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Enhancing Access

Creating New Products: Make Things Easier

MetLife develops many products every year to meet the changing needs of our customers. In 2017, we began rolling out a new product development process to more clearly connect our products to customer needs. The new process uses customer insights, strong market testing, uniform risk governance and end-to-end digitization to reduce risk, lower costs and drive greater value. The new approach will help customers better understand what our products do and which ones are right for them. We are also changing many of our product names to be simpler and more intuitive in order to provide our customers increased transparency and a better understanding of our solutions.

Enhancing Access to Products and Services

We seek to make insurance simple and accessible by offering useful products and services through convenient channels. We are achieving this objective by broadening access to affordable products and services, offering insurance to middle-class and disadvantaged populations and establishing a presence in countries where protection products are difficult to obtain.

In many of our markets, we distribute insurance through partnerships with organizations such as banks, retailers, mobile phone operators and affinity groups to overcome barriers to access. We also develop partnerships with microfinance institutions, which provide affordable financial products and services to low-income people in rural areas. The simplified administration, issuance and claim-settlement processes we have developed for these partnerships support our mutual mission of creating greater financial inclusion in developing markets.

Financial Wellness

Personal finances are a leading cause of stress among employees and they look to their employers for help.

As the leading provider of employee benefits and retirement income solutions in the U.S., MetLife has offered workplace financial planning programs to our clients for nearly 20 years. In 2018, we built on our long-running PlanSmart program with an updated solution, PlanSmart® Financial Wellness. This multichannel platform focuses on behavioral change, offering tools and guidance that empower employees to build financial literacy, confidence and well-being. In addition, it positions employee benefits at the center of financial wellness — integrating the employer’s benefit options into the platform and tying guidance to employees’ workplace benefits.