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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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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