MetLife Launches Collab: The Insurance Tech Accelerator. 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.
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.
Factsheet on Collab: LumenLab Open Innovation Platform
- 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
- 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
- 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
Interested applicants may visit collab.lumenlab.sg to view the problem briefs and apply for Collab.