Richard Nunn

MetLife and the Australian Institute of Superannuation Trustees (AIST) have announced a two-year partnership, that will see the insurer become a principal partner of the peak body for Australia’s $1.6 trillion profit-to-member superannuation sector.

MetLife will become the exclusive life insurance partner for AIST. Together the two organisations will promote the value of life insurance and the role insurance inside super plays in securing a confident financial future for Australian consumers, while enabling MetLife to support AIST’s leading profit-to-member trustees and superannuation funds.

The two-year partnership will draw on the unique research, insights and expertise of MetLife and AIST to co-create a range of bespoke events designed to educate the industry on the role life insurance plays in helping members engage with their superannuation. MetLife will also feature as the exclusive life insurance partner at AIST’s major events throughout 2022 and 2023.

AIST advocates for financial wellbeing in retirement for all Australians, regardless of their gender, culture, education or socio-economic background, and through leadership and excellence, supports profit-to-member funds to achieve member-first outcomes and fairness across the retirement system.

Commenting on the partnership, Richard Nunn, MetLife CEO, said: “We see a strong alignment of values between our two organisations and our new partnership will allow us to connect with even more industry and profit-to-member funds, which are already a core part of our business. Together we will be advocating for insurance inside super, which is such an important part of our superannuation system, providing financial protection for people throughout their lives. . We’re excited to partner with AIST to build on the work both our organisations have been doing to support superannuation trustees, funds and members.”

Echoing these comments on the partnership, Eva Scheerlinck, AIST CEO, said: “This new partnership with MetLife will be a great opportunity for us to further support our members by engaging more with, and building a greater understanding of the role of, life insurance. The workforce continues to undergo significant change and insurance in super needs to keep pace with these changes. Insurance in super is a lifeline for so many, who find themselves in life changing situations, and we are proud to be partnering with MetLife to ensure that insurance products and services continue to be fit for purpose and deliver great value for super fund members.”

AIST’s members and subscribers are the trustee directors, employees and associates of profit-to-member industry, corporate and government superannuation funds. Through advocacy, policy, research and professional development, AIST is shaping better retirement outcomes for all Australians.

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Richard Nunn

MetLife Australia has released a new report on the role of the life insurance industry for individuals, the economy and society.

The Value of Life Insurance report provides policy makers, regulators, industry participants and other stakeholders with information about the positive impact and contribution of the sector, and is a further step towards increasing financial literacy for Australians.

The report draws from MetLife’s local and global research and seeks to redress perceptions which increase consumer disengagement and contribute to a worrying underinsurance gap, which has been an ongoing and increasing problem for Australia’s working age population.^[1] This gap is further exacerbated by factors impacting life insurance customers such as access to quality, affordable advice and understanding recent legislative changes.

The report explores the role life insurers play as a driver of economic development, and in stabilising the financial system, and provides global comparisons to articulate the affordability of the safety net when misfortunes happen in life. It also connects the industry’s value to a reduced financial burden on governments and taxpayers, who would otherwise need to fund social programs to support those impacted by illness and injury, or families left behind following the death of a loved one.

Richard Nunn, CEO of MetLife Australia, said: “Life insurance serves a noble purpose by providing a vital safety net should the worst happen, but we need to make its value easier for people to understand. The industry is under the microscope, facing significant regulatory change and shifting consumer expectations. Now is the time to work together to adapt, educate and remain relevant.

“It is the responsibility of all industry participants to play a positive role in helping stakeholders understand the value of life insurance and to promote this message to a wider audience. That’s why MetLife’s Value of Life Insurance report is available to all stakeholders, to help them have conversations around value.

“It is imperative we continue to build awareness of the advantages of life insurance, not just to the individual consumer but to the economy and the community.”

Read the full report.

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Richard Nunn

MetLife has joined the United Nations (U.N.) Global Compact, the world’s largest corporate sustainability initiative. The U.N. Global Compact calls for companies to align their operations and strategies with 10 universal principles in the areas of human rights, labour, the environment, and anti-corruption.

“As a purpose driven organisation, sustainability has long been a focus for MetLife in Australia and globally. Joining the world’s largest sustainability initiative, the U.N. Global Compact, will ensure our purpose, strategy and ongoing operations align with universal suitability principles,” said MetLife Australia Chief Executive Officer, Richard Nunn. “We know that our customers and business partners expect us to be making a positive impact on the world and this step will help us continue to support the work of U.N. goals.”

The mandate of the U.N. Global Compact is to guide and support the global business community in advancing U.N. goals and values through responsible corporate practices. The 10 principles of the Global Compact are:

Human Rights

• Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
• Principle 2: make sure that they are not complicit in human rights abuses.

Labor

• Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
• Principle 4: the elimination of all forms of forced and compulsory labour;
• Principle 5: the effective abolition of child labour; and
• Principle 6: the elimination of discrimination in respect of employment and occupation.

The Environment

• Principle 7: Businesses should support a precautionary approach to environmental challenges;
• Principle 8: undertake initiatives to promote greater environmental responsibility; and
• Principle 9: encourage the development and diffusion of environmentally friendly technologies.

Anti-Corruption

• Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.

Last week, MetLife issued its annual Sustainability Report, which aligns with the U.N. Sustainable Development Goals and details the ways MetLife and MetLife Foundation deliver for their stakeholders.

In 2019, MetLife became the first insurance company to join the U.N. Women Global Innovation Coalition for Change, and in February 2020, the company became the first U.S.-based insurer to sign the U.N. Women’s Empowerment Principles.

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Richard Nunn

MetLife Australia and the MetLife Foundation will be working with Australia’s largest provider of hunger relief, Foodbank Australia, to provide over 186,000 meals (or the equivalent of over 100,000kg of food) for Australians, starting from July 2020 through to summer 2021.

Pre-COVID-19, Foodbank Australia worked with over 2,400 charities in every state and territory to help them provide food to over 815,000 people a month. Since the pandemic hit, Foodbank has seen a 48% increase in demand for food relief.

In addition to the potential impact on people’s health, the COVID-19 pandemic has put enormous financial pressures on people across Australia, with government data showing a major impact on employment rates and wages, with an increasing number of people not able to properly support themselves.^[1] Many charities in Australia are also seeing donations of all kinds reducing as a result of COVID-19, causing problems for their ability to continue to provide much needed services.^[2]

Foodbank Australia knows that significant financial donations can have a major impact on the Australian community they serve and estimate that the MetLife donation equates to $2.3million social return on investment. Social return on investment takes into account not only the immediate nutritional benefits of providing food, but also the contribution to improvements in health, emotional wellbeing, sense of self-worth, social relationships and ultimately overall standard of living.

Commenting on the donation, MetLife Australia’s CEO Richard Nunn said: “We know that many Australians are struggling during this pandemic and we’re supporting Foodbank Australia because  they are directly helping thousands of Australians in need. We know Australia will get through this current crisis, but it won’t be easy and some people are facing enormous challenges including getting access to something as basic as a nutritious meal. We also know that the pandemic will have a long term impact on people’s health and wellbeing, and we want to have a deep an enduring impact on our community. We hope this contribution to Foodbank Australia will help thousands of Australians get the nutrition and energy they need and make it through this current situation.”

Brianna Casey, Foodbank Australia CEO said: “Demand for food relief has increased significantly due to job loss and small businesses closures as a result of COVID-19 restrictions. Foodbank has had to scale up in order to help many vulnerable Australians, some of whom have had to ask for assistance for the first time. We are truly grateful to MetLife for its generous support which will enable us to support those doing it tough now, and for the long haul. Thank you MetLife.”

In addition to the Foodbank Australia donation, MetLife Australia has implemented a range of measures for customers in response to the COVID-19 situation.

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[1] https://www.abs.gov.au/ausstats/abs%40.nsf/mediareleasesbyCatalogue/C9E9F14708FC0AE7CA25855E0018F325?OpenDocument
[2] https://www.communitycouncil.com.au/content/open-letter-australian-governments-19-march-2020

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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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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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Mr Nunn is currently the CEO of Statewide Super, a leading superannuation fund based in South Australia and one of MetLife Australia’s longest standing clients. He brings over 30 years’ financial services experience across wealth management (including life insurance and retail advice) and banking in Australia and Asia more broadly.

Geoff Brunsdon, Chair of MetLife in Australia, said of the appointment: “We’re delighted to welcome Richard to MetLife. His deep financial services experience and proven ability to deliver growth make him a great fit for MetLife.

“MetLife continues to gather momentum in Australia, recently expanding into the retail market and winning the multi-million dollar Tasplan tender. I am confident Richard will continue to build on that momentum and deliver our vision of giving people the fastest, easiest and most caring life insurance experience.”

MetLife is a global insurance company with a 150-year history, and is the third largest group life insurer in Australia, protecting 2.6 million lives. The company has recently expanded into the retail life insurance through financial advisers. MetLife has been a specialist provider of life insurance in Australia since 2005.

Commenting on the MetLife business, Mr Brunsdon also said: “It is an exciting time for MetLife in Australia. Richard, and our executive leadership team, are well positioned to capitalise on what we have already achieved.”

Prior to joining Statewide, Mr Nunn has worked for some of the industry’s biggest and best known organisations including NAB, Commonwealth Bank of Australia (CBA), IOOF and AXA, across a range of management roles and geographies. Richard will be relocating to Sydney to take up the role in May.

Vince Watt, MetLife Australia’s Chief Financial Officer, will continue as Acting CEO until Mr Nunn commences in May.

“I want to thank Vince for his outstanding leadership and all our employees for their continued commitment to delivering for our customers,” said Mr Brunsdon.

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