MetLife introduces new group insurance products and distribution channels
MetLife, a provider of employee benefits, has introduced new offerings that will help employers and employees address a changing benefits environment. Some of the highlights from the first half of 2014 include:
- Cancer Insurance: MetLife added Cancer Insurance to its portfolio of supplemental health insurance products to help employees address unexpected out-of-pocket medical expenses, such as deductibles, copayments and non-covered services when diagnosed with cancer. This product complements existing medical and disability coverage, by providing lump-sum benefits paid directly to the covered employee to spend as they choose regardless of what is covered by other policies and offers a valuable solution that can help employers provide additional choice and protection to employees without increasing benefits costs. The Cancer Insurance plan is based on the MetLife Critical Illness Insurance (CII) policy.
- MetLife Advantages: This product is a comprehensive suite of value-added services and is now available with MetLife's group life insurance product offerings. This product includes unique plan features designed to complement MetLife's group life offering and focuses on three areas: support, planning and protection.
- Private exchanges and third-party platforms: As of June 2014, MetLife will be participating on 11 private exchanges and third-party platforms and offering a variety of group insurance products.
OneAmerica® to acquire City National Bank's retirement services division
OneAmerica® will acquire City National Bank's San Diego-based retirement services recordkeeping business. The business will adopt the name OneAmerica Retirement Services LLC, according to a press release.
OneAmerica will continue business operations from the current San Diego location. Both entities will also enter into a strategic alliance where City National will distribute OneAmerica retirement products and provide directed trustee services to select OneAmerica retirement customers. The transaction is slated to close later this year and is not expected to have a material impact on City National's financial results.
City National's retirement business manages more than 240 plans with 40,000 participants and has $6.5 billion in assets under administration and OneAmerica's retirement services businesses serve more than 10,000 plans with 680,000 participants and have more than $24 billion in retirement assets.
Voya Financial expands social media program support for affiliated financial advisors
Voya Financial, Inc. (NYSE: VOYA), previously known as ING U.S., announced that the company's registered broker-dealer, ING Financial Partners, has expanded its social media program and support resources for its network of affiliated financial advisors and registered representatives. The program is now available with single sign-on capabilities to all 2,400 financial advisors and registered representatives in the network, while a growing body of financial and retirement-focused content has been developed to provide them with relevant social messages that are readily compliant for posting on Facebook and LinkedIn.
"It's clear that social media has emerged as a powerful tool for financial advisors. However, in the regulated industry that we operate, the appropriate guideposts must be in place for them to take advantage of this channel," said Tom Halloran, president of ING Financial Partners, in a press release.
