The Intermediary – May 2025 - Flipbook - Page 77
I N P RO F I L E
taken from other markets in this pursuit, which
for Jeynes is one of the benefits of working for a
company with global scale.
He says: “Hearing from colleagues across
Europe, or the Middle East – and how they’re
solving problems in their markets, or addressing
product design – does really get the creative juices
flowing. We’ve got huge strength in terms of
having that global outlook that we can then bring
back and apply locally, which is something I’ll be
looking to do in my role.”
Protection gap persists
Despite the sense that people are more aware of
the importance of these products, particularly
following Covid-19, there is still a notable
protection gap in the UK. A significant proportion
only consider protection when it is too late, and
many have the wrong cover for their needs.
“We’re not, as an industry, front of mind with our
potential consumer base,” Jeynes says. “However,
these are products that have a tangible, daily
benefit to consumers.”
For example, with a rising cohort of selfemployed people in the UK, it is increasingly
important to understand the everyday protection
products that could fill an income gap following a
minor injury.
Jeynes feels that there are various factors – the
pressure on the NHS, increasing awareness of
issues around health and financial vulnerability, to
name a few – that pave the way for a conversation
around protection. However, the industry has
not grown to the extent that might have been
expected in a post-Covid world.
“As an industry, we haven’t been able to grow,”
Jeynes says. “The onus is on us as distributors and
insurers, to address that.
“We need to design products that resonate
better with customers – which we are doing at
MetLife – and have those conversations more
regularly and more confidently with customers,
when they talk to us about any financial product,
be it a mortgage, investment or anything else.”
To this end, Jeynes points to key initiatives
within the industry, from the work being done
by the Income Protection Task Force, through to
a plethora of training and information sources
working to raise awareness.
He says: “If, as an industry, we put real focus
on a real need, and a product set that serves that
need, and provide distributors and IFAs with lots of
good information and opportunities [...] that will
see protection sales go up significantly.”
MetLife is doing its bit – via research directly
with customers to better understand their
everyday needs and concerns – to inform its own
product development and ensure it has practical
applications, rather than “building products that
just mimic the existing ones in the market.”
MetLife culture
In his new role, Jeynes’ focus is broadly going to
be on supporting the firm’s next global five-year
strategy, which aims to accelerate growth while
delivering strong returns.
He says: “It’s great to join a business that’s been
a huge, global success over many decades, and
that has a culture that looks back and uses its
success to roll forward.”
This long-term view can be seen, he adds, within
the culture at MetLife, with many team members
having been with the business for most of their
careers. In terms of the strategy for the next five
years, the firm plans to continue growth, with a
“keen eye on consumer outcomes.”
At a practical level, Jeynes says MetLife’s
approach to bringing practical, real-life solutions
to its customers has been proven with the
launch of its ChildShield product – a standalone
protection product for children up to the age of 23,
for everyday illnesses and injuries, that does not
need parents to hold another product in order to
help them meet extra financial burdens.
Jeynes says: “We are looking at where we next
innovate around products. What products might
meet another need, similar to the one ChildShield
has met?”
In doing so, MetLife looks to meet the existing
diversity of needs within the customer base, by
bringing a corresponding diversity of product into
the market.
The challenge now, Jeynes says, is to expand
MetLife’s reach to “support every distributor in the
country,” as well as – longer term – look at further
product innovation. This is particularly important
when it comes to those everyday concerns,
that while not so catastrophic as the life events
normally covered by protection, are all-important
at a time when the cost-of-living crisis is impacting
so many.
“There’s a massive opportunity for us in the
short- to medium-term, because that’s exactly
where our products sit,” Jeynes explains.
“It’s just about getting that in front of as many
distributors as possible and making customers
aware of those products.”
Moving forward, MetLife will continue its work
to build products that “resonate with the modern
consumer, and have a tangible benefit, rather than
something that just sits in a dusty drawer and may
never be used.”
The years ahead will also herald some major
partnerships for the firm, as well as growth with
the consumer in mind, keeping “partnerships,
growth and innovation” at the forefront. ●
May 2025 | The Intermediary
75
