MetLife and UNSW Sandbox Program tackle financial literacy challenge

Sydney December 21, 2022

MetLife Australia has participated in UNSW’s innovative Sandbox Program that brings industry and students together to co-create solutions for business problems.

MetLife challenged the students to develop ideas to get superannuation fund members to engage with their insurance inside super to make sure they have adequate insurance for their life stage.

MetLife Chief of Staff, Strategy and External Affairs Wendy Tse says, “Life insurance is not something that is set and forget. We should continuously reconsider coverage levels based on life events and changing circumstances.”

A recent NMG report estimates there are 1 million Australians underinsured for Death/Total and Permanent Disability and 3.4 million underinsured for income protection.1 Poor financial literacy levels are contributing to this disengagement, with Australians scoring an average of 68% on the Government’s Financial Capability dashboard.2

“Improving peoples’ financial literacy so they feel protected and in control of their finances is central to MetLife’s purpose of helping people live a more confident future,” says Ms Tse.

The winning solution focused on using emotive messages to gain peoples’ attention, while giving members a target ‘nudge’ at specific life stages to review their coverage. It also proposed using simple language when communicating members to help improve their financial literacy.

Deputy Director of the UNSW Sandbox Program and Undergraduate Actuarial Program Director, UNSW Business School Dr Kevin Liu says: “The UNSW Sandbox Program provides a platform that facilitates the tripartite collaborations among industry, academics, and students. It is fantastic to partner with industry leaders like MetLife who are passionate and committed to work with academics and students to deliver transformative educational experience and empower young talents to co-create solutions for real-world challenges.

“MetLife believes success is about continuing to experiment and unearth new ideas. The program has been a fantastic opportunity get a fresh perspective while contributing to the students’ learning experience,” added Ms Tse.

Reference

  1. NMG, Australia’s Life Underinsurance Gap: Research Report, 2021, accessed 1 December 2022.
  2. Australian Government, Financial Capability Dashboard 2021, accessed 1 December 2022.


Media Contact

For more information please contact the Corporate Affairs team: media@metlife.com or +61 (0)411 893 890.

About MetLife

MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to affinity partners, superannuation trustees and employers in Australia. MetLife has expertise in designing and executing direct insurance programs for partners’ customers and insurance solutions to meet the needs of specific member groups. MetLife has been a specialist provider of life risk insurance products in Australia since 2005. For more information, visit metlife.com.au.

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates, is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit metlife.com.