Life insurer MetLife has partnered with general insurance broker Steadfast in an effort to extend its life cover to Australian small to medium-sized enterprises (SMEs).
MetLife said the partnership's initial focus will be on offering firms with as few as 12 employees Steadfast-MetLife corporate life insurance, income protection and total and permanent disability cover.
MetLife chief executive Deanne Stewart said partnering with Steadfast is an “important strategic move” and will allow MetLife to extend its life insurance business into the Australian SME sector.
“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,” Ms Stewart said.
“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,” she said.
“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 part of a compelling employee benefits package.”
Steadfast managing director and chief executive Robert Kelly pointed out that “it is clear that many thousands” of SME employers do not currently have adequate life insurance for their staff, saying the partnership will help improve that situation.
"By taking our life products direct to SMEs, and packaging them in a way that makes them compelling to both employers and employees, we expect to help more Australian businesses not only protect and retain existing staff, but also use improved benefits to attract talent in the future,” Mr Kelly said.
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