The Metropolitan Property and Casualty Insurance Company, widely known by the brand name MetLife, is an insurance company incorporated in Delaware State in 1972. At that time, the company operated as The Metropolitan Property and Liability Insurance Company after which it was later changed to its current name in around 1990. After that in 1995, the company left its founding base to Rhode Island where it is currently based. The Metropolitan Property and Casualty Insurance Company operates as a MetLife subsidiary under the Auto and Home brand of MetLife. Up until now, the Metropolitan Property and Casualty Insurance Company is one of the largest global insurance providers, which also provides other products.
A delve into the kind of products provided by this company reveals offerings like employee benefits programs and annuities as well as a range of insurance products. The Metropolitan Property and Casualty Insurance Company carries out its business in three categories namely autos, homeowners insurance and boats. These operations accept liability and physical damage insurance coverage on autos and boats, and also, multiple peril insurances for homeowners. The model of operation of this company is such h that up to 70% of the total premiums remitted are derived from the passenger liability and physical damage policies, which include both standard and non-standard policies. On the other hand, the other remaining percentage is composed of homeowner insurance and other coverage.
Sales and Distribution
In terms of sales and distribution, The Metropolitan Property and Casualty Insurance Company has deviated from the usual to promote their products. They sell their products directly to prospecting policy holders as well as through their workplaces. For personal business, The Metropolitan Property and Casualty Insurance Company offers standard rates and insurance policies through its MetLife brand. The company uses groups to facilitate property and casualty distribution source among other several integrated marketing efforts.
Since inception, The Metropolitan Property and Casualty Insurance Company has been keen on expanding its boundaries and is currently boasting a global presence with millions of clients worldwide. MetLife is present in Latin America, Middle East, Asia, and Europe. However, its leading market bases are in Mexico, Japan, Chile and South Korea. In a bid to strengthen its operations, the company through mergers and acquisitions, has managed to seal a deal that led to the acquisition of The American Life Insurance Company, Alico in 2010. The Metropolitan Property and Casualty Insurance Company has also been rapidly expanding throughout India.