MetLife leverages ChatGPT to name its new strategy
MetLife introduced its five-year New Frontier strategy, aiming for $25 billion in free cash flow.
The strategy focuses on expanding Group Benefits, leveraging retirement platforms in key markets, and capitalizing on high-growth international markets, building on the achievements of its 2019 Next Horizon plan.
“Now any good strategy needs a good name. So one of the questions that I posted a team at the time is, can you come up with a good name for us? And Next Horizon became a household name here at MetLife. Everywhere I go not only do I see sort of visible signs of Next Horizon. But the way that people talk about Next Horizon is truly impressive. And I think that’s the main reason why one of the questions that we have on our annual survey is how people feel about the company’s direction and that gets one of the highest scores on the survey. So we needed to come up with the name and when people submitted some names, I put some of them through Chat GPT, of course. And I asked Chat GPT, can you sort of define these suggestions and a business context. New Frontier in particular, resonated, and this is what Chat GPT came up with. New frontier refers to areas of opportunity that a company can explore for growth and innovation pushing beyond the status quo and taking calculated risks and search of significant competitive advantages and potentially high rewards.” – CEO Michel Khalaf.
As background…
This year, MetLife revamped D2C app, Upwise . Originally launched in 2021 as a money management tool, the app now focuses exclusively on benefits, offering recommendations for medical, dental, and HSA contributions. MetLife also upgraded its Connected Benefits platform by integrating Nayya Claims to provide benefit recommendations using permission-based medical and pharmacy claims data. This connects offerings like Legal Plans and Identity & Fraud Protection to support employees with services like loan-related legal assistance. Additionally, MetLife introduced My Leave Navigator, a tool within MyBenefits, to guide employees through leave management due to disability or life events.
On the innovation front, MetLife invested in Empathy , a startup addressing loss and grief, which raised $47 million in Series B funding.
Looking ahead, MetLife announced its role as an inaugural partner in Workday Wellness, a platform for optimizing employee benefit programs, with details expected in 2025. It also announced plans to launch Chariot Re , a Bermuda-based life and annuity reinsurer, in collaboration with General Atlantic, with over $1 billion in initial equity and plans to reinsure $10 billion in liabilities by 2025.
