PNB MetLife’s focus on the northern region

0
223

PNB MetLife’s focus on the northern region: PNB MetLife India Insurance Company Limited (PNB MetLife), one of the top 10 private life insurance companies in India (Fiscal 2019, Source: CRISIL) has been present in India since 2001.

PNB MetLife’s focus on the northern region

PNB MetLife brings together the expertise of a leading global life insurance provider, MetLife, Inc., and the credibility and reliability of PNB Bank, one of India’s oldest and leading nationalised banks. The vast distribution reach of PNB Bank together with the global insurance expertise and product range of MetLife makes PNB MetLife a strong and trusted insurance provider.

In these unprecedented and challenging times, PNB MetLife is determined to deliver the utmost value to all its stakeholders. The Company has been focusing on employee safety, continuity of customer services, and stakeholders whilst its running business. PNB MetLife already has a robust Business Continuity Plan (BCP) in place and technology is the most critical aspect of it.

Guided by its purpose statement, PNB MetLife has put in a robust customer communication plan to drive usage of its digital channels for any servicing request, with focus on downloading AI based customer service app – khUshi. Modes of communication ranging from emails to website updates, push notifications on customer service app and social media posts have been used extensively to build-up this communication. The Company has set-up a dedicated customer care number and opened the online channel to process claims.

In line with the regulator’s (IRDAI) announcement, all PNB MetLife policies offer cover for Covid-19 and this has been proactively informed to the customers.

Product Mix

PNB MetLife understands the needs of its customers and offer products based on their needs. Through its “circle of life” approach of developing need based solutions, the Company partners with its customers through different stages of life; with products catering to financial needs of – Child Education, Family Protection, Long Term Savings and Retirement. PNB MetLife’s comprehensive product portfolio comprises of 17 Savings Products, 13 Protection Products, 5 pension products, and 8 optional riders

Focus on the region

Punjab and Haryana are growing markets for PNB MetLife.

  • These two states are mostly driven by the bancassurance channels, which contribute 84% of NBP of the total sales from the region.
  • Punjab National Bank alone contributes 74%+ of NBP sales in these two states. As on 31st Mar 2020, Punjab and Haryana together contributed ~12% of the New Business Premium and ~10% of the customers hail from these two states. PNB MetLife has an employees strength of 1723 employees at the region