MetLife Nepal has been awarded the Silver Stevie Award in the Best New Product or Service – Financial Services Category in the prestigious 15th Annual International Business Awards in HongKong.
Their product/service – ‘LifeCare’, which bagged the award is a first of its kind insurance plan in Nepal, which provides comprehensive financial protection against loss of life, unexpected incidents and diagnosis of serious illnesses. The product also offers packages specifically designed for women known as LifeCare Beautiful, which provides coverage for loss of life and 10 female-centric illnesses, like breast cancer, uterus cancer and other female specific illnesses.
One of its differentiating features include lump sum payout to cover the cost of treatment and care required upon detection of a critical illness. In some cases, the policy holder can also use this payout to cover loss of income during this period along with treatment until they are ready to go back to work. It was launched in February this year and has already sold over 2500 policies in its first six months.
One of the judges stated that in a country with such low insurance coverage, the initiative to make both access and cost a priority, will make it possible for the People of Nepal to finally understand the importance of and the need for insurance.
MetLife Nepal Vice President and General Manager, Nirmal Kajee Shrestha stated, “We developed this product based on a research which showed the number of cancer patients on the rise in Nepal with very less protection options for them. Being a customer centric company we wanted to fill this gap and provide financial protection to people suffering from these critical illnesses. We are truly proud of this achievement and this goes to show our commitment in delivering value to our customers and our strong product development process.”
The International Business Awards are the world’s premier business awards program. All individuals and organizations worldwide – public and private, for-profit and non-profit, large and small – are eligible to submit nominations. The 2018 IBAs received entries from 74 nations and territories.