MetLife Corporation
If there were one phrase that could encompass the magnitude and extent of MetLife's presence in the insurance industry it would be "long lasting". Since its founding in 1868, the Metropolitan Life Insurance Company has been making history with its innovative business tactics and remarkable achievements throughout the entire world, especially in inner city areas. MetLife's founder, Simeon Draper, had a vision of providing life and limb insurance to Union soldiers and sailors in the Civil War. Many years and numerous insurance policies later, his vision has expanded and steadily risen to the pinnacle of success due to the MetLife's country and community support, ability to discern profitable business ideas, and pioneering creativity.MetLife found its humble beginnings as the National Union Life and Limb Insurance Company. With just a conception and a few partners, Draper simply set out to ensure Civil War sailors and soldiers against disabilities due to wartime wounds, accidents and sickness (MetLife is Born). The demand for this type of service had already been established and assessed by other insurance companies like Prudential and Aetna. However, with the exception of New England Mutual, all insurance companies discourag
MetLife established the Metropolitan Life Foundation in 1976 for the purpose of supporting various educational, health and welfare, and civic and cultural organizations. The primary objective of the Foundation is to assist tax-exempt organizations through a program of financial support, particularly in the communities in which MetLife has a major presence. Their goals are to strengthen communities, promote good health and improve education. The Foundation continues a tradition of corporate contributions and community involvement begun by MetLife at the turn of the century (Foundation). MetLife has never been a company to limit itself in any aspect of business. To further diversify the company, it bought State Street Research & Management in 1983, Century 21 Real Estate in 1985 (sold it in 1995), London-based Albany Life Assurance in 1985 and Allstate's group life and health business in 1988. In 1987 it took over the annuities segment of the failed Baldwin United Company and expanded into Spain and Taiwan in 1988. One of the most important moves that MetLife took was to take advantage of the Community Reinvestment Act and purchase fellow insurer GenAmerica. This investment provided MetLife with a strong retail distribution platform in the independent agent market and a controlling interest in some well-regarded businesses (A.M.). These cases of racial and gender discrimination may cause an outsider to frown upon the actions of MetLife. Although it does not make up or the emotional and physical pain brought upon the victims, MetLife has seemingly tried to neutralize these actions by taking part in positive enrichments for minorities. MetLife has teamed up with an organization known as 'One Hundred Black Men' to provide scholarships and mentors to African-American college students. They adopted these students in order to help the young men to "learn more about the corporate world and guide then in acquiring the skills they will need to achieve success in the business community (One)." Over the years, MetLife has also supported urban renewal projects and community financing. The company is a client of INROADS; an organization dedicated to increasing business career opportunities and knowledge for the best and brightest young people of color. MetLife recognized the potential of a program like the MetLife Foundation and without hesitation implemented it into their business plans. One important aspect of the foundation is its Social Investments. MetLife has provided $2 million in construction financing to convert six vacant five-story buildings in Harlem into condominiums for low- and moderate-income families. MetLife has also purchased $2 million in mortgage notes from Habitat For Humanity, the nation's largest nonprofit housing organization (Social). The Welfare Division's most memorable program was the Metropolitan Life Visiting Nurse Service. Frankel, after being challenged by a fellow reformer to allow MetLife to have a greater humanitarian perspective, proposed a program that organized Henry Street nurses to visit extremely ill policyholders (Helping). The goal of this program was to have illness reported at the earliest possible moment (Epoch 208). This New York City program became a model for present-day urban health reform programs like the Visiting Nurse Service of New York. Another tactic MetLife has employed to reach the masses is its creative techniques. Its catchy motto, "Get Met, it pays," is usually accompanied by mascot, Snoopy of the comic strip Peanuts. Television, magazine and radio advertisements are tailored to elicit confidence and good feelings in the consumer. The company launched a national brand advertising campaign on April 16, 2001 with new television commercials and a print campaign that features the company's new vitality, scope and growth, while at the same time retaining the brand's familiarity, strength and stability established over its 133-year
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Approximate Word count = 2650
Approximate Pages = 11 (250 words per page double spaced)
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