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PNB MetLife Achieves 100% Claim Settlement Ratio in Kochi

In Business
December 11, 2023

PNB MetLife, a leading player in the insurance industry, recently organized a media roundtable event at Holiday Inn in Kochi. The gathering facilitated a meaningful discussion between key executives and media representatives, focusing on the company’s latest insurance products and strategic plans.

PNB MetLife, a prominent life insurance company in India, seamlessly blends the credibility of PNB, one of the nation’s oldest and foremost nationalized banks, with the robust financial legacy of MetLife Inc., a global insurance leader with 155 years of experience. With over 20 years of dedicated service in the Indian market, PNB MetLife stands as a trusted and well-established brand, boasting a widespread presence across the country through a variety of distribution channels.

PNB MetLife is leading a transformative shift in the complete customer experience, from the initial sales process to onboarding and ongoing post-sale service. This transformation harnesses the power of a comprehensive digital ecosystem. PNB MetLife provides a diverse range of products and solutions designed to meet the financial needs of individuals at various life stages, such as retirement, protection, child-related expenses, and long-term savings. These offerings are thoughtfully aligned with their Circle of Life philosophy.

Leveraging data analytics tools, PNB MetLife has accelerated processes, ensuring seamless experiences for stakeholders. Customer loyalty is evident in prolonged associations, with a substantial number choosing to remain with PNB MetLife until the completion of their policy tenure. Industry reports affirm this trend, highlighting the company’s industry-leading Surrender Rate.

PNB MetLife’s impressive claim settlement ratio of 99.06% and 99.70% for FY 2023 for Individual and Group claims across country that proves PNB MetLife’s commitment to stand by their customers in their time of need. Furthermore, PNB MetLife’s exceptional performance extends to the Kerala region, where the claim settlement ratio stands at an impressive 97%. Notably, in Kochi, PNB MetLife has achieved a perfect 100% claim settlement ratio. This outstanding track record underscores the company’s deep commitment to standing by its customers when it matters the most, ensuring unparalleled support and customer satisfaction.”

The company currently has 16 PNB MetLife branches in Kerala, as well as 514 branches through their banca partnerships in the state through which they offer services and products to customers. PNB MetLife has also demonstrated substantial Annual New Business Premium (ANBP) growth, with a remarkable 15% increase in Kerala and a steady 7% growth in Kochi. This performance reflects the company’s commitment to continual improvement and strategic expansion in key markets.

PNB MetLife sets a benchmark for excellence within the life insurance industry, ensuring customers enjoy the peace of mind they rightfully deserve. The company places paramount importance on their financial security and consistently delivers exceptional customer service. Recently, PNB MetLife introduced the PNB MetLife Genius Plan, an individual, non-linked, non- participating, savings-oriented life insurance plan. This offering aims to cater to the diverse life stage needs of customers residing in Kochi. The plan not only provides life insurance coverage but also offers parents the flexibility to choose the timing of benefit pay-outs, aligning with their unique preferences and financial capacity, as they pay premiums over a selected time frame that suits their convenience.

PNB MetLife has been fulfilling customer’s dreams of wealth creation with consistently superior fund performance by outperforming peers.* They have also launched a Sustainable Equity Fund. The latest addition to the PNB MetLife Goal Ensuring Multiplier plan empowers customers to create a positive influence while maximizing their returns. This is achieved by directing their premium investments towards companies that champion environmental, social, and governance (ESG) principles. Sustainable investing, recognized as one of the most rapidly expanding global investment trends, offers a meaningful avenue to simultaneously contribute to societal betterment and accumulate wealth.