MetLife debuts insurtech accelerator

Search for top insurance technology solution with winner given funding to implement their idea

Insurance News

By Gabriel Olano

LumenLab, the innovation arm of MetLife Singapore, has launched Collab, a three-month insurance technology accelerator to support “business-ready” start-ups in their quest to innovate and find new solutions to the industry’s needs.
The insurtech program is now accepting applications for novel solutions in customer engagement, claims processes, insurance business models, and the sales process. It is co-sponsored by Amazon Web Services, Microsoft BizSpark, Wavemaker Partners, and Oliver Wyman. These firms will work together to provide a comprehensive support structure for the start-ups.
Collab will select eight start-up firms from the applicants, subjecting them to a rigorous screening process. The selected firms will be exhibited in a demonstration day on May 19, 2017. The successful finalist will receive a US$100,000 grant to implement a solution with the support of MetLife.
“At MetLife, we are focused on reshaping the way we do business and the way in which we engage with our customers,” said Chris Townsend, President of 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.”
LumenLab was launched in 2015, focusing on developing disruptive business models for the health, ageing, and wealth arenas. With Collab, LumenLab aims to achieve its goal of helping customers through collaborating with start-ups and entrepreneurs to promote innovation and find new solutions to business problems in the real world.

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