MetLife and Openwork have agreed to the transfer of up to 930 of MetLife’s self-employed advisers and a new distribution agreement in respect of MetLife’s Accident Protection product.
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.
Transferring advisers will have access to a protection proposition including income protection, life insurance, critical illness and accident protection cover, as well as being able to utilise Openwork’s automated business submission.
Under the agreement, Openwork and MetLife have set a target date of 1 November to complete the transfer of self-employed sales advisers and MetLife staff.
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.”