(Image source: MetLife.)
LumenLab, MetLife’s MetLife’s Singapore-based innovation center has launced Collab, a three-month program supporting “product-ready” startups dedicated to insurance business needs. The program is now open for applications and is inviting contestants offering “innovative solutions” in customer engagement, claims process, insurance business model and the sales process. The successful finalist will receive a US$100,000 contract to implement a pilot within MetLife. Interested startups can apply at collab.lumenlab.sg. Applications deadline is January 29, 2017.
“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,” comments Zia Zaman, LumenLab CEO and Chief Innovation Officer, MetLife Asia. “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.”
Eight Startups to Be Selected
The program will operate within what MetLife calls a comprehensive support structure provided by MetLife and expert providers and co-sponsors including amazon web services, Microsoft BizSpark, Wavemaker Partners and Oliver Wyman. Collab will select eight startups from the global open application process, whom the insurer says will be evaluated through a rigorous multi-phase selection process in preparation for a demo day on May 19th, 2017.
“At MetLife, we are focused on reshaping the way we do business and the way in which we engage with our customers,” comments Chris Townsend, President, MetLife, Asia. “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.”