MetLife (MET), Empathy to Offer Enhanced Bereavement Services
MetLife, Inc. MET has recently teamed up with the holistic guidance and care provider for bereaved families, Empathy. As a result, employees and their beneficiaries enrolled in life insurance can enjoy access to the bereavement care platform of Empathy through the Beneficiary Claims Concierge Services of MET.
The care platform assures to provide comprehensive bereavement services on the submission of a life claim. It keeps an eye to minimize administrative burdens that often follow after the claim submission as well as deliver emotional support to beneficiaries. Such services are of dire need as they better equip the families to cope up with the loss of a loved one.
With the integration of technology with human assistance, the Empathy platform extends administrative support in the form of on-demand bereavement concierge services, estate administration experts, probate guidance, funeral support, property clearance, family collaboration features and an account deactivation hub. Grief sessions, sleep assistance, mindfulness activities, and self-care tools also remain in place as emotional support means within the platform.
The latest tie-up reflects MetLife’s sincere efforts to enhance its Beneficiary Claims Concierge Services, which was launched last year. These services form a part of its group benefits offerings. Time and again, it has resorted to acquisitions or partnerships for strengthening the Group Benefits business.
Integrating beneficial features, such as access to the Empathy platform, within its services offerings are likely to lure more customers to opt for MET’s life insurance policies. Needless to say, higher policy sales fetch higher premiums to insurers, which remain the most significant contributor to its top line. Adjusted premiums, fees and other revenues of the Group Benefits business rose 2.6% year over year in the first half of 2023.
Initiatives similar to the latest one are expected to solidify MetLife’s reputation as a leading group life insurance carrier across the United States. It is worth mentioning that the partnership with Empathy has already started bearing fruits for MET as the insurer’s first client to provide Empathy's platform, AT&T, witnessed remarkable engagement levels.
Additionally, the recent move of MetLife can also be termed as a time opportune one as well, considering the substantial time that bereaved families have to dedicate for addressing administrative burdens. Per Empathy’s 2023 Cost of Dying Report, families need to spend 12.5 months, on average, to resolve financial matters consequent to the loss of a loved one.
Shares of MetLife have gained 22% in the past three months compared with the industry’s 6.4% growth. MET currently carries a Zacks Rank #3 (Hold).
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Stocks to Consider
Some better-ranked stocks in the insurance space are Arch Capital Group Ltd. ACGL, Employers Holdings, Inc. EIG and Aflac Incorporated AFL. While Arch Capital sports a Zacks Rank #1 (Strong Buy), Employers Holdings and Aflac carry a Zacks Rank #2 (Buy) at present.You can see the complete list of today’s Zacks #1 Rank stocks here.
Arch Capital’s earnings surpassed estimates in each of the last four quarters, the average surprise being 26.83%. The Zacks Consensus Estimate for ACGL’s 2023 earnings suggests an improvement of 38.2% from the year-ago reported figure, while the same for revenues suggests growth of 30.6%. The consensus mark for ACGL’s 2023 earnings has moved 7.7% north in the past 30 days.
The bottom line of Employers Holdings outpaced earnings estimates in each of the last four quarters, the average surprise being 34.08%. The Zacks Consensus Estimate for EIG’s 2023 earnings suggests an improvement of 10.2% from the year-ago reported figure, while the same for revenues suggests growth of 20.5%. The consensus mark for EIG’s 2023 earnings has moved 3.2% north in the past seven days.
Aflac’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.76%. The Zacks Consensus Estimate for AFL’s 2023 earnings suggests an improvement of 12.2% from the year-ago reported figure. The consensus mark for AFL’s 2023 earnings has moved 3.3% north in the past 30 days.
Shares of Arch Capital, Employers Holdings and Aflac have gained 4.9%, 5.9% and 13.4%, respectively, in the past three months.
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