MetLife Inc.(MET - Free Report) has entered into a strategic partnership with China-based internet giant Tencent Holdings Ltd.'s (TCEHY - Free Report) digital insurance provider, WeSure. The alliance aims at offering insurance solutions to travelers through WeSure online insurance platform.
This win-win partnership would on one hand, provide MetLife access to WeSure's 1 billion monthly active users on Tencent's mobile social communications platform, WeChat. While on the other, WeSure’s extensive member base will benefit from MetLife’s global expertise in life and health protection solutions. Thus, this alliance will enable both companies to jointly excel in big-data analysis and tailor-made, intelligent value-added services, offering more convenience and transparent end-to-end protection solutions for Chinese travelers.
The first offering through this tie-up would be an aviation accident insurance product, to be provided on the WeSure platform. With focus on an optimized customer experience and protection level, this cost-effective solution would help creating customer delight in a more dynamic way.
The company has a track record of continuously benefitting its customers with long-term protection products along with maintaining a strict corporate governance and robust risk management systems in its operations. In return, it has witnessed steady growth, supported by a solid financial performance and an improving customer satisfaction. This recent pact with WeSure will likely bolster MetLife's focus on further improving its customer experience in China.
The company has been strengthening its digital footprint through several alliances and deals in order to develop new products and services. Earlier this year, MetLife formed a strategic association with Ernst & Young LLP to deliver a cutting-edge workplace financial wellness solution.
Although shares of the company have lost 11% year to date, underperforming the industry’s decline of 9%, these inorganic efforts are expected to favor the stock going forward.
Zacks Rank and Stocks to Consider
MetLife has a Zacks Rank #3 (Hold). Investors can look at a couple of better-ranked stocks in the Multiline Insurance space like Loews Corporation (L - Free Report) and CNO Financial Group, Inc. (CNO - Free Report) . While Loews sports a Zacks Rank #1 (Strong Buy), CNO Financial carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings of Loews exceeded expectations in each of the last four quarters with an average beat of 561.8%.
CNO Financial also pulled off positive surprises in all the last four quarters with an average beat of 23.9%
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