Best’s Review: Meet the New MetLife
December 1, 2017 by Lynna Goch
OLDWICK, N.J. – MetLife began 2017 as the largest U.S. life insurer and ended it as No. 2. That was the plan.
Best’s Review’s cover story, “A New Life,” takes a look at MetLife, its business transformation and the company’s vision for the future.
MetLife has repositioned itself as a diversified, technologically-advanced global carrier. It has exited what was its core business for more than a century, U.S. retail life and annuities, spinning it off into the now independent Brighthouse Financial. It also sold its retail adviser force of life insurance agents, among other moves.
“We’re going to keep transforming all the time because our environment is changing all around us,” said Chief Financial Officer John Hele. “Technology is redefining what’s going on, and consumer tastes are changing. The days when you thought next year or the next two years would be a lot like it is today are over.
“Life insurers have been sheltered from most of the change that has affected so many other industries,” he continued. “But I think it’s coming for us. And that’s what we’re trying to prepare for.”
December’s Best’s Review special section – “A World of Risk” – reports on a wide range of challenges insurers are facing from new technologies, shifting cultural preferences and a new business designed to meet the needs of today’s consumer.
“Fighting Words” reports how protests over controversial guest speakers are creating a host of risks and liability exposures for universities and their surrounding towns. Also:
“Handle With Care” examines the growing meal-kit delivery business, as well as the food safety risks and other liability exposures found throughout the supply chain.
Once viewed as an annoying threat – ransomware has morphed into a new formidable risk, learn more in “A Cyberrisk Grows Up.”
December’s Best’s Review also features a special marine insurance section including exclusive A.M. Best data.
“Alone at Sea” explores how autonomous ships will change how marine underwriters view risk and how insurers evaluate claims.
A.M. Best’s rankings of the top U.S. ocean marine, inland marine and fire & allied writers.
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(By Lynna Goch, editor, Best’s Review: Lynna.Goch@ambest.com)