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MetLife’s New Integrated Benefits Approach Delivers The Flexibility And Simplicity Employers Need For Multi-Product Solutions

Stocks in this article: MET

To help employers effectively deliver comprehensive benefits strategies, MetLife has launched its new Integrated Benefits Approach, which combines expanded access to MetLife’s suite of product solutions — including new hospital indemnity, whole life and level-pay critical illness insurance products — with enhanced enrollment capabilities and a simplified service experience.

With 62% of employees expressing interest in their employers providing a wider array of voluntary benefits choices and 47% of companies saying they are likely to increase the number of voluntary benefits they offer in the next two years, MetLife’s Integrated Benefits Approach makes it easier for employers to offer a diverse set of benefit options – and simplify the enrollment and ongoing administration of the program at the same time.

“Offering employees a range of employer-paid and voluntary benefits to choose from helps to meet the varied needs of an increasingly diverse workforce while also helping companies attract and retain skilled employees,” said Michael Fradkin, senior vice president, Voluntary & Worksite Benefits at MetLife. “Additionally, our approach is designed to reduce an employer’s administrative burden through flexible options that make it easier to offer and communicate multiple benefits options to their employees.”

Access to New Products and Capabilities

MetLife’s new Integrated Benefits Approach is available to employer groups with 200 or more employees.

  • Expanded Product Suite MetLife is expanding its product portfolio to add three new voluntary products: Hospital Indemnity, Whole Life and level-pay Critical Illness insurance. These new products are guaranteed issue and feature portability, payroll deduction and the option for family coverage.
  • Enhanced Enrollment Capabilities MetLife will collaborate with employers to mix and match from a range of enhanced enrollment solutions — including print, electronic/online and onsite meetings — to design and deliver a program that helps drive increased awareness and participation. In addition, for benefits brokers, MetLife now offers heaped commission options through a new model designed to actively enroll select voluntary insurance products — Accident, Critical Illness, Hospital Indemnity and Whole Life — through enrollment firms or brokers with one-to-one enrollment capabilities.
  • Simplified Customer Experience MetLife is also enhancing the end-to-end service experience across all products — including single points of contact for Sales, Service, Implementation and Enrollment as well as streamlined eligibility, participation and billing capabilities — to make multi-product implementation, administration and ongoing service easy.

Optimizing Benefits Choices

“With four generations in the workforce and 77% of employees saying that they value a variety of benefits to choose from, a strategic approach to mixing voluntary and traditional employer-paid benefits pays off for employers,” noted James Reid, senior vice president, Group Insurance Products at MetLife. “Employees who are satisfied with the range of benefits offered are nearly twice as loyal as those not satisfied. By amplifying the advantages of basic benefits with voluntary and worksite solutions, employers can meet the individualized needs of their employees while optimizing the value of their benefits program.”

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