Life Insurance giant, MetLife Insurance Ltd, is looking to improve access to its group life cover for small to medium-sized enterprises under a new partnership with insurance broker, Steadfast.
The partnership will provide SMEs with access to co-branded tailored corporate life products through Steadfast's network of more than 300 brokers.
Previously, MetLife's products have been primarily sold through superannuation funds and large corporate employers.
MetLife chief executive, Deanne Stewart, said the partnership was an important strategic move for the business in the Australian market, with almost one in five Australian families not holding life insurance, according to research published by the Financial Services Council earlier this year.
The research also found that almost half of working Australians reported concerns over having enough money to pay for expenses if they were to become unemployed, while 35 per cent of those surveyed said they had no disability cover.
"It is clear that many thousands of SME employers do not currently have adequate life or disability insurance for their staff," she said.
"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."
Under the partnership the 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 (TPD) cover, further products geared to the needs of SME market to be developed as part of a long-term strategy.