MetLife has announced a strategic partnership with iPipeline to grow the distribution of its MultiProtect accident and hospital cover product.
MultiProtect will be available with selected distributors who utilise iPipeline’s protection sourcing solution, SolutionBuilder, which delivers a research, quote and apply solution.
MetLife and iPipeline are both aligned in their ambition to grow the market for financial protection in the UK.
Richard Horner, head of protection at MetLife, said: “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. 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%), while 48% say customers are put off by potential underwriting issues and 39% say clients are deterred by the length of the sales process.
Horner added: “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 at iPipeline, added: “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.
“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.”