Reducing paper and waste—going digital
MetLife is reducing paper use by pivoting to digital customer communications. In Asia, we have made substantial progress toward enhancing digital services and delivering next-generation offerings and experience to our customers. Rolled out by MetLife Korea in 2021, MetLife One is a mobile platform where customers can make payments, find information and submit claims in a simple, seamless interface. MetLife One was designed to be scalable and modular, so countries can adopt features that match local business needs.
In Japan, the provision of new digital content for Banca channel customers has replaced paper booklets, and a new customer portal site has replaced letters to customers. These actions have reduced paper use by 35%, and reduced CO2 emissions by an estimated 2,108 tons compared with fiscal year 2019. In addition, through strict management of orders for paper booklets, MetLife Japan has realized a 19% reduction in unused paper booklet waste in warehouse space, which amounts to an estimated 84-ton reduction in waste emissions, compared to 2020.
In EMEA, going paperless was selected as one of three project ideas from almost 1,300 submissions during our 2020 Next Horizon Experimentation Challenge, which encouraged employees to submit ideas to improve customer focus and operational efficiencies.
In Ukraine, new digital welcome packs and electronic cards for customers have replaced plastic policy and VIP cards, eliminating approximately 600 pounds of plastic and approximately 440 pounds of paper annually. We now source marketing collateral from a company that manufactures products with lower impacts. In Italy, we’ve switched to using lower-impact materials in employee and customer merchandise, including desk calendars that are now made of 100% recycled paper.
Unit-Linked Insurance Products—Sustainable Investments
Under a unit-linked insurance plan, policyholders make regular premium payments for insurance coverage and as an investment. The plan then offers a combination of insurance and investment payouts. A unit-linked insurance plan can be used, for example, to provide life insurance, build wealth, generate retirement income and pay for education. In the Gulf, MetLife policyholders of these unit- linked insurance products can select from several investment funds that align with their financial goals.
Six of these funds are “Article 9” funds under the European Union’s Sustainable Finance Disclosure Regulation (SFDR), or “a fund that has sustainable investment as its objective.” In addition, 40 of these funds are “Article 8,” or “a fund that promotes environmental or social characteristics but does not have them as the overarching objective.” We also have unit- linked products in Asia that offer sustainable investment opportunities for policyholders. In Malaysia, AmMetLife’s WealthEnrich, a limited premium Investment-Linked Insurance Plan, is tailor-made for high-net-worth individuals and focuses on leaving a legacy for family members. In conjunction with the launch of this plan, we introduced the AmMetLife Positive Change Fund with an investment strategy of investing primarily in companies whose products, behavior and services make a positive social impact.