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L.N. Revathy

Eight-fold rise in number of lives covered

Coimbatore , July 5

Having topped in group insurance business, MetLife is contemplating to roll out a `Group Superannuation' product soon.

Disclosing this to Business Line, its Director (Institutional Business), Mr Sudip Mukhopadhyay, said MetLife would strive to be the premier employee benefits and group insurance company in the country in the long run. "In the near term, we would look at achieving the leadership position in each line of group business," he added.

The company has, among the 13 private players in the life insurance space, topped in the number of lives covered by touching a high of 87,937 as on April this year compared to 12,659 for the year ended April 2005. The eight-fold increase in the number (of lives covered) has improved its market share significantly to almost 25 per cent.

Mr Mukhopadhyay said MetLife has launched two more product lines — group pension through the launch of the group gratuity product and group credit life business with the roll out of its credit life product.

As group insurance is an annual renewal business, the challenge is in retaining the clientele. "Our vision is to retain our leadership position by enhancing the value proposition".

More Stories on : Life Insurance

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