- Partnership announced between MetLife and Yellow Brick Road Group
- MetLife to expand its footprint in the retail market
- Yellow Brick Road Loan Protect’ and ‘Vow Loan Protect’ available in October
The Yellow Brick Road Group will offer a suite of tailored lifestyle protection solutions this year through a new partnership with MetLife.
The agreement is the next phase of the Group’s core business strategy to leverage the scale of key players for product delivery. The Australian arm of US-based MetLife was chosen due to being best in class on a global scale.
The ‘Yellow Brick Road Loan Protect’ and ‘Vow Loan Protect’ products will be available in October this year, ahead of releasing a full suite of white-labelled income protection and life insurance options which will be sold through the Yellow Brick Road Group.
Mark Bouris, Yellow Brick Road Executive Chairman, said: “A core part of our business at Yellow Brick Road is to provide our customers with protection against the unexpected. When a person secures a mortgage, it is generally the biggest debt they will take on in their life. As mortgage sizes significantly grow, Australians still lack the insurance to repay their mortgage if something unexpected happens.”
The Yellow Brick Road Group products provided via MetLife will be accessed by consumers through a burgeoning distribution network of 255 established Yellow Brick Road licensees and over 850 Vow Financial independent brokers. The products will be tailored specifically to meet the needs of customers at different life stages.
Matt Lawler, Yellow Brick Road Chief Executive Officer, said partnering with a global insurer was a natural fit and adds significant depth and breadth to the product range available to Yellow Brick Road and Vow customers.
“Yellow Brick Road is fast becoming a household name and was founded – and has succeeded – on the principle of giving customers more control. With our brand backed by one the world’s largest insurers we will give our customers’ the ability to tap into a new suite of insurance products designed for their needs,” Mr Lawler said.
“We have built strong branch and broker channels and with our scale, the timing is right to accelerate distribution of a high-quality, white-labelled insurance product. This partnership will allow Yellow Brick Road and MetLife to create customised products that meet the needs of our mortgage clients and are competitively priced.”
MetLife CEO Deanne Stewart said the Yellow Brick Road partnership would be the ideal avenue for MetLife to expand its footprint in the retail market.
“The broker market has been underserviced for some time. This partnership is a means for MetLife to address that service gap with a quality retail insurance offering, utilising Yellow Brick Road’s strong network of advisers and brokers,” Ms Stewart said.
“MetLife and Yellow Brick Road share a similar brand proposition and a focus on developing responsible and customer-centric products that adapt to the changing life needs of consumers. For our part, we were attracted not only to Yellow Brick Road’s growing network, but also its independence and ethos of challenging and disrupting business-as-usual in the personal finance industry.”
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About Yellow Brick Road Group
Yellow Brick Road is a group of wealth management and financial services companies headed by Executive Chairman Mark Bouris. Yellow Brick Road offers tailored advice and services to Australians wanting to build financial security for the future. With its extensive neighbourhood based branch network, Yellow Brick Road Group is committed to delivering accessibility, quality financial advice and competition in the market.
MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to affinity partners, superannuation trustees and employers in Australia. MetLife has expertise in designing and executing direct insurance programs for partners’ customers and insurance solutions to meet the needs of specific member groups. MetLife has been a specialist provider of life risk insurance products in Australia since 2005. MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is a leading global provider of insurance, annuities and employee benefit programs. MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.