Market Audit of MetLife Insurance

Market Audit of MetLife Insurance

INTRODUCTION

I am selecting Insurance industry to conduct a market audit as per requirement of the given assignment, and insurance company which we are selecting for our Audit is MetLife insurance. In today's highly competitive environment it is proved that insurance sector is characterized by the growth potentials in comparison to other sectors. Insurance sector in US has the maximum growth rate of 40% to 60% (Young, 2013) .This growth potential has attracted me to pen down my accumulated knowledge of this course on insurance sector (Analysis, 2003).

MetLife a name considers as a global leader in providing insurance and insurance related product across the globe was establishes in 1868. The Company deals in all kind of benefits related to employee in 60 countries with a customer base of 90 million (insurance). In addition to this, 88 companies of Fortune 100 are among its corporate clients (CNN). MetLife is holding a leading position in United Stated of America, Japan, Asia, Europe, Africa and Middle East. MetLife deals directly with its customers and it also involve brokers, agents and third party contracts to facilitate the wide range of customers. It is given 46th rank in the Fortune list of top 500 companies. MetLife is the number 1 insurance company in the world, and in 2011 it was listed number 4 in the list of most admired companies of America. Company is found very vibrant in providing facilities to community and development of society. Over the years, MetLife has initiated a number of urban renovation and community development projects through community financing and other modes.

MetLife has also played a very important role in helping and healing of the country, and this can be traced back into 1909 when 50 million broachers' and pamphlets of Frankel's works on Prevention of Tuberculosis (Service) was distributed for public education by the agents of MetLife Insurance. The company has launched several attractive campaigns such as the one in which more than 20million of policyholders in 7000 cities received free Nursing care, during this campaign 35 out of every 1000 policyholders were given free treatment for diseases such as Tuberculoses, small pox etc. It was one of the biggest endeavors conducted by an organization.

Discussion

Current Situation

MetLife insurance is expanding on continuous basis and is focused on the strategies of product and market development. It also ensures that its operations and services are guide by its ethical values. Share of companies are publically traded on S&P 500 Index and NYSE (hoovers). MetLife is growing its business and operation with expansion, focus, sustainable profitability and integrity.

Current Performance

MetLife is continuing its policy of growth and profitable expansion. In year 2010 it is observed that the insurance company has achieved a historical capacity enhancement record by acquiring ALICO (American Life Insurance Company) from American International Group (AIG). This acquisition of ALICO has transformed MetLife into a global life insurance and it also helps in gaining a global unique position among its competitors ...