Zaggle Signs Three-Year Deal with PNB MetLife for Employee Expense Management
Zaggle Prepaid Ocean Services has secured a three-year contract with PNB MetLife to provide its Zaggle Save platform for efficient employee expense management and benefits.
by Damodharan N
Updated Jul 22, 2024
Table of Content
Zaggle Prepaid Ocean Services Limited has announced a new agreement with PNB MetLife India Insurance Company Limited. As part of this three-year deal, Zaggle will provide PNB MetLife with its Zaggle Save platform, which focuses on employee expense management and benefits.
Under this contract, Zaggle will supply PNB MetLife with services designed to streamline and enhance employee expense management. This platform will be used by PNB MetLife's employees to manage their expenses more efficiently and to access various employee benefits.
The contract is a domestic arrangement, and the agreement is set to be executed over a period of three years. The deal's value includes the deployment and utilization of the Zaggle Save platform to improve expense handling and employee benefits for PNB MetLife's staff.
This partnership highlights Zaggle’s role in providing innovative solutions for expense management in the corporate sector.
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Market Reaction
After Zaggle Prepaid Ocean Services Limited announced its three-year deal with PNB MetLife on Saturday, there was initial pessimism in the stock price when markets opened on Monday.
However, this negative sentiment quickly faded. The stock price, which ranged between ₹295 and ₹299 at 9:35 AM on NSE, rose to ₹303 by 9:55 AM. Despite Friday's closing price of ₹312.15, the current intraday trend indicates a potential upward movement, and it will be interesting to see how the price performs throughout the day.
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Zaggle Prepaid Ocean Services
Zaggle Prepaid Ocean Services, established in 2011, is a prominent fintech and SaaS company based in India, specializing in a range of business and employee management solutions.
The company operates with a diverse portfolio including prepaid cards, expense management platforms, rewards and incentives systems, and gift card management services. With over 50 million prepaid cards issued and more than 2.27 million users served.
Zaggle's offerings cover business spend management, employee rewards, and customer engagement across various sectors such as banking, finance, technology, healthcare, and manufacturing.
Zaggle is well-positioned with its network of corporate clients and banking partners, leveraging its SaaS and fintech expertise to enhance user experience through integrated solutions and a comprehensive suite of services.
PNB MetLife
PNB MetLife India Insurance Company Limited, established in 2001, is a prominent life insurance provider in India, combining the financial strength of MetLife and the extensive distribution network of Punjab National Bank (PNB).
The company operates across 149 locations and serves customers through over 16,500 locations via its bank partnerships. PNB MetLife offers a comprehensive range of life insurance products catering to child education, family protection, long-term savings, and retirement needs.
With over 21,000 employees and a broad portfolio of 25 retail and 15 group products, the company also provides employee benefit plans to more than 550 corporate clients. Known for its innovation and consistent profitability since FY 2011, PNB MetLife continues to enhance its services with digital solutions and CSR initiatives.
Zaggle Signs Three-Year Deal with PNB MetLife for Employee Expense Management - FAQs
1. What is the nature of the contract?
It is a three-year agreement for providing employee expense management services.
2. Which companies are involved in the contract?
The contract is between Zaggle Prepaid Ocean Services Limited and PNB MetLife India Insurance Company Limited.
3. What platform will Zaggle provide?
Zaggle will provide its Zaggle Save platform for managing employee expenses and benefits.
4. What is the primary purpose of the contract?
The contract aims to streamline and enhance employee expense management and provide various benefits.
5. How long is the contract duration?
The contract will be in effect for a period of three years.
6. Is the contract domestic or international?
The contract is a domestic arrangement, focusing on services within India.
7. When was the contract announced?
The announcement was made on Saturday, with the details becoming public just before the markets opened on Monday.
8. What was the stock price movement after the announcement?
After initial pessimism, the stock price fell, but then it climbed from ₹295 to ₹303 by 9:55 AM.
9. What was the stock price before the announcement?
The stock price closed at ₹312.15 on Friday before the announcement.
10. How does this contract impact Zaggle's role?
The contract underscores Zaggle’s role in offering innovative solutions for expense management, enhancing its position in the corporate sector.