MetLife Launches “Collab”: The Insurance Tech Accelerator
14 November 2016 - 1:13PM
Business Wire
US$100,000 contract for winning start-up to
implement their solution
LumenLab, MetLife’s Singapore-based innovation centre, is
pleased to announce today the launch of Collab – a three-month
program that supports “product ready” start-ups as they tackle the
business needs of tomorrow. Through this unique forum, insurtech
start-ups can share their solution and win an opportunity to bring
it alive at MetLife.
“Collab is first-and-foremost a market place for start-ups to
meet, share ideas and build solutions. Our goal is to tackle the
real problems facing our customers and leverage technology to drive
business efficiency. As the speed of innovation increases and
disruptions become the norm, we are excited to tackle these
challenges together with the help of the start-up community,” said
Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife
Asia.
The program is now open for applications and is calling for
innovative solutions in customer engagement, claims process,
insurance business model and the sales process. In addition to
MetLife, expert providers and co-sponsors including amazon web
services, Microsoft BizSpark, Wavemaker Partners and Oliver Wyman
will work together to create a comprehensive support structure for
the start-ups. Collab will select eight start-ups from the global
open application process, who will be evaluated through a rigorous
multi-phase selection process in preparation for a demo day on May
19th, 2017. The successful finalist will receive a US$100,000
contract to implement a pilot within MetLife.
“At MetLife, we are focused on reshaping the way we do business
and the way in which we engage with our customers. We’re one of the
leaders in our industry to invest in innovation through digital and
technology and we see Collab as a natural extension. This is a
great opportunity for dynamic start-ups to bring to scale original
and ground-breaking ideas that challenge the old style insurance
business ways and play a part in moving the industry in to the new
digital era,” said Chris Townsend, President of MetLife Asia.
MetLife has built a strong track record by being a first mover
in digital innovation. LumenLab was first launched in July 2015,
and has focused on developing disruptive new business models in the
areas of health, ageing, and wealth. Using Collab, LumenLab aims to
build upon its goal of helping customers lead richer, more
fulfilling lives by collaborating with start-ups and entrepreneurs
to uncover breakthrough solutions to address real business
problems.
Those interested can learn more and apply
at collab.lumenlab.sg. Applications deadline is January 29,
2017.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates ("MetLife"), is one of the largest life insurance
companies in the world. Founded in 1868, MetLife is a global
provider of life insurance, annuities, employee benefits and asset
management. Serving approximately 100 million customers, MetLife
has operations in nearly 50 countries and holds leading market
positions in the United States, Japan, Latin America, Asia, Europe
and the Middle East. For more information, visit
www.metlife.com.
About LumenLab
As MetLife's pioneers for disruptive innovation, LumenLab is
charging ahead to create new businesses in health, wealth and
retirement. Lumen, a measure of light, symbolises our commitment to
illuminating a new path for solving the problems that the people of
Asia face today. Through our focus on building new products and
services grounded in technology and data, we aim to help people
achieve richer and more fulfilling lives. For more information,
visit www.lumenlab.sg.
Factsheet on Collab:
LumenLab Open Innovation Platform
1. Overview
- Collab is an open innovation platform
that aims to identify innovative solutions to known challenges in
the following areas: customer engagement, claims process, insurance
business model and the sales process
- Collab enables start-ups and
entrepreneurs to gain access to MetLife’s Asia ecosystem and key
business relationships to break through into new markets
- Collab will select eight start-ups from
the global open application process
- All applicants will be evaluated
through a rigorous multi-phase selection process that assesses the
viability of their business plan, the merits and competitive
differentiation of their technology, the strength of their teams
and their alignment with MetLife’s strategic focus
- Each start-up will have access to
resources and expertise from LumenLab and MetLife, and will be
actively mentored and given training by MetLife executives as well
as co-sponsors who include amazon web services, Microsoft BizSpark,
Wavemaker Partners and Oliver Wyman
- The successful finalist will receive a
US$100,000 contract to implement a pilot within MetLife
2. Eligibility Criteria
- Applicants should not be an established
or well-known technology business in insurance
- Applicants should have, at a minimum, a
beta product to demonstrate and are prepared to share access to
program partners under a Non-Disclosure Agreement (and where
reasonable for no additional cost)
- If selected as one of the finalists,
applicants can attend the one week of immersive session at LumenLab
in Singapore to present their solution
- Applicants should demonstrate that
their solution addresses one of the challenges issued by MetLife
Asia
3. Key Dates
- 14 November 2016 Applications Open
- 29 January 2017 Deadline for
Application
- 17 February 2017 Announcement of
Selected Start-ups
- 19 May 2017 Demo Day and Prize
Presentation
4. Official Website
Interested applicants may visit collab.lumenlab.sg to view the
problem briefs and apply for Collab.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161113005063/en/
MetLife AsiaAshia RazzaqHead, Business Communication,
Asiaashia.razzaq@metlife.comorRHT Communications & Investor
RelationsRoger Poh, +65-9455-2690Directorroger.poh@rhtcir.com
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