Strategic Marketing for Metlife India Insurance
Executive Summary
As it celebrates 10 years of operations in the Indian life insurance space, it could not be a better time for MetLife India to have achieved profitability. The time is right for the organisation to think of how it intends to write the second chapter in its Indian story and achieve its goal of becoming a top tier life insurance player. While the market shows plenty growth potential and the industry still believes in the adage of insurance being sold and not bought, the focus continues to remain on products, distribution efficiency and cost optimisation. However, the real strategy towards growth lies in taking steps towards creating a better two way interaction designed to meet the consumer and provider needs. Adopting this view could differentiate MetLife from the rest of the pack.
The road ahead lies in establishing an environment which encourages innovative thinking and research both internally and externally, leveraging the power of social networking and computing, fostering collaboration amongst partners and competitors to learn and work alongside, viewing opportunities with a wide perspective and developing appropriate solutions. The need of the hour is to switch from product to customer centricity – to look beyond products and to segment customers by analysing psychographic instead of demographic information. It will require MetLife India to change its thinking, measure the customer value it provides and the return therefrom, use social media to interact and co-innovate with customers, listen to their needs and create a trusted and transparent relationship. Data so collected and harnessed will allow MetLife to translate it into insight and profit from it.
Overview
MetLife India Insurance is one of the fastest growing life insurance companies in India. An affiliate of US based MetLife Inc., it commenced operations in Indian in 2001 and serves both individual and group (commercial) customers via multiple channels – a strong network
As it celebrates 10 years of operations in the Indian life insurance space, it could not be a better time for MetLife India to have achieved profitability. The time is right for the organisation to think of how it intends to write the second chapter in its Indian story and achieve its goal of becoming a top tier life insurance player. While the market shows plenty growth potential and the industry still believes in the adage of insurance being sold and not bought, the focus continues to remain on products, distribution efficiency and cost optimisation. However, the real strategy towards growth lies in taking steps towards creating a better two way interaction designed to meet the consumer and provider needs. Adopting this view could differentiate MetLife from the rest of the pack.
The road ahead lies in establishing an environment which encourages innovative thinking and research both internally and externally, leveraging the power of social networking and computing, fostering collaboration amongst partners and competitors to learn and work alongside, viewing opportunities with a wide perspective and developing appropriate solutions. The need of the hour is to switch from product to customer centricity – to look beyond products and to segment customers by analysing psychographic instead of demographic information. It will require MetLife India to change its thinking, measure the customer value it provides and the return therefrom, use social media to interact and co-innovate with customers, listen to their needs and create a trusted and transparent relationship. Data so collected and harnessed will allow MetLife to translate it into insight and profit from it.
Overview
MetLife India Insurance is one of the fastest growing life insurance companies in India. An affiliate of US based MetLife Inc., it commenced operations in Indian in 2001 and serves both individual and group (commercial) customers via multiple channels – a strong network
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