Yahoo Finance MetLife's (MET) Connected Benefits to Enhance Employer Offerings
MetLife, Inc. MET recently rolled out an enhanced version of MetLife Connected Benefits in a bid to improve customer experience with a more holistic connected benefits capability. This new functionality will leverage technology to screen pharmacy and medical claims and user activity to provide customized benefit education and simplify claims processing.
Per MetLife’s 2024 U.S. Employee Benefit Trends Study, 62% of employees do not feel confident about the knowledge of all the benefits offered to them. MET is aiming to tackle the obstacle of lack of proper benefit education by providing personalized benefit education based on employee data. This move bodes well for MetLife as it will efficiently be able to link existing benefits with voluntary benefits, leading to improved utilization of benefits. This will also impart more value to employer offerings to employees, leading to better satisfaction and retention. Enhancement to its offerings is expected to aid employers in addressing the rising expectations of today’s workforce.
MET is integrating benefits to aid employees in understanding how benefits can work together in their favor. Per MET’s data, 73% of employees find benefits integration important, highlighting rising expectations for a connected and streamlined experience. MET’s Connected Benefits links seamless experience and aims to improve the utilization of benefits. Per MET’s data, employees who choose and use the benefits are healthier and 1.3 times more likely to feel engaged and loyal at their workplace.
Nayya Claims will analyze medical claims data, enabling MetLife Connected Benefits’ accident and health and dental products. Nayya Claims’ technology will identify claims opportunities and scenarios from medical and pharmacy care data, allowing it to offer personalized other voluntary services. MetLife Legal Plans and MetLife and Aura Identity & Fraud Protection are also able to link experiences. MetLife Connected Benefits and Upwise will work together to deliver a seamless experience for employees.
Shares of MetLife have gained 7.1% year to date compared with the industry’s 4.6% growth. MET currently carries a Zacks Rank #3 (Hold).
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Key Picks
Some better-ranked stocks in the broader Finance space are Ryan Specialty Holdings, Inc. RYAN, Root, Inc. ROOT and Brown & Brown, Inc. BRO, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Ryan Specialty’s 2024 full-year earnings indicates a 28.3% year-over-year increase. It beat earnings estimates in two of the past four quarters and met twice, with an average surprise of 5.1%. Also, the consensus mark for RYAN’s 2024 full-year revenues suggests 19.5% year-over-year growth.
The consensus mark for Root’s 2024 full-year earnings indicates a 23.1% year-over-year improvement. The earnings estimate has witnessed three upward estimate revisions in the past month against no movement in the opposite direction. Furthermore, the consensus estimate for ROOT’s 2024 full-year revenues suggests 101.8% year-over-year growth.
The Zacks Consensus Estimate for Brown & Brown’s 2024 full-year earnings is pegged at $3.55 per share, which indicates 26.3% year-over-year growth. The estimate jumped 14 cents over the past month. BRO beat earnings estimates in each of the past four quarters, with an average surprise of 11.2%.
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