In 1879, industrial or workingmen's insurance programs were widely successful in England. MetLife was signing up 700 new industrial policies a day by 1880. The new program drove down the distribution costs due to rapidly increasing volume which proved immediately successful. Insurance agents listened to the problems, concerns and hopes of their clients in the process of collecting premiums and this approach was successful and due to this MetLife became the nation's largest life insurer in terms of insurance in force by 1909.
MetLife has made a difference by supporting urban renewal projects and community financing and in 1930 the company expanded its services to national social and economic goals. MetLife was the undisputed leader of the insurance industry in 1930 insuring every fifth man, women and child in the US and Canada. In 1929, the MetLife lent money to construct the Empire State Building and saved this project from bankruptcy. During the World War II, the company started the housing program and it was completed after the World War. To build Rockefeller Center, MetLife provided the outside capital in 1931.
The company placed more than 51% of its total assets in war bonds. MetLife was the largest single contributor to the allied cause. This era made MetLife change in a number of fundamental ways. MetLife entered the post-war period in a strong and secure position as the world's wealthiest private company. MetLife expanded its suburban presence, decentralized operations, and refocused its career agency system to bring its products and services closer to customers and also to serve all segments of market.
|
