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MetLife SWOT & PESTLE Analysis

ID : 52377753| Sep 2020

COMPANY PROFILE -MetLife Inc.

Business Sector :Insurance

Operating Geography :United States, Global

About MetLife Inc. :

MetLife, Inc. was founded in 1863 and is based in New York. It is the global provider of life insurance, annuities, employee benefits and asset management. Through its affiliates and subsidiaries, Metlife holds a market leader position in various parts of the world like US, Latin America, Japan, Asia, Europe and Middle East. It is also the largest institutional investor in the US. Metlife has a mix of insurance products divided into six segments: Life Insurance, Retirement, Corporate Benefits, Auto & Homeowners, International and Corporate & Other and these products are distributed through brokers, consultants and intermediaries.

Its mission statement states: ‘Our mission of financial inclusion offers more people across the globe access to the financial services they need to build better lives.’

MetLife Inc. Revenue :

US $62.094 billion in FY2017 (y-o-y growth of 2%)

Competitive Analysis of MetLife Inc.

SWOT
PESTLE
The SWOT analysis of MetLife is presented below:
Strengths
Weaknesses
1. Exemplary customer service
2. Strong brand name and huge presence across the globe
3. Launch of conVRse- the first of its kind VR platform
1. Declining financial performance
2. MetLife failed to pay benefits to some retirees
3. High cost of operations as compared to industry
4. Overdependence on the US market
Opportunities
Threats
1. Continue disruptive innovations after ‘Beautiful’ and ‘conVRse’
2. Aging population of Japan and US
1. Metlife may again come under the Systemically Important Financial Institutions
2. Little differentiation in insurance product offerings leading to competition over pricing
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Detailed SWOT Analysis of MetLife Inc.

 

Strength

1. Exemplary customer service: MetLife has a customer driven focus and measurement of success in company is done using net promoter scores (NPS). In 2016 it brought a 360 degree customer feedback system called NPS 360 for collection of overall NPS metrics which has four major competitors- transactional, relationship, employee and competitive. Also, the company keeps out carrying extensive customer research and it is because of these measures taken by MetLife and continuous improvement practices that it is now able to add more values to its customers and its performance improved 35% from 2014-16.

2. Strong brand name and huge presence across the globe: MetLife enjoys a market leader position in many countries like Japan, US, etc. which is to a great extent because of the strong and reputed brand name that it has achieved in more than a century. It is within top 50 companies in the list of fortune 500 companies. MetLife operates in more than 60 countries across the globe and has a customer base of about 90 million and more than 65000 employees.

3. Launch of conVRse- the first of its kind VR platform: In 2017, MetLife won the Asia Insurance Industry Award 2017 for ‘Innovation of the Year’ for the second time by the launch of conVRse a first-of-its-kind experiential Virtual Reality (VR) customer service platform designed to revolutionize interaction between insurers and customers as this if the first time VR has been used in Insurance industry. ConVRse had also won numerous other awards thereby demonstrating its business and social impact. Through the initial response, 96% of customer felt a delighted experience. Thus MetLife has established itself as a technology innovator ahead of its competitors through launch of a VR platform for answering customer’s policy related queries.

Weakness

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Opportunity

1. Continue disruptive innovations after ‘Beautiful’ and ‘conVRse’: For two consecutive years MetLife has won the Asia Insurance Industry Award 2017 for ‘Innovation of the Year’ with its products like ‘Beautiful’ and ‘conVRse’. Beautiful aims at providing healthcare facilities whereas conVRse is a first-of-its-kind experiential Virtual Reality (VR) customer service platform designed to interact between insurers and customers. The survey performed showed high levels of customer experience with converse adding more to the strong brand name. Because innovation in insurance sector is very limited and products are also not very differentiating, it is here where MetLife can consolidate its position as a leader in innovation.

2. Aging population of Japan and US: The aging population of US and especially Japan would drive a near future demand of life insurance (which currently account for more than company’s 70% revenue) and annuity products and would bring some stability and earnings for the company. So MetLife should be able to continue to utilise its recognisable brand and increase firm’s value in coming future and if new innovating financial products are brought in these markets catering to the needs of every sections of society, MetLife could be far ahead of competitors.

Threat

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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in MetLife Inc. Analysis Report

1. MetLife Suffers From Declining Revenues, Spinoff Charges: Zacks Equity Research August 09, 2017

https://www.zacks.com/stock/news/271384/metlife-suffers-from-declining-revenues-spinoff-charges

2. Pensions and Buyouts :Metlife failed to pay the benefits to some retirees from annuity buyouts

https://www.pionline.com/article/20171218/ONLINE/171219824/metlife-discloses-it-failed-to-pay-benefits-to-some-retirees-from-annuity-buyouts

3. Business Wire India:MetLife recognized for innovative customer solutions- Nov2, 2017

https://www.metlife.com/content/dam/microsites/about/corporate-responsibility/pdf/global-impact-full-report.pdf

4. Metlife uk closes to new wealth management business: 06/07/2017

https://www.metlife.co.uk/who-we-are/media-centre/2017/july/metlife-uk-closes-to-new-wealth-management-business/

https://www.metlife.com/content/dam/microsites/about/corporate-responsibility/pdf/global-impact-full-report.pdf

5. Triangle business journal: MetLife's IT hub in Cary could benefit from company's $1B tech investment plan , April 28, 2017

https://www.bizjournals.com/triangle/news/2017/04/28/metlifes-it-hub-in-cary-could-benefit-from.html

6. Department of Business, Enterprise and Innovation: Metlife celebrates grand opening of world-class global technology campus in Galway, 7th November 2017

https://dbei.gov.ie/en/News-And-Events/Department-News/2017/November/07112017.html

7. RM LAW Announces Class Action Lawsuit Against MetLife, Inc.: Feb 18 2017

https://www.prnewswire.com/news-releases/rm-law-announces-class-action-lawsuit-against-metlife-inc-300600239.html

8. American Action Forum: FIDUCIARY RULE HAS ALREADY TAKEN ITS TOLL: $100 MILLION IN COSTS, FEWER OPTIONS, Sam Batkins, Feb 22, 2017

https://www.americanactionforum.org/insight/fiduciary-rule-already-taken-toll-100-million-costs-fewer-options/

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MetLife SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). MetLife SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/metlife/ [Accessed 29 Nov, 2020].

In-text: (SWOT & PESTLE.com, 2020)

Copyrights and Disclaimer

MetLife Inc. SWOT and PESTLE analysis has been conducted by Farheen Rahman and reviewed by senior analysts from Barakaat Consulting.

Copyright of MetLife Inc. SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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