MetLife deal adds 930 adviser to Openwork
The agreement provides Openwork with an expanded nationwide network from which it can distribute its broader protection product range, which will now include MetLife’s Accident Protection product.
Mark Duckworth, managing director at Openwork, said: “We are thrilled to be taking on MetLife UK’s protection advisers.
“The agreement reinforces our commitment to support closing the protection gap and takes our total number of advisers across the group to 3,000.
“Our new colleagues will be able to recommend a broader proposition to their clients and enjoy enhanced technological capability, accelerated career progression and the support to build on the success they have already achieved with MetLife.”
Dominic Grinstead, managing director of MetLife UK, said: “Our long-term UK expansion plans are focused on expertise as a product provider and innovator distributing through a range of channels.
“We have established a market-leading position in wealth management and a strong employee benefits business and the agreement with Openwork enables us to target new opportunities in the accident and health sector while supporting the best interests of customers and staff.”
Transferring advisers will have access to a protection proposition including income protection, life insurance, critical illness and accident protection cover, as well as benefitting from Openwork’s automated business submission.
The agreement accelerates MetLife UK’s delivery of growth plans for its individual protection business and strengthens the long-term strategic focus on its fast-growing wealth management and employee benefits businesses.
MetLife UK has achieved sustained growth for its individual protection business, which now has over 100,000 customers since it assumed control of the business as part of the Alico acquisition in 2010.
Under the agreement, Openwork and MetLife have set a target date of November 1 to complete the transfer of self-employed sales advisers and MetLife staff.