Capturing the
Retirement Opportunity |
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| In the U.S. alone, 77 million Baby Boomers will reach traditional retirement age over the next two decades. With increasing longevity, however, come new risks, including rising health and long-term care costs, uncertainties of government- and employer-provided retirement benefits, and the possibility of people outliving their income. |
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| This is why MetLife formed the Retirement Strategies Group (RSG) to focus and drive the direction of MetLifes retirement business across the enterprise. The work of the RSG, in close partnership with the lines of business, has been focused on establishing clear direction for MetLife in the retirement market, targeting those transitioning into or already in retirement, and setting in motion initiatives to build momentum. |
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In the first half of 2006, the RSG took a systematic approach to evaluating the retirement opportunity and where MetLife could be distinctive. Several insights about consumer needs and the competitive landscape were identified—in particular, the importance of advice in helping individuals recognize, understand and act on their retirement risks. In addressing the question of how MetLife can be distinctive, the RSG identified four key sources: collaboration between Individual Business and Institutional Business, benefits expertise to help consumers transition to retirement, seamless packaging of products that address multiple risks, and thought leadership that demonstrates our
retirement expertise. |
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| Several key strategies were proposed based on this assessment, with the idea that they both provide the foundation for a sustainable competitive advantage and also leverage much of what MetLife already does today. A core strategy is to develop a cadre of retirement specialists to support our clients retirement needs—whether individual customers or employees of institutional relationships. These retirement specialists—MetLife representatives with retirement-specific qualifications and training—will be initially deployed in 2007 as part of another key initiative—retirewise®—a structured program delivering education and advice at the workplace. |
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| The RSG is also partnering with MetLife Bank to introduce retirement specialists to clients in order to help them prepare for the transition to retirement, and is examining opportunities to use packaging to meet multiple retirement needs. |
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| To develop visibility and establish MetLife as one of the “go-to” providers of retirement solutions, MetLife's first retirement ad debuted in September 2006 and MetLife began building its first-ever retirement site for consumers on metlife.com. A new newsletter targeting key stakeholders—“Retirement Source”— was also introduced. |
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| "Today's boomers are looking for a partner who can help them make sense of all the changes, risks and opportunities that retirement brings, so that they are better prepared to make the transition to retirement and keep it on track. That is where MetLife comes in. We can help them bring together all the pieces and address retirement in a more comprehensive way, which we feel is something thats not being done effectively in the marketplace." |
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| –Melody Dippold, RSG |
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