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| Source: BusinessWire. George Tan (right), CEO, MetLife China and Kathy Awanis (left), SVP and head of Direct and E-Business, MetLife Asia celebrate the successful launch of their digital platform in China. |
MetLife, one of the largest life insurance companies in the world, has announced a major milestone in its long-term strategy for China and Asia to provide digital end-to-end sales and service.
“China’s digital channel is a milestone in our longer-term strategy of continuously innovating the ways we provide insurance products, services, ease and convenience to our customers. With this launch we are not simply building an online channel, we are creating a digital ecosystem centered on the customer,” said Chris Townsend, President of MetLife Asia. “While it is launching in China first, we will be rapidly deploying the platform across our other markets in Asia and expect it to become a key differentiator for MetLife in the region.”
MetLife taps into a substantial digital footprint. Nearly half (45%) of the world’s Internet users come from Asia, where Internet penetration is only at 32%, compared to 85% in North America. E-commerce in China, which accounts for 60% of all online spending in the region, will reach US$275 billion, and the country is expected to overtake the US in terms of online spending by 2016.
“We spoke to Chinese consumers, and we learnt that they want easy to understand products and that clearly correspond with their life-stage needs; they also told us that these products need to transparent and convenient and easy to purchase,” said George Tan, CEO of MetLife China. “Through MetLife’s China digital channel, we are responding to Chinese consumers’ needs with a way of getting insurance how they want and when they want it.”
Kathy Awanis, Senior Vice President and Direct and eBusiness Head for MetLife Asia, led the strategy and delivery of the new digital platform. She explained further: “China’s digital channel empowers consumers by building their awareness and knowledge, providing them with full and transparent information that is relevant to their life stage. It enables them to not only acquire the protection they need in an informed and expedient way, but provides them with greater control and the ability to manage their own and their family’s policies and financial futures far more conveniently.”
In China, the need for companies to provide digital services is expanding exponentially. According to a study conducted by the McKinsey Global Institute, the number of Internet users in China is set to surpass the 700 million mark over the next year, with the number of smartphones growing from 380 million to 700 million in 2013 alone.
To meet this growing demand, MetLife has launched through joint venture Sino US MetLife Insurance Company a new digital platform for life insurance and protection products. MetLife’s Digital Ecosystem is the first in China to fully integrate online and offline sales, service and social channels. Together with MetLife’s WeChat capability, real time analytics, customer relationship management and deep insight and integration with social media networks it gives consumers the freedom to select and compare insurance products, receive quotes instantly, buy online, connect with a local agent or channel of choice, make payments, or check on claims from any mobile or desktop device.
To meet this growing demand, MetLife has launched through joint venture Sino US MetLife Insurance Company a new digital platform for life insurance and protection products. MetLife’s Digital Ecosystem is the first in China to fully integrate online and offline sales, service and social channels. Together with MetLife’s WeChat capability, real time analytics, customer relationship management and deep insight and integration with social media networks it gives consumers the freedom to select and compare insurance products, receive quotes instantly, buy online, connect with a local agent or channel of choice, make payments, or check on claims from any mobile or desktop device.
“China’s digital channel is a milestone in our longer-term strategy of continuously innovating the ways we provide insurance products, services, ease and convenience to our customers. With this launch we are not simply building an online channel, we are creating a digital ecosystem centered on the customer,” said Chris Townsend, President of MetLife Asia. “While it is launching in China first, we will be rapidly deploying the platform across our other markets in Asia and expect it to become a key differentiator for MetLife in the region.”
MetLife taps into a substantial digital footprint. Nearly half (45%) of the world’s Internet users come from Asia, where Internet penetration is only at 32%, compared to 85% in North America. E-commerce in China, which accounts for 60% of all online spending in the region, will reach US$275 billion, and the country is expected to overtake the US in terms of online spending by 2016.
“We spoke to Chinese consumers, and we learnt that they want easy to understand products and that clearly correspond with their life-stage needs; they also told us that these products need to transparent and convenient and easy to purchase,” said George Tan, CEO of MetLife China. “Through MetLife’s China digital channel, we are responding to Chinese consumers’ needs with a way of getting insurance how they want and when they want it.”
Kathy Awanis, Senior Vice President and Direct and eBusiness Head for MetLife Asia, led the strategy and delivery of the new digital platform. She explained further: “China’s digital channel empowers consumers by building their awareness and knowledge, providing them with full and transparent information that is relevant to their life stage. It enables them to not only acquire the protection they need in an informed and expedient way, but provides them with greater control and the ability to manage their own and their family’s policies and financial futures far more conveniently.”
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