The MetLife Brand: An Asset to Propel Growth

Transcription

1 UFS The MetLife Brand: An Asset to Propel Growth Beth Hirschhorn - Vice President, Global Brand and Marketing Services September 8, 2005

2 Safe Harbor Statement These materials contain statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to trends in the operations and financial results and the business and the products of MetLife, Inc. and its subsidiaries (collectively, the Company ), as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend" and other similar expressions. Forward-looking statements are made based upon management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those included in the forward-looking statements as a result of risks and uncertainties including, but not limited to, the following: (i) changes in general economic conditions, including the performance of financial markets and interest rates; (ii) heightened competition, including with respect to pricing, entry of new competitors and the development of new products by new and existing competitors; (iii) unanticipated changes in industry trends; (iv) MetLife, Inc.'s primary reliance, as a holding company, on dividends from its subsidiaries to meet debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (v) deterioration in the experience of the "closed block" established in connection with the reorganization of Metropolitan Life Insurance Company; (vi) catastrophe losses; (vii) adverse results or other consequences from litigation, arbitration or regulatory investigations; (viii) regulatory, accounting or tax changes that may affect the cost of, or demand for, the Company's products or services; (ix) downgrades in the Company's or its affiliates' claims paying ability, financial strength or credit ratings; (x) changes in rating agency policies or practices; (xi) discrepancies between actual claims experience and assumptions used in setting prices for the Company's products and establishing the liabilities for the Company's obligations for future policy benefits and claims; (xii) discrepancies between actual experience and assumptions used in establishing liabilities related to other contingencies or obligations; (xiii) the effects of business disruption or economic contraction due to terrorism or other hostilities; (xiv) the Company s ability to identify and consummate on successful terms any future acquisitions, and to successfully integrate acquired businesses with minimal disruption; and (xv) other risks and uncertainties described from time to time in MetLife, Inc.'s filings with the Securities and Exchange Commission, including its S-1 and S-3 registration statements. The Company specifically disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. 2

3 MetLife Marketing Facts and Figures Rich and proud 137 year history that follows and reflects the major events that have shaped our times MetLife serves individuals in approximately 13 million U.S. households and provides benefits to approximately 37 million U.S. employees and their family members through the workplace Outside the U.S., the MetLife companies have direct insurance operations in Asia Pacific, Latin America and Europe #37 on the Fortune 500 list and one of the most well-known companies in the U.S. achieving nearly 100% awareness measures* Recognized and persistent MetLife icons for 20 years Snoopy MetLife Blimp * 2004 MetLife Corporate Advertising and Image Tracking Study 3

4 Consumer Marketing (Individual Business) Consumer Value Proposition MetLife Planning, Products and Services Financial Freedom Life Significance UFS, Inc. 4

5 Employee Benefits Marketing (Institutional Business) MetLife provides benefits to over 61,000 employers with as few as two employees and as many as 4 million employees Our clients are Human Resources professionals, CFOs and employee benefits brokers and consultants Customer satisfaction and persistency rates are extremely strong and continually surpass expectations Among intermediaries (brokers and consultants), MetLife has very high awareness and consideration measures; employers, however, have lower levels across all brands MetLife has a broad and deep product set and enjoys #1 or #2 market share positions in 12 employee benefits categories (e.g. Life, Dental, Disability, Long-Term Care, Auto & Home)* * MetLife Market Research 2004/2005, LIMRA 2004/2005 5

6 Employee Benefits Marketing Challenges How can we further establish and solidify MetLife s leadership position in the employee benefits marketplace? What will it take for MetLife to be top-of-mind with employers who focus so much of their resources on medical? How can we convert MetLife s leadership in so many product areas into recognized leadership in the employee benefits category? There is low provider brand awareness among employees largely because employee benefits are either un- or employer-branded; what can we do to address this? How can we exploit MetLife s powerful consumer brand in the B2B space? 6

7 Solving Marketing Challenges To address the marketing challenges head on, we needed to answer several fundamental growth questions: What will motivate key target audiences to choose (or in the case of intermediaries, recommend) MetLife over alternative brands? Employers Intermediaries Employees How do we make our excellent brand work even harder for us? How do we make the whole that MetLife offers (products, service, people, expertise, financial strength) greater than the sum of its parts? We call this initiative Why MetLife? 7

8 How? - Why MetLife? Process Overview Step 1: Discovery Identify brand strength and business challenges Step 2: Theme and Hypothesis Development Construct hundreds of powerful and unique brand attributes to be tested in quantitative research Step 3: Customer Testing Determine which attributes are important and will drive purchase intent Step 4: Architecting Synthesize purchase drivers into a brand architecture Step 5: Executing Drive our business 8

9 Step 1: Discovery Reviewed all prior research over the past five years Image and awareness studies Product category reviews Customer satisfaction studies Interviewed internal subject matter experts Product Sales Service Technology Investor Relations Assessed the competitive landscape 9

10 Step 2: Theme and Hypothesis Development I M P O R T A N C E Table Stakes High Importance / Weak Motivating Power Benefits that have high importance; also known as price of entry benefits. NEITHER Business Drivers High Importance / Strong Motivating Power Benefits that combine high importance with strong correlation to intent to purchase these are the business drivers. Differentiators Low Importance / Strong Motivating Power Benefits that correlate strongly with intent to purchase, but do less well in stated importance. These are drivers but they are below radar for consumers, so they support and enhance the architecture, they don t lead. MOTIVATING POWER (Drives Purchase Intent) 10

11 Step 3: Customer Testing - Employers Statements constructed by MetLife as a part of market research to gauge customer reaction Importance Products, Tools, Experts [Small market] MetLife doesn t just know employee benefits, they understand them in the context of my industry and business situation; they have experience delivering solutions that meet my specific needs MetLife has dedicated service teams focused on companies my size MetLife has designed its employee benefits plans and services to reduce my workload; it s like having a fully staffed employee benefits department backing me up Experience Respect Purchase Intent The people at MetLife always treat me and my employees with the utmost respect and dignity MetLife makes it easy to work with them MetLife understands that if I select MetLife has the experience that comes from serving millions them I m putting my personal reputation on the of employees, providing me with line; they work with me to ensure things go right the guidance and recommendations I need to keep Because of MetLife s size and capacity, they my costs under control are consultative and are able to adapt their solutions to meet my needs; they don t force me to do business one way [Large market] MetLife s broad range of products, including voluntary benefits, adds value to my plans MetLife has deep experience helping people get through life s challenges MetLife has the most effective employee benefits education and enrollment programs to help employees choose the right products and levels of coverage Because of MetLife s size and capacity, they are consultative and are able to adapt their solutions to meet my needs and are able to offer innovative solutions specifically designed to meet these needs [Small market] Because of MetLife s wide range products, my employees and I can have a central point of contact MetLife s expertise is deeper than employee benefits, they understand [Small market] the entire benefits landscape Because more of my employees are happy with their MetLife benefits plans they re more productive at work [Small market] MetLife studies the needs of employees at every stage of life, from starting a new family to retiring; their solutions are based on a deep understanding of what consumers need, and when they need it MetLife helps my employees understand that health care coverage is only the beginning; they need life insurance, disability, long-term care coverage to achieve true financial freedom Independent ratings confirm that MetLife is among the strongest financial institutions in the country, so they ll be able to meet their obligations years down the road Flexible/Easier MetLife has dedicated service teams who are empowered to make decisions when my employees have questions [Large market] Won t t haunt me I know MetLife has the strength to be totally committed to the employee benefits My employee and I know and trust MetLife; I can rest assured when I select MetLife it won t come back to haunt me later business for the long haul, both financially and in terms of people MetLife has experts on staff, including nurses, resources, so I can be confident when doctors, dentists, clinicians and disability specialists I select them. whose unique insights help make MetLife s employee benefits the best in the industry MetLife is either #1 or #2 in 12 employee benefits categories, which means they not only do a lot in employee benefits, they do a lot well; They have unmatched expertise across the widest range of employee benefits Trust & Participate My employees know and trust the MetLife name and it means that their participation rates will be higher, which makes the program more valuable to me and a source of satisfaction for my employees More consumers prefer MetLife than any other benefits provider, so it makes sense to select them for my employees Keep promises Because of MetLife s wide range of products, my employees and I can have a central point of contact for life and non-medical employee benefits, instead of having to deal with multiple providers across a wide range of platforms [Large market] An impressive 88 of the top one hundred Fortune 500 companies, as well as the Federal Government, have selected MetLife to provide benefits to their employees 11

12 Step 3: Customer Testing - Employers Statements constructed by MetLife as a part of market research to gauge customer reaction Importance Respect Purchase Intent Flexible/Easier The people at MetLife always Experience treat me and my employees with the utmost respect and dignity Products, Tools, Table Stakes MetLife makes it Business easy to work with them Drivers MetLife has dedicated service Experts MetLife understands that if I select teams who are empowered to make MetLife has the experience decisions when my employees that comes from serving millions them I m PEOPLE putting my personal EXCELLENCE: reputation on the The people at MetLife EXPERIENCE: MetLife has the have questions of employees, experience providing that me with line; they always work with treat me to me ensure and things my go employees right with [Large the utmost market] comes from serving millions of employees, the guidance and Because of MetLife s size and respect capacity, and they dignity MetLife doesn t just know employee recommendations I need to keep providing me with the guidance my costs and benefits, they understand them under control are consultative and are able to adapt their solutions to recommendations in the context of my I industry need and to keep my costs under meet my WON T needs; they HAUNT don t force me ME: to do My business employees one way and I Won t t know haunt and me trust business situation; they control have MetLife s broad range of products, [Large market] [Small market] including voluntary benefits, adds MetLife; I can rest assured when I select MetLife it won t come experience delivering solutions Independent ratings confirm that that value to my plans TOOLS meet my specific AND needs RESOURCES: MetLife is among the strongest back to financial haunt me later institutions in the country, so they ll be able I know MetLife has the strength MetLife has dedicated service teams MetLife has deep experience helping to meet their obligations years down the road to be totally committed focused MetLife on companies is committed my size to keeping people get me through on top life s of challenges COMMITMENT: I know MetLife has the strength to be totally MetLife has the most effective My employee and I know and trust MetLife; I can rest assured the employee benefits MetLife industry has designed trends its employee by giving me and my employees committed to the employee benefits business employee benefits education and when I select MetLife it won t come back to haunt me later for the long long haul, haul, both benefits plans access and services to the to reduce latest my tools, enrollment information programs andto help both financially and in terms of people workload; it s like having a fully staffed MetLife financially has experts on and staff, in including terms nurses, of people resources, so I can be resourcesemployees choose the right resources, so I can be confident when employee benefits department backing me up products and levels of coverage doctors, dentists, clinicians confident and disability when specialists I select them I select them. whose unique insights help make MetLife s employee Because of MetLife s size and capacity, they are consultative and are able to adapt their solutions to meet my needs and are able to offer benefits the best in the industry innovative solutions specifically designed to meet these Keep needs [Small market] MetLife is either #1 #2 in Because of MetLife s wide range 12 employee benefits categories, which means they products, my employees and I MetLife s expertise is deeper than Differentiators promises can have a central point of contact employee benefits, they understand not only do a lot in employee benefits, they do a lot well; Because of MetLife s wide range the entire benefits landscape They have unmatched expertise across the widest range [Small market] SIZE AND of products, my employees and I of employee STATURE: benefits MetLife is either #1 or #2 in 12 Because more of my employees are happy with can have a central point of contact for employee benefits categories, which means they not only their MetLife benefits plans they re more productive at work life and non-medical employee [Small market] do a lot in My employees know benefits, and trust they benefits, do a lot instead well; of having they to have deal with MetLife studies the needs of employees at every stage of life, from starting a new family MetLife name and it means that their multiple providers across a wide unmatched expertise across the widest range of employee to retiring; their solutions are based on a participation rates will be higher, which makes the range of platforms deep understanding of what consumers need, program more valuable to me benefits and a source of [Large market] and when they need it satisfaction for my employees MetLife helps my employees CUSTOMERS: An impressive 88 of the top one hundred understand that health care coverage is only the beginning; Fortune 500 companies, as well as the Federal Government, they need life insurance, disability, long-term care coverage to achieve Trust have selected & MetLife to provide benefits to their employees true financial freedom Participate PARTICIPATION: My employees know and trust the An impressive 88 of the top one hundred Fortune 500 companies, MetLife name as and well as it the means Federal that Government, their participation have selected MetLife rates will be higher, which makes to provide the benefits program to their more employees valuable to me and a source of satisfaction for my employees More consumers prefer MetLife than any other benefits provider, so it makes sense to select them for my employees 12

13 Step 3: Customer Testing - Employers Employers have a dilemma and are looking for a solution They re balancing the needs of employees, while holding the line on costs Employers are doing more with less They want their employee benefits life simplified, and are motivated by ways we can get work off their plate Employers are risk averse Their reputations are on the line Their selection of a benefits provider cannot come back to haunt them later More than anything, they want outstanding and consistent service Across all of the fundamentals For employers, it s as much about their own need to minimize hassle and risk as it is about supporting employees 13

14 Step 4: Architecting - Employers Statements constructed by MetLife MetLife Point of Difference MetLife makes my job easier, helping me offer the best plans while controlling my costs, so choosing MetLife is a decision that won t come back to haunt me MetLife Support Dedicated service teams get it done Consultative & flexible solutions that work for my situation & add value to my plans Experience to help me control costs AND deliver industrybest benefits MetLife Support Committed for the long haul to always keep their employee benefits promises Comprehensive suite of products, and access to tools / resources & experts I need They treat me and my employees with respect & integrity They take work off my plate & reduce my workload Prospects My employees know, trust, & participate so they re more satisfied 14

15 Step 5: Executing Distribution Product Service Marketing Realigned Marketing resources against customer segments (employers, intermediaries and employees) instead of product lines Developed new communications platforms 15

16 Step 5: Executing - Employer Communications Platform With MetLife Employee Benefits, THINGS GO RIGHT FOR YOU, your company and your employees 16

17 Step 5: Executing - Employer Communications Platform With MetLife Employee Benefits, THINGS GO RIGHT FOR YOU, your company and your employees Because selecting MetLife won t come back to haunt you later Committed for the long haul to the employee benefits business MetLife treats you & your employees with respect and integrity Employees know and trust MetLife MetLife has a comprehensive suite of products and access to the tools, resources and experts you need Because MetLife makes employee benefits simpler and easier MetLife has the breadth of experience to make your job easier MetLife optimizes plans and services to take work off your plate 17

18 How it feels when things go right Proof point Call to action and whymetlife.com website suggest that we ll continue to provide more reasons to choose MetLife Expands on Proof point 18 18

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22 Why We Know This Will Work - Employer Highlights Based on the description you just heard, please indicate how likely you would be to switch to MetLife as your provider of this benefit? 70% +29% +24% +44% 60% 50% % % % 20% 25 Before1 After Before2 After Before3 After Before4 After Group Life Group Dental Group Disability Group LTC Large Mid Very Small Very Large Market Market Market Market 22

23 Coming Soon: Updating the Consumer MetLife prepares me for living Financial freedom to enable consumers to achieve a life of significance - however they define it Constructed in 2000 Employees Consumers 23

24 Coming Soon: Updating the Consumer Updated Consumer Brand (2005) Employees Consumers 24

25 Coming Soon: Updating the Consumer Completed in-depth environmental and competitive analyses to identify general trends and fielding quantitative research to address these findings: Financial burden is building/safety net nation Consumers do not feel smart or empowered about their finances Technology is enabling consumers to become smarter shoppers and is allowing them to customize products and services Consumers are placing greater value on their family, friends and neighbors and in integrity and principles How do we package our vast array of products and leverage our myriad distribution and advice points to get people what they need most? As the Baby Boomers head into retirement, how do we leverage our unique combination of retirement products, distribution and expertise in the mature market? What steps do we need to take to prepare for the next big cohort, the Echo Boomer generation, which is just now entering the workforce? 25

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27 FORTUNE 500, April 2004 and MetLife Customer Relationship Datamart. FORTUNE 500 is a registered trademark of FORTUNE magazine, a division of Time Inc Metropolitan Life Insurance Company, New York, NY PEANUTS UFS, Inc. L0504CQF9(exp1206)MLIC-LD A feeling of confidence knowing you ve chosen the same provider as 88 ( of the top 100 companies. When you work with MetLife, you re in excellent company. After all, 88 of the top one hundred FORTUNE 500 companies choose MetLife for their employee benefits. Even the U.S. Government counts on us for coverage for its employees. So you know we can satisfy the most rigorous requirements across all industries. Whether your company has two employees or two million, MetLife can help make things go right for you. And our commitment of more than 135 years lets you feel confident that we ll be there for you and your employees, today and down the road. Compare your benefits portfolio to those of other companies of like size and industry. Download a copy of our Benchmarking Report at: whymetlife.com/benchmark have you met life today?

28 1. MetLife Market Research 2004, LIMRA 2004/ Metropolitan Life Insurance Company, New York, NY PEANUTS UFS, Inc. L0504CQF8(exp1206)MLIC-LD A sense of assurance knowing you ve chosen the #1 or #2 provider in ( 12 benefits categories. 1 You have a lot to gain from MetLife s breadth of experience. By partnering with MetLife, you won t just have a provider who offers the products you need. You ll have an expert who understands employee benefits in every industry, for every size company and every business situation. And with specialists in each benefits category, we can help you spot trends, anticipate what s coming, and be ready for the challenges ahead. We bring a unique perspective that can make things go right for you. Of that you can rest assured. Take advantage of our perspective now. Download our latest Study of Employee Benefits Trends at: whymetlife.com/trends have you met life today?

29 A moment of silence ( when 93% of MetLife s MyBenefits users prefer managing their benefits online, 1 you have time to plan MyBenefits User Satisfaction Study Sept. 2003; Oct Metropolitan Life Insurance Company, New York, NY PEANUTS UFS, Inc. L0506JTQZ(exp0606)MLIC-LD MetLife s award-winning 2 tools and technology take work off your plate. Of the more than one million employees registered for MyBenefits, nearly all of them prefer it for online enrollment, claims management, and coverage information. And with MetLink, MetLife s online benefits administration tool, you save time with instant online access to employee benefits eligibility, claims and reporting. All of this leaves you more time to plan, organize and deal with bigger issues. Take a moment to think about that. Find out what MetLife can do for you. Go to: whymetlife.com

30 A sense of accomplishment ( knowing your benefits will be implemented more smoothly, with greater satisfaction MetLife Mid-Large Market Case Implementation Satisfaction Study. 2. Harvard Business Review, April Metropolitan Life Insurance Company, New York, NY PEANUTS UFS, Inc. L0504CQFA(exp1206)MLIC-LD The majority of MetLife clients rate our implementation process better than other carriers. 1 And why not? We provide a dedicated team of knowledgeable experts who will optimize every step from benefits installation and employee education to enrollment and technical assistance. With our help, your employees will understand the value of the benefits being offered and participate in large numbers. Even the Harvard Business Review recognized MetLife s leadership in the implementation process. 2 So just imagine what we can help you accomplish. Learn how our expertise can make things go right for you at: whymetlife.com/expertise have you met life today?