3 November 2014 Insurance

MetLife partners with Steadfast in Australia

US insurer MetLife Insurance has partnered with Steadfast, the largest network of general insurance brokers in Australasia, to extend MetLife’s group life cover.

Through Steadfast’s broker network, MetLife will extends its group life cover to Australian small to medium-sized enterprises. Its group life business in Australia has been sold to date primarily through superannuation funds and large corporate employers.

Under the co-branded partnership Steadfast and MetLife have produced an exclusive suite of tailored corporate life products, which will be sold to SME customers alongside Steadfast’s existing business insurance products through its network of more than 300 brokers.

The initial focus is on offering firms with as few as 12 employees Steadfast-MetLife corporate life insurance, income protection and total and permanent disability (TPD) cover. MetLife will also work with Steadfast to continue to develop tailored corporate life products geared to the SME market.

Deanne Stewart, chief executive officer of MetLife, said: “Steadfast is the leading broker of risk products to SMEs and partnering with them is a natural fit for us in this segment of the market. Globally, MetLife has deep expertise tailoring life and related cover for the needs of SMEs and their employees and we look forward to applying this expertise in Australia.

“Attracting and retaining top talent is a challenge for all businesses. We see a particular opportunity for SMEs to use our life products as an important retention tool by offering them as part of a compelling employee benefits package,” she said.

Robert Kelly, managing director and chief executive officer of Steadfast, added: “This partnership strengthens Steadfast’s position as Australia’s leading broker of business insurance. We have been impressed with MetLife’s ability to tailor bespoke life solutions for individual SME customers while drawing on deep global expertise. Their group life products are complementary to our traditional business insurance lines and will be compelling to the SMEs we service.”

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