MetLife Develops Web-Based Life Insurance Benchmarking Tool For Employers

NEW YORK, NY, April 21, 2003 -- MetLife today announced that it has developed a new Web-based benchmarking tool that enables employers to determine how the life insurance benefits they offer employees compares to other companies. The tool can be accessed at: www.metlifeiseasier.com/lifedemo.

"More than one-third of Americans with financial dependents don't have any life insurance protection at all. Even for employees that do have coverage, 30% have coverage less than one times their household income - which for most people is drastically insufficient. Because the majority of people purchase their life insurance coverage through the workplace, employers play a critical role in closing the underinsured gap," said Michael Witwer, MetLife vice president, Life Product Management.

MetLife's new benchmarking tool provides employers with the ability to see how they measure up against companies of similar employee size. Additionally, the benchmarking tool provides best practice suggestions to help ensure that employees are getting the most out of their group life benefit plans.

"Employers should find the MetLife Life Insurance Benchmarking Tool a handy resource that can help them identify gaps and take actions to maximize the effectiveness of their group life insurance plans," notes Witwer.

The easy-to-use benchmarking tool takes just minutes to complete. Employers are encouraged to review their current practices by answering a few simple questions, such as whether the employer provides employees with supplemental life insurance coverage and how often the employee can adjust life insurance coverage amounts to meet their changing needs. In addition, the benchmarking tools asks how benefits information is being provided to employees - such as the use of online enrollment channels or the availability of decision support tools. The employer's answers are then compared to industry benchmarks for employers of similar size. Several questions are part of an "Instant Poll" - allowing employers to view their answers along side responses compiled from all other companies who have already completed the online survey.

MetLife, a subsidiary of MetLife, Inc. (NYSE: MET), is a leading provider of insurance and other financial services to individual and institutional customers. The MetLife companies serve approximately 12 million individuals in the U.S. and companies and institutions with 33 million employees and members. MetLife also has international insurance operations in 12 countries. For more information about MetLife, please visit the company's Web site at www.metlife.com.

  
Contacts 
 
 
    
 MetLife
Karen Eldred, 212/578-9561
keldred@metlife.com