One year on from developing MetLife Protect, Rachel Towell, NSW State Sales Manager, and Matt Lippiatt, Head of Retail Sales, explain how adviser feedback helped improve the annual review process. What was the goal of this project?

Matt: When clients receive their annual insurance statement most of them regard it as just another bill. We knew the process was also frustrating and inefficient for advisers, so we challenged ourselves to re-imagine the renewal experience for MetLife Protect, a modular life insurance product tailored to SMEs and families that launched in September 2018.

Rachel: The MetLife Adviser-Client Relationship Report 2018 showed clients do highly value the annual review by their adviser. It reinforces the value of their insurance and clearly shows their adviser keeps up to date with their changing circumstances. However, much of the policy anniversary information in the market is hard to understand and doesn’t reinforce the value of the product. We knew we could make the information much easier for customers to understand and we also wanted to reduce the amount of work for advisers by providing all the information they need in one place.

What is the policy anniversary pack?

Matt: We’re legally obliged to write to clients annually at anniversary time and tell them of any changes in their premium, which typically increases as they get older. The anniversary pack is sent out to advisers – before the client’s letter is generated – and outlines a client’s cover. It also includes a list of questions to help the adviser determine if a client’s situation has changed, which would present a new advice opportunity. A client’s insurance needs could change if they have:

  • Bought a home or increased debt
  • Changed employment status
  • Had a child

The information in the pack gives the advisor a clear picture of how they can optimise the client’s policy by adding or removing extras packages to meet these changed needs.

How did you bring advisers in on the project?

Rachel: To help us understand what changes to make we spoke to a lot of advisers about the existing policy anniversary processes in the market – what they liked, what they didn’t like. We then partnered with them to co-design our process.

How has the anniversary pack improved the annual review process?

Matt: The Metlife Adviser-Client Relationship Report 2018 shows people want to be contacted by their adviser for a review of their policy at least annually, so we’ve helped advisers unlock the opportunity to have richer and deeper conversations around clients’ renewal needs.

Having an annual review:

  • Makes clients more likely to refer their adviser to family and friends.
  • Increases the Net Promoter Score (NPS) to +30 for consumers and +9 for SMEs, compared to a respective -25 and -20 without a review.

Ultimately, an annual review benefits both clients and advisers. It’s an opportunity for advisers to strengthen client relationships, show they care and reinforce the quality of their advice.

For more information about how Metlife Protect meets your clients’ needs as their life changes visit MetLife Protect