Singapore: LumenLab, MetLife’s Singapore-based innovation centre, announced the launch of Collab – a three-month program that supports “product ready” start-ups as they tackle the business needs of tomorrow. Through this 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.
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.
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.