SINGAPORE--(BUSINESS WIRE)--LumenLab, MetLife Asia’s Singapore-based innovation center, today launched collab 2.0, its second startup engagement program and is looking for startups that can help address MetLife’s problem statements with innovative solutions. The overall winner will be awarded a JPY 10 million contract* to pilot their solution at MetLife Japan, MetLife’s largest business in Asia.
The launch of collab 2.0 follows MetLife’s successful inaugural corporate start-up engagement program, collab, which attracted 139 worldwide applications from 34 countries. The winners from the first cohort offered practical solutions that showed tangible value and the potential to significantly augment the insurance experience. Following the demo day in May, 2017 Uniphore was named the overall winner, with two other outstanding startups, Democrance and Flamingo, receiving the “Judge’s Selection” award.
“Engaging with the startup community through such platforms is critical as we look to shape the future of the insurance industry and redefine the way we interact with our customers. The winners of our first cohort in collab came up with innovative and exciting solutions which will be piloted in MetLife Asia. We’re excited to see what collab 2.0 will deliver,” said Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia.
Applications are now being sought for innovative solutions in Customer Engagement, Sales, Backend Operations, and Frontend Operations. Following the open global call for applications, a rigorous selection process will determine the six finalist start-ups that will proceed to the demo day in Tokyo, Japan on December 8th, 2017 to present their solutions.
“Collaborating with startups differentiates us from our competitors in Japan. LumenLab’s collab 2.0 is the perfect platform on which to source innovative partners that gives our business an edge as we strive to better serve our customers,” said Sachin N. Shah, Chairman, President & CEO MetLife Japan.
MetLife has built a strong track record in being a first mover in digital innovation. Launched in July 2015, LumenLab is focused on developing disruptive new business models in the areas of health, ageing, and wealth. It has supported the launch of 9 pilot projects to market, reaching hundreds of thousands of people. Using collab, LumenLab aims to further its collaboration with start-ups and entrepreneurs to uncover breakthrough solutions to address real business problems and better serve our customers.
To learn more and apply for collab 2.0, please visit: collab.lumenlab.sg. The deadline for applications is October 1st, 2017.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 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.
About MetLife Japan
MetLife started operations in 1973 as the first foreign life insurance company in Japan. Since then, it has provided an innovative and broad range of products through diverse distribution channels to individual and institutional customers. It currently operates as a Japanese corporation, MetLife Insurance K.K. MetLife is committed to providing trusted navigation to help people become more self-reliant and able to pursue more from life.
For more information, visit http://www.metlife.co.jp/.
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, symbolizes 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 enables start-ups and entrepreneurs to gain access to MetLife’s Asia ecosystem and key business relationships to break through into new markets
- collab 2.0 is the second 8-week program being run by LumenLab as part of the collab series
- collab 2.0 will select six start-ups from the global open application process.
- Innovative solutions are being sought in the areas of: Customer Engagement, Sales, Backend Operations, and Frontend Operations
- 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 and the strength of their teams
- Each start-up will have access to resources and expertise from LumenLab and MetLife Japan, and will be actively mentored and given training by MetLife executives
- The successful finalist will receive a JPY 10 million contract* to implement a pilot within MetLife Japan
2. Eligibility Criteria
- 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 immersion week in Japan to present their solution
- Applicants should demonstrate that their solution addresses one of the challenges issued by MetLife Japan
3. Key Dates
- 17 August 2017 Applications Open
- 1 October 2017 Deadline for Application
- 10 October 2017 Announcement of Selected Start-ups
- 8 December 2017 Demo Day and Prize Presentation
4. Official Website
Interested parties may visit collab.lumenlab.sg to view the problem briefs and submit their applications.
* This amount equates to approx..US$91,000 based on the FX rate of 1USD:JPY109.89 as at 04Aug2017