NOTRE DAME UNIVERSITY- MAIN CAMPUS.
MetLife, Inc. SWOT Research
By:
Charbel Bou Tanos
Presented to: Dr. Mira Thoumi
Project Outline:
1. Research Guidelines & Purpose (Abstract)
2. Company Background Info
3. SWOT Analysis
4. IFE Matrix
5. EFE Matrix
6. CPM Matrix
7. Perceptual Map
8. SWOT Matrix
9. Alternative Strategies for Implementation
10. QSPM
11. Strategy Implementation
Research Abstract
After narrowing down our options and choosing MetLife Insurance Company, in order to
come up with the IFE and EFE matrix, we first conducted its SWOT analytical review. In our
second step, we applied 3 Matching Tools: SWOT Matrix and the Grand Strategy Matrix; where
we will address each one in depth in our study.
We chose two key methods that can be used to help accomplish the objectives and mission
statement of the organization after evaluating both of these tools; the strategies used are both
relevant and realistic.
We applied the Quantitative Strategic Planning Matrix (QSPM) on the basis of our suggested
strategies, and we recommended the most appealing strategy taking into account the value of
each factor in the QSPM column 1. Finally, we have established an action plan that will guide the
organization through the implementation of the strategy chosen.
It is worth mentioning that the grades and weights allocated in all of the analysis that will take
place in this study have been done in a very collective and analytical manner. All grades given
were discussed, updated, and agreed upon by all four members of the group.
Company Background Information:
MetLife was established on March 4, 1868, meaning that it has been in business for more than
152 years. In the nations in which it operates, the organization survived the First and Second
World Wars as well as local wars (such as the War of The Mountain in Lebanon). Operating in 40
different countries, MetLife has a leading role in the United States, Latin America, Japan, Europe,
Asia and the Middle East. The organization also had the honor of being ranked 43rd on the
Fortune 500 list for 2018.
MetLife is a life insurance company that allows generations around the world to safeguard their
savings, families, possessions, and future. By protecting their families, serving their communities,
and improving the entire society as a whole; the organization has proven its loyalty and credibility
to its customers, shareholders,
staff members, and of course the
mission statement and company’s
purpose.
The organization is transforming
itself and taking on new challenges
that will help to develop its
expertise in asset management, financial stability, and benefits for employees.
SWOT Analysis
We will first start by conducting a study on the company’s SWOT Analysis in order to identify
the company’s status internally and externally.
Strengths (S)
1. Highly skilled and knowledgeable workforce and staff team: MetLife hosts one of the
most skilled professionals in insurance and policy formation. Individuals in the Lebanon
office include members who have achieved Doctorates and International certificates in
Insurance and Actuarial Sciences.
2. The company is affiliated in CSR (Corporate Social Responsibility): MetLife is known for its
ongoing efforts through corporate social responsibility towards improved environmental
and community health. The insurance firm has now set up a fund called the MetLife
Foundation. The latter believes that financial wellbeing should be open to every single
person. The Foundation therefore brings together financial resources, bold solutions and
substantial grants to create financial wellbeing for those who are underserved, from
individuals to the environment and communities. As a plus, in order to drive its employees
to social reasonability initiatives, MetLife Foundation has developed an employee
volunteer program. Another thing for which MetLife is well known is its workplace
support for women. The organization supports women in leadership, working women,
and mother workers as a matter of fact, and it has won numerous awards and
recognitions in this regard.
3. MetLife is a Culturally Diverse company that offers diverse products and emphasizes on a
heterogeneous work force. The principal approach embraced by MetLife is diversification.
The targets the organization is working for are the following:
– Gain market supremacy by delivering the best goods and services worldwide that suit
and penetrate every target market the company wishes to enter.
– In order to enter new uncovered markets and retain the existing ones, the company
adopts a market leader approach.
– Heavy marketing to attract consumers in new markets.
– Research and research by consumers to better understand the various needs of each
segment.
4. Concept of “One MetLife” which endorses open communication: Robert Benmosche, a
former chairman of MetLife, introduced the notion of One Metlife. The idea made
everybody in the organization work with a common vision for the same goal. Strategically,
through incentives, Benmosche articulated this idea (a good example would be the 25
percent additional bonus that he put in place). After that, across all divisions, vertically
and horizontally, the organization embraced open communication.
Open contact helps a company’s workers to be more involved and realize that what they
do counts as a whole in the company’s success. Therefore, in developing this form of
atmosphere, MetLife has done an impressive job, and if an organization wishes to
accomplish its objectives efficiently, all its workers must recognize and function by
continuous contact towards these same goals.
5. Collective Decision Making: MetLife is becoming more and more decentralized: the
organization is trying to get ideas and decisions from mid- and lower-level executives, as
well as to get ideas from managers on how to improve subordinates rather than sending
all the orders from top executives.
MetLife is a vast multinational organization that has over 48,000 staff members and
operates in more than 40 countries. If top managers were to make choices on their own,
then the outcome would not be good and certainly not productive. Having a decentralized
framework allows organizations to release some of the pressure from top management,
prepares everyone involved for crises, enables a more productive decision-making
process, and most significantly, makes it easier to grow further around the world.
6. Managers at MetLife go through a leadership training known as “Leading our
Transformation”. This program allows more than 4,000 leaders in the company to
effectively connect with their subordinates by relating the objectives of the company to
their everyday responsibilities. 84 percent of MetLife’s managers have completed this
course. The staff at MetLife are highly motivated, especially through the incentives and
bonus pay programs set up by the organization. The organization frequently establishes
award nights for its personnel and offers them monetary and non-monetary prizes (such
as trips, bonuses, awards, new offices, etc.). One of MetLife’s strategic benefits is
encouragement and optimism in the workplace.
7. Online courses for staff training. MetLife workers are expected to take an online course
developed in 2016 and known as “The Delivering on our Strategy.” By 2017, more than
22,000 staff had completed this course. It is designed to help them develop their
communication, technology, problem-solving, and many other skills, all while working
towards the objectives of the business.
8. Secure and added value for shareholders of the company. For its shareholders, MetLife
creates value and guarantees increased returns for them. It fulfills its commitments to
this company’s investors that every penny invested is for the organization’s well-being
and will produce more profit on a marginal basis.
