MetLife announced a strategic partnership with iPipeline, a provider of solutions and services to the life and pensions market, to grow the distribution of its MultiProtect accident and hospital cover product which enables individuals and families to access affordable and flexible financial protection that meets everyday risks.
MultiProtect will be available with selected distributors who utilise iPipeline’s protection sourcing solution, SolutionBuilder, which aims to deliver a client-centric research, quote and apply solution. This enables advisers to compare protection needs in a simplified and responsive user interface so they can quickly identify the right solution for their clients.
“Having MultiProtect fully integrated into distribution firms’ advice processes will enable more customers to get access to protection that meets their needs. We designed MultiProtect not as a replacement for life, critical illness or income protection. It is additional cover that complements other protection products,” says Richard Horner, Head of Protection at MetLife. “Every day we demonstrate excellent customer value and have paid over 11,400 claims in the last year to our customers.”
Research with advisers show they believe clients would be more interested in individual protection if it was more affordable (67 per cent), while nearly half (48 per cent) say customers are put off by potential underwriting issues and 39 per cent say clients are deterred by the length of the sales process.
MultiProtect addresses all these challenges. Cover starts at just GBP8 a month, it does not require underwriting and customers can have cover in place in less than 4 minutes. Families can add optional cover for any children (up to age 18 living at home and up to 23 if they are in full time education) from GBP1 extra per month.
Richard Horner, Head of Individual Protection, MetLife UK, adds: “The iPipeline partnership is a landmark for MetLife in our ambition to bring affordable everyday protection to families across the UK. Access to distribution is a key factor in bringing cover to more people and working with an innovative technology partner like iPipeline enables us to provide customers with a seamless digital experience which speeds up the buying process.”
Ian Teague, UK Group Managing Director, iPipeline, says: “Our ethos at iPipeline is to better protect clients. MetLife’s introduction of affordable protection with a simple application process – including the provision of instant cover – highlights that sourcing protection is not always a complicated, expensive process.”
Teague added: “Technology has played a contributing factor in helping grow the protection market by making it easier for advisers to address their client’s overall protection needs. However, innovation from providers is key – we’re proud to support MetLife in distributing their unique product, MultiProtect.”
Key benefits of MultiProtect include cover for a range of accidental injuries such as broken bones and for UK hospital stays. Maximum payouts are up to GBP250 a day for UK hospital stays; GBP3,750 for broken bones and GBP250,000 for total permanent disability or GBP200,000 for accidental death. Customers can take out a policy from age 18 up to their 60th birthday and cover will continue until they reach 70.
Read the story on Wealth Adviser here.