to support clients.

The life insurer 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. 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^[1], featuring high profile 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 bestselling author and World Para Surfing champion, Sam Bloom, leading economist 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, and the important role that life insurers, and the broader financial services industry, play in enabling improved mental health and wellbeing outcomes for Australians.
• Key product changes that comply with APRA’s regulatory guidelines to enhance the sustainability of Income Protection insurance, including the introduction of a straight 70% 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% of income, then 70% ongoing to age 70. 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. These changes have seen MetLife Protect rated more favourably while still representing value for money for clients.

Meray El-Khoury, Chief Insurance Officer at MetLife Australia, said: “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.

“We want to create certainty for both advisers and their clients in an uncertain time. 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.”

According to the most recent MetLife Adviser-Client Relationship Report, 42% of people who aren’t currently advised say they are more likely to see a financial adviser now than before COVID-19, and 80% of advised consumers with life insurance feel better about their current financial position as a result of having a financial adviser.

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^[2], 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.

More information on MetLife’s updates and support resources can be found online:

Value of Life Insurance Webinar Series

In search of security: how demographic and social change is creating a market for life insurance with Bernard Salt

Thursday 4 November 2021, 2.00pm-3.00pm AEDT

There’s no denying, coronavirus has altered the way we think and behave.

Join us for this compelling session where Bernard Salt argues that everything is being reassessed and viewed through the prism of security: financial, family, personal. It’s almost as if the pandemic has been our control-alt-delete moment as we reassess where we’re at in life.

Life insurance demographics and the pandemic are all merged in Bernard’s unique take on where we’re at and where we’re headed in the post-Covid 2020s.

Meet Bernard Salt – Bernard Salt is widely regarded as one of Australia’s leading social commentators by business, the media and the broader community. Bernard heads The Demographics Group which provides specialist advice on demographic, consumer and social trends for business. He is one of the most in-demand speakers on the Australian corporate speaking circuit and has been so for more than a decade.

Responding to the trends, engaging with the new consumers with Mark McCrindle

Thursday 11 November 2021, 2:30-3:30pm AEDT

The insurance market is being impacted by a generation delaying asset ownership, a rent-it rather than buy-it mindset, a rising expectation of the role of government and the safety-net syndrome.

In this not to be missed session, Mark will give you an overview of the new segments of households, the expectations of the emerging generations, and how to effectively engage with them.

Expect to gain research-based insights into the emerging customer opportunities, how to communicate in message-saturated times, and how to retain and lead the new generation.

Meet Mark McCrindle – Mark McCrindle is a social researcher with an international following. He is recognised as a leader in tracking emerging issues and researching social trends. As an award-winning social researcher and an engaging public speaker, Mark has appeared across many television networks and other media.

Never, ever give up with Sam Bloom

Thursday 18 November 2021, 2.00pm-3.00pm AEDT

Sam had everything she had always dreamed of, then without warning, the dream turned into a nightmare.

While on a 2013 family holiday in Thailand, Sam fell 6m from a balcony leaving her completely paralysed from the chest down. Broken and hopeless, Sam reached her outer limits of physical and mental suffering. But with courage, determination, and a little help from an unlikely feathered friend, she made her way back from the edge.

Her message – never, ever give up.

In this powerful session, Sam will share her story from the lows of a devastating injury to the highs of competing for Australia and inspiring a Hollywood film.

Meet Sam Bloom – Sam Bloom is a bestselling author, global keynote speaker, 2 x World Para Surfing champion and inspiration behind global hit movie Penguin Bloom.

Prevention is better than cure with Dr Ross Walker

Thursday 25 November 2021, 2.00pm-3.00pm AEDT

Dr Ross Walker is an eminent practicing cardiologist with a passion for people and health.

Considered one of the world’s best keynote speakers and life coaches, Dr Walker will draw on over 35 years of medical experience to explore the current and future health of Australians – and how this may shape the claims landscape and help insurers invest in meaningful return to health strategies for their people.

Meet Dr Ross Walker – Dr Ross Walker is an eminent practicing cardiologist who has authored seven books (all of which have been best-sellers). Dr Walker is also a regular presenter on the Nine Network’s Today Show and A Current Affair and has most recently appeared as the medical expert on Excess Baggage. He also presents on radio stations 2UE, 6PR, 4BC and 3AW.

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[1] https://www.metlife.com.au/campaigns/value-of-life-insurance-series/
[2] https://adviser.metlife.com.au/axelerator

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James Carey

Australian consumers are taking a more active interest in their insurance and superannuation, as the impact of COVID-19 on personal finances continues to be felt. 

According to new research from life insurer MetLife Australia, 28% Australians have undertaken some form of activity with regards to life insurance since the outbreak of COVID-19, and this number increases to 40% for people aged 18-34, although the activity has to date primarily consisted of researching insurance online and speaking to family and friends.

Consumers are also actively thinking about their superannuation, with two-thirds (66%) of people wanting to hear from their fund about their investments and what they can do to protect their superannuation. More than half (52%) are also keen to receive information regarding life insurance inside their super. This is good news for the industry, as consumer engagement has been a barrier to ensuring people have the right products to meet their needs.

James Carey, Head of Group Insurance at MetLife Australia said the spike in interest in super and insurance was understandable, given the ongoing financial stress being felt by many Australians during COVID-19.

“Our research found that half of Australians claim COVID-19 has had a negative impact on their personal finances. Although the number of people reporting a ‘very negative’ impact has eased since March, there is still a lot of uncertainty when it comes to job security and financial wellbeing, particularly amongst younger Australians.

“Financial providers, including superfunds and advisers, have a key role to play in helping consumers navigate this uncertainty. Consumers are continuing to look to their financial providers to guide them, particularly on topics like super investment performance and early access to their super balance,” Mr Carey said.

Since the outbreak of COVID-19, MetLife Australia has experienced a marked increase in enquiries for life and income protection insurance, reflecting the concerns of many during this uncertain time.

“While it’s encouraging to see so many Australians, particularly those in the younger age bracket, take active steps to understand their financial situation, the increase in and types of enquiries we’ve experienced over the past few months suggests many consumer don’t fully understand what is and isn’t covered by different insurance products,” Mr Carey said.

“For example, income protection will cover you if you’re unable to work due to illness or injury but doesn’t protect against redundancy – which is what many consumers have been worried about since the COVID-19 lockdown began. There is an important opportunity right now for financial providers to educate consumers to ensure they have the right protection for their situation,” Mr Carey added.

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Matt Lippiatt

New research released by MetLife Australia reveals ‘commission’ isn’t the dirty word we think it is and suggests financial advisers should consider implementing a range of payment options to suit the individual needs of clients.

Now in its second year, the MetLife Adviser-Client Relationship Report 2019 is the largest quantitative study of its kind and includes insights from consumers and Small to Medium Enterprises (SMEs) with up to 20 employees who have life insurance purchased through a financial adviser and consumers who are very likely to see a financial adviser about life insurance in the next two years.

The research found that for the majority of consumers (78%) with life insurance purchased through an adviser the preferred payment structure for future advice was an upfront fee for advice if that meant lower premiums over the lifetime of the policy. When asked what types of advice consumers would be willing to pay a fee for, the top drivers cited were building up investments (54%), saving for retirement (50%) and getting life insurance (46%). For SMEs, the top reason for seeing a financial adviser was seeking out life insurance (59%).

Further, these findings indicate consumers have a range of preferences when it comes to paying for financial advice, highlighting the importance for advisers to consider offering a variety of payment structures to clients.

The research also pointed to a lack of awareness around the commission advisers earned, with just over half (55%) of consumers unaware of the amount of commission their financial adviser receives. Despite this, when asked if removing commissions would impact the likelihood of seeing a financial adviser, nearly half of consumers indicated they would not expect the removal of commissions to change their willingness to see an adviser, while only one in five (19%) said it would make them more likely to see an adviser.

With the Australian government considering the removal of commissions, it is important to understand how this may impact the degree to which consumers are insured. Nearly three quarters (72%) of consumers thought removing commissions would result in more people being underinsured, which may be due to the perception that this would lead to higher up-front fees resulting in people choosing lower levels of cover.

Matt Lippiatt, MetLife Australia Head of Adviser Experience, said: Our industry has traditionally operated on a commission-for-advice model which has proved to be a highly effective charging method, however it’s clear from the research that customers are looking for options when it comes to how they pay for their financial advice.

There’s a growing number of consumers who are interested in fees as an alternative payment structure for risk advice which means it’s important for advisers and product manufacturers to offer consumers multiple options when it comes to paying for financial advice. Consumers don’t have a problem paying for their insurance advice by way of a commission taken from the product, but there is an opportunity for greater education around how they work.

Advisers who are embracing highly transparent charging models and have systems in place to continuously educate clients about the value they provide seem well placed to thrive in this environment.

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Wendy Tse

MetLife Australia has announced the appointment of Wendy Tse as Chief of Staff and External Affairs, joining the business in early April 2020.

Wendy comes to MetLife from KPMG, where she has been a Director in the superannuation advisory team for the last two years. Her new MetLife role includes responsibility for advising clients on regulatory and government affairs, supporting the business in translating MetLife’s strategy for business partners, and representing the Office of the CEO across the industry.

With almost 20 years of experience in superannuation wealth management advisory services, compliance, administration and transition management, Wendy has built a reputation in the industry for supporting superannuation funds through industry transformation.

Commenting on the appointment, Richard Nunn, MetLife Australia Chief Executive Officer said, “We anticipate the regulatory environment will continue to evolve this year and it will be challenging for our clients and customers. We need to work in partnership with them to navigate this changing landscape.

“Wendy will help us do this, as well as play an important role in evolving our life insurance business and the industry. We intend to be a strategic partner for our clients, adding value at a tactical level, and helping them to serve their members to build a more confident future.”

Prior to KPMG, she was the General Manager of Consulting at SuperRatings, providing funds with deep insights into the superannuation landscape across Australia, New Zealand and Hong Kong. She has also held numerous positions in global consultancy firms providing advice to a range of superannuation funds.

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Richard Nunn

MetLife Australia have worked with the The Banking and Finance Oath to encourage other financial services organisations to back lifting ethical standards across the industry, by supporting their employees to take the Oath. MetLife is the first insurer to support The BFO at an organisational level, by encouraging its own staff to take the Oath, as a step towards rebuilding the reputation of the industry.

MetLife has worked with The BFO over the last five months to build a bespoke program that educated staff on The Oath, building on the existing values of the business and strengthening the ‘speak up’ culture. The program included Cris Parker from the Ethics Centre and BFO Director talking to staff about the role ethics plays in business decision making, along with education and communications on the values of the Oath. Following the roll out of the program, more than 40% of MetLife staff have taken the Oath and MetLife plans to continue working closely with The BFO to support its staff through ongoing education and embedding the Oath into the business.

The BFO and MetLife are now joining with fellow signatories to encourage the rest of the insurance and financial services industry to support their staff in taking the Oath, by providing education and driving awareness. The Oath is a simple way for individuals to publicly declare their intention to uphold high ethical standards and help to rebuild trust in the industry.

Richard Nunn, MetLife Australia CEO, reflected on the work with The BFO, saying, “We believe in doing the right thing and we know there is work across the industry  to do to rebuild trust. Working with The Banking and Finance Oath has given us an opportunity to have a deep and important conversation with our people about how we operate, instilling a commitment to high ethical standards in an organisation that believes in ethics. As an organisation with high ethical standards, this is an important conversation to have and it’s one we have to keep having over and over. Now is the time for all of us in the financial services industry to support their people and encourage behaviour that meets the expectations of the community.”

John Laker, Chairman, The Banking and Finance Oath, says, “We’re very encouraged by the level of engagement from MetLife. We know that taking the Oath enables individuals to demonstrate their pride in their workplace and their industry. People want to see ethics being prioritised and management leading by example.The Oath is a clear way for individuals in the financial services industry to personally and publicly demonstrate a commitment to maintaining high ethical standards. Organisations have an opportunity to focus on embedding behaviours that bestow trust, question unthinkinging practices and invite ethics in to tough business decisions. I encourage all banking and financial services organisations to get in touch with The BFO and talk about what we can do together.”

The Banking and Finance Oath was started in 2012, as an initiative by The Ethics Centre and industry representatives who wanted to improve the ethical standards and reputation of the financial services industry.

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Matt Lippiatt

Life insurance provider MetLife Australia has released a new report revealing a disconnect between perceptions of cost and value when it comes to insurance and financial advice.

Now in its second year, the MetLife Adviser-Client Relationship Report 2019 is the largest quantitative study of its kind and includes insights from consumers and Small to Medium Enterprises (SMEs) with up to 20 employees who have life insurance purchased through a financial adviser and consumers who are likely to see a financial adviser about life insurance in the next two years.

This year’s research revealed that advised Australians are more informed about their insurance than last year, with more respondents able to state their level of cover, premium amount paid, as well as explain the difference between stepped and level premiums.

Despite this, confusion around the value of expert financial advice remains, suggesting there is an ongoing need for financial advisers to demonstrate their value by properly educating clients of the benefits of the service. This is especially critical given 3 in 10 consumers and 5 in 10 SMEs report they are considering either changing their current adviser, or ceasing to use one completely, citing high premiums, lack of affordability, no ongoing need for insurance or a lack of contact as their top reasons.

Understanding of insurance remains low among consumers and SMEs. Of those surveyed, 40% of consumers thought life insurance bought through an adviser is more expensive than a policy they could buy directly online or through a superfund but only a third of consumers believed the product was better quality.

The research found consumers and SMEs were willing to pay an average upfront fee of $1,700 for insurance advice. This is below the average cost to deliver quality financial advice, suggesting there is a critical need to retain commission-for-advice as a way for people to pay for these services.

Awareness of what advisers do and what those services should cost is low. Part of the battle for financial advisers is how to make the long term gains to be had from seeking expert financial advice more tangible in the short term.

Advisers who are successfully bridging this gap appear to be setting and agreeing on realistic expectations for both clients and advisers in initial meetings. Further, they are working closely with their client like a partnership and demonstrating ongoing care and value through simple measures such as annual reviews and contacting clients at important times in their lives, such as buying a house and having a baby.

In making a concerted effort to demonstrate the value of tailored financial advice through ongoing and transparent communications, financial advisers can help tackle some of the biggest misperceptions that inhibit consumers and SMEs from seeking out the services of financial experts.

Matt Lippiatt, MetLife Australia Head of Retail Sales, said: “The recent spotlight on the financial services industry has caused clients to take a more active interest in the financial products and services they hold and question the value they’re getting from these relationships which can perhaps explain why Australians know more about their insurance cover this year.

But this year’s research has found there’s still a lot of confusion about insurance and the true benefits of seeking out expert financial advice.

As with any service that doesn’t provide an immediate pay off, it can be hard for consumers to appreciate the value of seeing a financial adviser. Sometimes this realisation only comes well down the track as life unfolds and the unexpected happens.

Given this, a key challenge for financial advisers is demonstrating value right from the outset of a relationship and reinforcing this value over time through open and regular communication.

If there’s a key takeaway from this research it should be that there is no such thing as a ‘set and forget’ client anymore. Client engagement should be the number one priority on every adviser’s business plan for 2020.”

Key findings:

• Confidence levels amongst consumers and SMEs in being able to explain various life insurance features have increased across the board in 2019
• 3 in 10 consumers and 5 in 10 SMEs report they are considering either changing their current adviser, or ceasing to use one completely, listing high fees, lack of affordability, no ongoing need for insurance or a lack of contact as their top reason
• The top reasons for people to see an adviser about life insurance is to ‘protect their family’, followed by ‘receiving a recommendation from a family member or friend’
• Consumers and SMEs are willing to pay an average of $1,700 for insurance advice
• 40% of consumers thought life insurance bought through an adviser is more expensive than a policy they could buy directly online or through a superfund and only a third of consumers believed the product was better

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MetLife CEO Richard Nunn said: “We’re delighted to have won the Life Insurance Company of the Year award. It’s testament to the hard work and dedication of our staff and what we have achieved in the last year.

“While it’s a challenging time for the industry, we’ve kept our focus on customers, striving to give them the fastest, easiest, and most caring life insurance experience.

“We’re using innovation to support them when they need it most, for example, through our digital claims solutions. And we are partnering with our super funds, employers, brokers and advisers to educate and inform Australians about their benefits and options, empowering them to take action and ensure their cover provides the right level of protection throughout their lives.”

The judges noted MetLife’s continued emphasis on customer satisfaction and contributions to the industry and community generally. In particular, they called out MetLife’s “genuine consideration for the customer as well as … [its] employees”, displaying care through internal training and professional development support, and “willingness to address positive and negative feedback with all stakeholders directly”.

Mr Nunn said: “This recognition by our industry peers means that we’re heading in the right direction and is motivation to keep striving toward leading the market by giving our customers the best life insurance experience.”

The ANZIIF awards are an annual celebration of the accomplishments of businesses and individuals across the Australian insurance industry. The 16th Australian Insurance Industry Awards recognised the finalists and winners of 17 categories, comprising individuals and companies spanning the breadth of Australian insurance.

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With 20 years’ experience across customer experience and operations in the financial services and telco industries, Lina joins MetLife with a mandate to advocate for customers and continue to build the company’s credentials as a leader in CX. Her remit includes partnering with MetLife’s super funds and partners to optimise the experience for their members and help to realise the vision of delivering the easiest, fastest and most caring life insurance experience. Lina has previously consulted to major players in financial services including Macquarie and Allianz, and has worked for CommInsure, NBN and Telstra.

Commenting on the appointment, Chesne noted Lina’s depth of experience and how it will complement MetLife’s CX journey so far, “We’ve already come a long way in improving the experience people have with MetLife but this is an ongoing journey. Lina brings significant expertise in this space and will help us define what a better experience could be and then embed that in BAU, so that we’re always focused on delivering a great experience, helping us achieve our vision.

“It’s an exciting time at MetLife as we work hand in hand with our business partners, the industry and our customers to manage significant changes across the industry, while making sure the customer experience is positive. Ultimately, we want to be known as best in class for CX and I’m excited about what Lina’s appointment means for our customers.”

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John Ashton has been appointed Head of Retail Product, managing product strategy and strengthening the team’s senior experience. John has more than 30 years’ experience in the industry having worked across licensees, insurance, underwriting and product design for a range of players in the industry. Based in MetLife’s Melbourne office, John will lead the optimisation of MetLife Protect, tapping into adviser and client feedback – a hallmark of MetLife’s approach to the Retail market.

Also joining the team is Dave Evans, as Strategic Account Manager, focused on the licensee platform, as the sales team moves into the next stage of growth. Dave has over 20 years’ financial services sales experience and is based in the Brisbane office. With MetLife Protect continuing to gain traction among licensees, the Retail market is responding positively to the innovative and fresh approach MetLife has offered up. Dave will drive this next phase of growth for the business.

Matt Lippiatt, MetLife Head of Retail Sales, commenting on the announcements, highlighted the breadth of experience being added to the team: “We are delighted to welcome John and Dave to the business. They are both seasoned Retail insurance professionals who are well known to advisers and licensees alike.  Their deep experience will help us shape our offer and drive our engagement with the market as we continue to accelerate our growth.

“At a time of consolidation, MetLife is committed to backing advisers.  These appointments are one more example of that commitment.”

MetLife Protect is a modular life insurance product, launched in August 2018, which allows advisers to tailor policies to their clients individual needs and is flexible enough to change with them over time.

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Chesne Stafford

MetLife Australia has announced two leadership appointments designed to drive business growth and strengthen key capabilities in the business to deliver on the vision of being the fastest, easiest and most caring life insurer. Both appointments are effective from 1 July.

A new role – Chief Customer & Marketing Officer – has been created to expand MetLife’s customer centred approach and elevate the role of customer in the business, with the position being filled by Chesne Stafford. She brings to the role over 20 years experience in financial services and a passion for advocating for both clients and customers. Chesne is currently Chief Distribution Officer, a position she has held since early 2015, leading the growth in Group insurance over the last four years to become 3^rd in the market.

Stepping into the Chief Distribution Officer role will be Michael Mulholland. Michael has over 25 years experience in financial services in Group and Retail sales roles across the wealth management industry.  Michael was most recently the Executive General Manager, Growth, Advice & Marketing at Sunsuper, during which time the fund grew from $25bn and 1 million members to $66bn and 1.4 million members. Michael also has significant Retail sales experience, having been Head of Insurance Sales at MLC.

Commenting on the additions to his leadership team, MetLife Chief Executive Officer Richard Nunn said: “These appointments are a boost to our bench strength in customer and marketing, and sales and distribution. We plan to grow the business and to be able to do that we need the right capabilities at the most senior level. I see the need to push harder in both these areas as the way forward to making a real impact on the market and ultimately our customers.

“Chesne has built our distribution strategy and led the growth that’s resulted in MetLife being 3^rd in the Group market. This new role is an opportunity to apply her skills and experience in distribution with a customer lens. We need someone always championing our customers, and making sure we’re creating experiences that meet their needs and expectations.

“Michael has extensive experience in financial services and will bring strong capability to the future management of our distribution channels. At a time of unprecedented change in the market, we need to consolidate and maintain our strong position in established channels such as Group, while looking to find new areas for growth.”

The appointments come following Richard taking the reins at MetLife in May 2019 and quickly establishing a roadmap for the business going forward that focuses on a customer and growth agenda.

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