(Image source: MetLife MultiProtect screenshot.)
MetLife (New York) has selected iPipeline’s (Exton, Pa.) SolutionBuilder as the platform for launch of a MultiProtect accident cover product designed to enable individuals and families in the U.K. to access affordable and flexible financial protection that meets everyday risks. MultiProtect will be available through selected distributors who use SolutionBuilder, which delivers what the vendor calls 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, according to iPipeline. A vendor statement characterizes the news as representing MetLife and iPipeline’s alignment in their ambition to grow the market for financial protection in the U.K.
“Having MultiProtect fully integrated into distribution firms’ advice processes will enable more customers to get access to protection that meets their needs,” comments Richard Horner, Head of Protection, MetLife UK. “We designed MultiProtect not as a replacement for life, critical illness or income protection; it is additIonal cover that complements other protection products.”
MetLife’s MultiProtect offering was designed to address current consumer concerns. Research with advisers show they believe clients would be more interested in individual protection if it was more affordable (67%), while nearly half (48%) say customers are put off by potential underwriting issues and 39% say clients are deterred by the length of the sales process.
MetLife says that MultiProtect was engineered to address each of those challenges. The firm reports that cover starts at just £8 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 £1 extra per month.
Access to Distribution a ‘Key Factor’
“The iPipeline partnership is a landmark for MetLife in our ambition to bring affordable everyday protection to families across the U.K.,” adds Horner. “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.”
“Our ethos at iPipeline is to better protect clients, adds Ian Teague, U.K. Group Managing Director, iPipeline. “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.”
“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,” Teague adds. “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 U.K. hospital stays, according to a joint statement from MetLife and iPipeline. Maximum payouts are up to £250 a day for U.K. hospital stays; £3,750 for broken bones and £250,000 for total permanent disability or £200,000 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.