Singapore: LumenLab, MetLife’s Singapore-based innovation center, today announced that it has selected 8 finalists for its inaugural tech matchmaking program, collab, an open innovation platform matching startups with the right opportunities within MetLife.
collab, launched in November 2016, aims to provide a platform for innovators to tackle the business needs of tomorrow and to work on solutions to known challenges in the areas of customer engagement, sales process, operations, and new business model.
collab attracted over 135 applications from 34 countries around the world. Following a rigorous application review process, 8 start-up applicants have been selected to pitch their business ideas to senior MetLife executives at the demo day on 19 May 2017.
Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia said, “We’re delighted with the overwhelming response to our program from around the world. The caliber and enthusiasm of the start-ups who applied was truly impressive and it was a tough task to select just 8 finalists. The companies we chose showed ingenuity and brought fresh thinking to address the evolving needs of the insurance customer. We’re excited to work together with them in the coming months.”
The 8 start-up finalists are Capabiliti, Democrance, Digital Fineprint, Flamingo, Good Parents, Shift Technology, Sureify and Uniphore. The strong final line up showcases an exciting mix of ideas and technological solutions ranging from artificial intelligence (AI), predictive analytics, to wearables for kids.
Over the next 3 months, the finalists will receive tailored mentoring and gain access to training from Oliver Wyman, PwC’s venture hub in Singapore and Velocity (ACP Venture Capital’s accelerator arm) on key topics such as B2B sales, insurance industry idiosyncrasies and fundraising for enterprise startups. Velocity will also work with our finalists to ensure their readiness for further funding and will give preference to leading funding rounds by investing up to US$500,000 in one or more of the finalists. MetLife has also assigned over 35 “staff champions” to assist the finalists, underscoring its commitment to talent development as it promotes a culture of innovation in the workplace.
Chris Townsend, President of MetLife Asia commented: “The sheer number of applications for collab highlights the pace of innovation and broad spectrum of digital technology options that are now available. We recognize the importance of innovation and collaboration, and we believe working with start-ups can help drive greater value for our business and deliver a differentiated experience for our customers.”
LumenLab will host the collab demo day on 19 May 2017 in Singapore. The judging panel will comprise eight senior MetLife executives from across the globe. The successful finalist will receive a US$100,000 contract to implement a pilot within 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.
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.