2014 was a particularly exciting year for me as I became part of the PNB MetLife team and we started a new phase of our journey together. I take this opportunity to thank you for your commitment and appreciate your continued partnership and support to PNB MetLife.
For the Financial Year (April - November), we maintain our rank at 8th position with a 3.4% market share. We are one of the few growing Agencies in the country, our three key Bancassurance partnerships have given us a pan-India footprint, the DM channel has been launched and the EB business continues to keep the flag high. In spite of the market conditions and significant challenges faced by the sector, we collectively achieved this. I would like to take you through some of our key achievements during the year:
- PNB MetLife has one of the best in-claims ratio in the industry - 90% for individual and 99% for group business
- Our Complaint ratios are the lowest among the top 10 private insurers in the country
- Our humane approach towards J&K natural calamity and ongoing efforts in supporting relief and rehabilitation efforts in the state has been recognised
- Launching the Diversity & Inclusion (D&I) agenda for India with a focus on creating a conducive and enabling work environment for the women employees
- Phenomenal branding efforts in "Happy New Year" and improvement in our brand consideration scores
We are proud of what we have achieved so far, but recognise that there is a lot of work to do to meet the aggressive goals we have set for ourselves. There are three customer challenges at the heart of a life insurance company - Simplification, Self-service and Engagement & Longevity. We need to develop competencies in each of these areas, if we have to be among the top players in terms of Customer Centricity. With an approach to 'solutionizing' of products basis customer needs and segments, we need to come up with simpler products and enhanced on-boarding using a digital platform. At the same time, we need to understand that the changing need of business requires us to develop new routes to market through digitization and reach out to a larger customer base.
2015 will bring its own set of challenges and opportunities, so let us move ahead with confidence. One of the things we can look forward to is the return of 'Snoopy' into our brand. We will share more details on this later.
I wish you and your family a very happy and prosperous 2015 and look forward to another successful year ahead together!