MetLife Unveils Online Insurance Platform to Tap Growing China Market

BEIJING--MetLife Inc. (MET) on Wednesday formally rolled out an online platform for its China insurance operations in a move to take advantage of a growing online financial market.

MetLife officials told reporters that the platform would be rolled out in China first through its Sino US MetLife Insurance Co joint venture and eventually across Asia.

It will integrate online and offline sales, back-office service and claims and payments as well as sales leads for the company's distribution channels.

"We definitely want to start in China as we develop our digital strategy," said Kathy Awanis, senior vice president of MetLife Asia Ltd.

"We realize that in the first few years this may not move the needle but it is a platform for the future," she told The Wall Street Journal.

Metlife is spending about $10 million for Asia and other emerging markets in order to build the platform that also will be integrated with mobile phones and tablets, officials said.

Officials later told reporters at a briefing that with China's rising living standards and a growing middle class, the prospects for insurance business are significant.

Regulators have been cautious about online business, however, trying to ensure adequate protection for consumers in this relatively new field.

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