MetLife, a US-based insurer, has announced a collaboration with Micruity, a retirement technology solution provider, to enhance access to retirement income solutions.
This partnership focuses on the development of MetLife’s Universal Digital Retirement platform, designed to simplify the process of education, planning, and annuity purchasing for retirement.
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MetLife’s platform integrates with existing employment benefit, third-party administrator, and recordkeeping systems.
Micruity said the alliance aims to support defined contribution plan participants in making more informed decisions as they near retirement.
According to MetLife’s 2024 Qualifying Longevity Annuity Contract Poll, 91% of plan sponsors are worried about retirees depleting their funds.
The new digital tool aims to alleviate these concerns by facilitating access to comprehensive educational resources on retirement income and immediate income annuities within defined contribution plans.
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By GlobalDataMicruity’s platform offers a plug-and-play data infrastructure, logic layer, and connectivity that is claimed to simplify complex operations for insurers, asset managers, and recordkeepers.
With more than four decades of experience in the institutional income annuities market, MetLife works with plan sponsors to broaden the availability of guaranteed lifetime income solutions.
MetLife vice president and head of institutional income annuities Roberta Rafaloff said: “By augmenting the retirement planning tools available to plan participants through Micruity’s integrations, we are making it easier for participants to learn about and access retirement income solutions like our MetLife Guaranteed Income Program and MetLife Retirement Income Insurance QLAC.”
Micruity CEO Trevor Gary said: “The enhanced collaboration with MetLife is another milestone in our mission to deliver simple, accessible, retirement income solutions.”
“Our flexible infrastructure means that we can efficiently build out new products and enhancements for our clients, iterating on components we previously configured for MetLife on Fidelity’s Guaranteed Income Direct (GID) and State Street Global Advisors IncomeWise platforms.”.
Earlier in the year, MetLife formed a partnership with Fidelity Investments to launch the MetLife Guaranteed Income Programme, a fixed immediate income annuity designed to provide retirees with a consistent source of income.
