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MetLife to target trustees
Developing stronger ties with superannuation trustees lies at the heart of MetLife’s Australian operations, according to MetLife head of institutional business Michael Burke.
This was reaffirmed during a visit from senior vice president, international business, Eugene Marks, who also spoke about the insurer’s customer-centric focus.
“Customers realise [the importance of insurance] but the industry struggles with creating opportunities for people to take more cover.
“Insurance can be traded strictly on price, but it is equally about doing the right thing for end customers,” he said.
Despite the depth of concern in the market about the high level of underinsurance within the Australian population, the problem is not being adequately addressed by most insurers, according to Burke.
Commenting from the Australian operations of MetLife, Burke said that in the year ahead MetLife is aiming to ramp up its education of consumers, who it said are not only underinsured but also undereducated when it comes to insurance.
Marks and Burke think there is a great deal of parity between profit and being customer focused, pointing to the formidable presence of MetLife, spanning 35 countries and insuring 70 million people globally, as proof of this.
MetLife has only had an onshore presence in Australia for the last 18 months, but 15 per cent of its earnings already come from international business, and 6 per cent of overall earnings.
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