September 11: MetLife Nepal has been declared the winner of Silver Stevie Award in the best new product or service category at the 15th Annual International Business Awards on Monday, September 10.

Nicknamed the Stevies for the Greek word for “crowned,” the awards will be presented to winners at a gala awards banquet at the InterContinental London Park Lane Hotel in London on October 20.

Metlife Nepal said that all individuals and organizations worldwide including public and private, for-profit and non-profit, large and small organisations are eligible to submit nominations for the International Business Awards.

The 2018 IBAs received entries from 74 nations and territories, according to the organisers. More than 3,900 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories. The organisers further said that the winners were determined by the average scores of more than 270 executives worldwide who participated on 12 juries.

Metlife Nepal said in a statement that it was awarded for its LifeCare scheme, a first-of-its-kind insurance plan in Nepal which provides comprehensive financial protection against loss of life, unexpected incidents and diagnosis of serious illnesses. According to the company, the product also offers packages specifically designed for women known as LifeCare Beautiful, which provides coverage for loss of life and 10 female-centric illnesses, like breast cancer, uterus cancer and other female specific illnesses.

“One of its differentiating features include lumpsum payout to cover the cost of treatment and care required upon detection of a critical illness. In some cases, the policyholder can also use this payout to cover loss of income during this period along with treatment until they are ready to go back to work. It was launched in February this year and has already sold over 2500 policies in its first six months,” the statement further said.

One of the judges reportedly stated that in a country with such low insurance coverage, the initiative to make both access and cost a priority, will make it possible for the people of Nepal to finally understand the importance of and the need for insurance.

MetLife Nepal Vice President and General Manager, Nirmal Kajee Shrestha, said, “We developed this product based on a research which showed the number of cancer patients on the rise in Nepal with very less protection options for them. Being a customer centric company we wanted to fill this gap and provide financial protection to people suffering from these critical illnesses. We are truly proud of this achievement and this goes to show our commitment in delivering value to our customers and our strong product development process.”