United MetLife Insurance Company Limited announced plans to launch a financial needs analysis system to provide needs-based-analysis insurance solutions to Shanghai citizens on Aug 26.

This system, simply called the FNA system, takes the best practices from the international operations of  MetLife, the biggest life insurer in the US, and adapts them to the needs of the Shanghai market.

United MetLife is a 50 to 50 joint venture between MetLife Inc and Shanghai Alliance Investment Ltd, an investment arm of the municipal government. It was renamed from CitiInsurance three months ago because MetLife Inc acquired the joint venture's international assets from Citigroup in 2005.

The most important and fundamental function of insurance is to protect life, and insurance companies are able to provide suitable insurance solutions only after knowing the clients' needs, said Bob Pei, United MetLife director and chief executive officer.

What are the insurance needs of the people? Protection needs normally include basic fees and post-retirement pensions. Basic fees include living fees, home loans, children's education fees, children's future marriage fees, funeral fees, medical expenses and other fees.

The Financial-Needs-Analysis system introduced by United MetLife can more accurately calculate the customer's insurance needs, automatically analyze and provide tailored insurance solutions based on customers' current living conditions, income and plans for future, according to Pei.

Insurance solutions will be explained to customers by professional life planners before they choose insurance plans, Pei said.

In January, the China Insurance Regulatory Commission chairman Wu Dingfu called on insurance companies to change the current insurance situation that an insurance company only offers one insurance solution to all different markets in China.

The financial-needs-analysis system introduced by United MetLife can help in improving this situation.

Source:佚名