James Carey has joined MetLife in the newly created role of Head of Reinsurance and Regulatory Affairs. Mr Carey brings over ten years’ industry experience and will be responsible for developing and executing MetLife’s reinsurance strategy and ensuring the business is strongly equipped to manage and navigate regulatory change. Mr Carey joins from AIA, where he held a variety of senior roles, most recently as Head of AIA Vitality.

MetLife has also appointed Holly Dorber as Head of Government Affairs and Public Policy. Ms Dorber will be responsible for stakeholder engagement and strengthening MetLife’s ability to shape the Australian policy environment as a leader in the life insurance industry in Australia. Ms Dorber has previously held positions at AMP Financial Services and prior to that spent six years as a senior policy manager at the Financial Services Council.

In addition, Stephen Varney has recently joined MetLife’s growing Melbourne office as Head of Individual Pricing and Affiliate. Mr Varney brings over 20 years’ experience in pricing, product and actuarial consulting services, having worked at AMP, AXA, Colonial and National Mutual.

MetLife’s Chief Product and Marketing Officer Tim Tez said the new appointments further demonstrated MetLife’s focus on continual improvement and reinforced the firm’s goal of providing the easiest and most caring customer experience.

“James’s experience will be invaluable in centralising MetLife’s Reinsurance matters. By building stronger operating models to better identify, manage and control risk, both our business divisions and partners will benefit.

“Holly will also play a pivotal part in driving our engagement with regulatory and political stakeholders as we continue to manage change and raise industry standards in the Australian life insurance sector.

“Stephen has an impressive depth of knowledge and proven track-record to drive change. He will be instrumental to MetLife as we continue to strengthen our offering in the individual insurance space, working closely with our key partners.”

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Lifewise’s recent survey of 1,207 Australians has revealed Australians overwhelmingly value a work-life balance with 76% of respondents recognising it as important to them and their families. But Australians are sacrificing this work-life balance with 3 in 5 Australians (62%) working extra hours simply to fund their lifestyle. 

“As a nation we are not only hard-working but we know how to have a good time after hours. Over two thirds of Australians recognise they work overtime not just because their jobs now require it but because it provides the necessary income to fund various aspects of their lives, such as bills, lifestyle choices and education. So why do we insure our precious jewelry, our beloved cars and our health but when it comes to protecting the income that allows us to purchase all of these items do we overlook it,” says Lifewise Campaign Manager, Holly Dorber. 

If the main income earner of an average Australian household was unexpectedly unable to work due to illness or injury outside of the workplace, Lifewise found that: 

•  76% of Australians would only be able to meet their current expenses for a maximum of 6 months
• 11% would last less than a week
• 19% would only last up to a month!

While two in five (39%) of working Australians have taken out life insurance, only 23% have the safety net of income protection in place, and the majority (59%) stated that not only did they not have income insurance; they did not intend to look into it. Only 17% indicated that they were considering investing in income protection in the near future. 

“Australians are working harder than ever to fund their lifestyle, yet these findings indicate that the average Australian worker and household is not prepared for the event of income loss and would struggle if the main breadwinner lost their job”, explains Dorber. 

Three in five (60%) working Australians stated that the entire household would have to reduce their standard of living in order to cope with the income loss if the main income earner was unable to work.   Work-life balance would remain unachievable, with nearly 46% stating that they would take up a second job, and 39% would work longer hours in the current job. 

Significantly, 30% indicated that they would need to rely on government assistance in order to manage their household expenses, and 17% would have to rely on their friends and family for help. 

“It is clear that Australians value a work-life balance with 76% of respondents recognising it as important. Many are working longer hours because of both the demanding requirements of their job and to fund their lifestyle and living requirements, yet working Australians are neglecting the need to protect their income and have a financial safety net in place. Lifewise hopes that by providing some of these findings, Australians will consider the next steps in protecting their incomes”, added Dorber.

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