MetLife Plans to Sell Insurance Using Digital Platform in China

MetLife Inc. (NYSE: MET), a leading life insurance company, through Sino US MetLife Insurance Company Limited, today announced its plan for China and Asia to provide digital end-to-end sales and service.

In China, consumer behavior is moving toward digital at an unprecedented speed, and 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 launched a new digital platform in China targeting the needs of its expanding middle class for easy-to-purchase 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 instantaneous quotes, buy online, connect with a local agent or channel of choice, make payments, or check on claims from any mobile or desktop device.

MetLife taps into a digital footprint and economy that is substantial and growing. 45% of the world’s internet users come from Asia, where internet penetration is only at 32%, as compared to 85% in North America.

E-commerce in China, which accounts for 60% of all online spending in the region, will reach USD$275 billion, and the country is expected to overtake the U.S. in terms of online spending by 2016.

Over the past year, MetLife has been expanding its online presence in China, launching a self-service platform on popular social media app WeChat.

In the picture above: George Tan (right), CEO, MetLife China and Kathy Awanis (left), SVP and head of Direct and E-Business, MetLife Asia celebrate the launch of China’s digital platform.