MetLife Strengthens Exclusive Channels to Enter 'Top 5'

MetLife is accelerating its efforts to enter the top 5 in the life insurance market with a differentiated growth strategy. MetLife, which entered Korea in 1989, is the Korean subsidiary of the global insurer MetLife, headquartered in New York, USA.

According to the insurance industry on the 27th, MetLife, celebrating its 36th anniversary of entering the Korean market this year, has set a goal of entering the top 5 domestically based on strengthening exclusive channels and digital transformation.

At the heart of the strategy is 'customer-centric value realization' based on the group's mission of 'Always by your side, for a stronger future.' MetLife is making multifaceted efforts to maximize customer convenience through △expanding death and health coverage throughout the customer's life △comprehensive health management solution 360 Health △comprehensive retirement solution 360 Future △integrating insurance contract management and various service functions into the MetLife One app.

Particularly notable is the solid financial soundness. Despite the introduction of the new international accounting standard (IFRS17), MetLife's solvency ratio (K-CIS) was 356.4% at the end of last year, the highest in the industry.

It is also an advantage that it is the only foreign life insurer in Korea with an exclusive agent channel. Additionally, by continuously recruiting professional agents and providing comprehensive solutions, it is enhancing its sales capabilities. Professional agents refer to doctors, lawyers, accountants, tax accountants, patent attorneys, labor attorneys, appraisers, etc., who engage in insurance sales.

MetLife provides differentiated customer-tailored consulting and solutions through its VIP dedicated asset management center, the Noblerich Center, with tax, labor, and legal experts leveraging 20 years of accumulated experience. Furthermore, effectively responding to customers' asset diversification needs with a diverse product lineup, including dollar insurance, is also considered MetLife's competitive edge.

coddy@fnnews.com Yebyeongjeong Reporter