ProtectionSep 17 2014

Openwork buys Metlife’s 930-strong protection network

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Openwork has agreed a deal to add 930 of MetLife’s self-employed protection advisers to its network, along with a distribution agreement for the insurer’s accident protection product.

Transferring advisers will now have access to a proposition including income protection, life insurance, critical illness and accident protection cover.

Under the agreement, the two firms have set a target date of 1 November to complete the transfer of self-employed sales advisers and MetLife staff.

MetLife UK stated that the deal will accelerate growth plans for its individual protection business and strengthen its long-term strategic focus on wealth management and employee benefits businesses.

Mark Duckworth, managing director at Openwork, said: “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, added: “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.”