MET Insurance Company Limited

TEN YEARS OF MET INSURANCE
As Ghana celebrates fifty years of nationhood this year, Metropolitan Insurance Company (MET) will also be celebrating a decade of dedicated service to the nation's insuring public.

In 1997, MET was born out of the then Madison Insurance Company. The company emerged recapitalized and re-engineered to take on the traditional leaders of the industry. Within a relatively short period, MET joined the ranks of the top three insurers. In recognition of the tremendous impact that the company made in reshaping the face of the industry, the Chartered Institute of Marketing, Ghana conferred on it, its coveted "Insurance Company of the Year Award" in 1998, 2000, and 2002. MET is the first company to have won this competitive award three times.

MET is generally acknowledged by the industry as the company that revitalized the life insurance industry with the launch of the first ever universal life product in Ghana, the flagship product named, the MET Gold Plan, followed by the Labbaika Plan. MET also operated a Medical Insurance Scheme, branded the METCare, which was discontinued following the promulgation of a new law on Health Insurance.

In both Life and Non Life segments of the market, MET was among the leading companies. In furtherance of its vision to achieve leadership positions in these two segments, the company entered into a strategic partnership with Metropolitan International Holdings to form a joint venture Life Insurance company. The deal was concluded in 2006 leading to the incorporation of Metropolitan Life Insurance  Ghana. The new company which is capitalized at 30 Billion cedis took over the existing Life business of MET.

Following this successful deal MET undertook a restructuring exercise to realign its human resource to fit its new strategic direction and thereby enhance efficiency and cost effectiveness of its operations.
 The company refocused its business on two strategic business units, Corporate and Personal Lines.

The Corporate team provides insurance solutions to large companies working closely with local and international Brokers. Included in MET's client list are major multinationals and Club 100 companies. Solutions provided cover all manner of risks from major engineering projects, industrial assets, Bankers Blanket covers to Office Comprehensive policies for Small and Medium Size Enterprises (SME's).

The Personal Lines team is dedicated to individual risks. The Company sees the potential for growth in this segment and has designed appropriate solutions for the peculiar risks exposures. The MET2U programme has been specifically designed to send insurance services directly to the homes of individuals through a highly trained and motivated sales team. The MET2U team complements MET's well known METLink Offices around the country.

MET continues to invest in Information and Communication Technology. The company's offices are networked to ensure that customers' needs are met promptly at the click of a button. Client contact is also enhanced using an SMS Gateway implemented in 2006.

MET will continue to develop innovative responses to the ever changing needs of the insuring public. A MET Tourist Policy which was introduced by the company in 2006 is set to be replicated in other tourist sites of the country.  There are also other products in the pipeline including International Travel Insurance.

As the insurance industry becomes more and more competitive, to remain among the top three requires innovation and dynamism. MET is therefore continually reviewing its strategies to ensure that it remains competitive whilst ensuring that the reasonable expectations of its valued clients are met.