MetLife India Insurance has chalked out an aggressive expansion plan to increase its presence in the Indian market. The company is all set to increase its geographical presence from 12 cities to 24 cities by the end of next month, with a stronger hold in the southern market.
MetLife has announced, as part of its expansion strategy, an increase in its capital base by Rs 75 crore to take its total paid-up equity capital to Rs 235 crore. Venkatesh Mysore, Managing Director, MetLife India, said, “This increase in capital base is consistent with our business plans and will help us in exceeding performance levels over the coming years. We focus on large emerging markets and are devising news ways to reach out to people.”
About the insurance major’s marketing strategies, Suraj Kaeley, Chief Marketing Officer, said, “We spend Rs 16-18 crore on media advertising every year. We advertise through television, telephone and direct marketing. Our target group includes people in the age bracket of 25-45 years.” Elaborating further he said, “We have an ad campaign lined up which will hit media next month.”
Kaeley explained that through telemarketing “we sell and close deals on the phone itself”. MetLife also has direct market initiatives on the Net and is planning to venture into radio and outdoor media. “Our product offerings are unique and simple, thereby attracting more people,” he said.
MetLife India Insurance Company, incorporated in April 2001, is a joint venture between MetLife International Holdings, Inc, The Jammu and Kashmir Bank, M.Pallonji and Company (P) Ltd. and other investors.