Technology
MetLife Rolls Out Digital Sales, Services Channel In Asia To Capture Internet Wave
MetLife, the US-listed life insurance giant, has officially rolled out its digital sales and services channel in Asia via its Sino US MetLife Insurance Company business.
MetLife, the US-listed life insurance giant, has officially rolled out its digital sales and services channel in Asia via its Sino US MetLife Insurance Company business.
The company’s move comes because consumer behaviour in China is, it says, moving towards digital channels at “unprecedented speed” and firms face exponential demand for such services.
The firm cited a study from the McKinsey Global Institute showing that the number of internet users in China is set to surpass the 700-million mark over the next year, with the number of smart phones growing from 380 million to 700 million in 2013 alone. MetLife says 45 per cent of the world's internet users come from Asia, where internet penetration is only at 32 per cent, as compared to 85 per cent in North America. E-commerce in China, which accounts for 60 per cent of all online spending in the region, will reach $275 billion, and the country is expected to overtake the US in terms of online spending by 2016, it said. The recent $26 billion IPO of Chinese e-commerce firm Alibaba (which is also rolling out a wealth management offering) is one of the most spectacular instances of this trend.
MetLife said it has launched the digital platform in China, targeting the country’s expanding middle class for easy-to-purchase life insurance and protection products.
Known as Digital Ecosystem, Metlife said this channel is the first in China to “fully integrate online and offline sales, service and social channels” It fits alongside MetLife's WeChat capability.
"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," Chris Townsend, president of MetLife Asia, said.
"We spoke to Chinese consumers, and we learnt that they want easy to understand products and that clearly correspond with their life-stage need's; they also told us that these products need to transparent and convenient and easy to purchase," George Tan CEO of MetLife China, said.
