MetLife invites insurtech startups to compete for $100,000 contract
MetLife is inviting insurtech startups to compete for a $100,000 contract to develop solutions across insurance value chains in areas such as customer engagement, sales, and operations, and to pilot these solutions with MetLife Europe, the Middle East and Africa (EMEA).
For this purpose, the insurer has launched “collab 3.0 EMEA,” a global open innovation platform allowing entrepreneurs and insurtechs to scale their business with MetLife, while solving some of the insurer’s biggest innovation challenges across its business in EMEA.
The move follows two collab programmes in Singapore (2016) and Japan (2017), which attracted 250 applications from insurtechs in more than 35 different countries.
“We are serious about transforming the insurance industry and the way we interact with our customers – but we know we cannot do it alone,” said Zia Zaman, chief innovation officer of MetLife Asia. “You can never innovate faster than the market. We are building a stronger ecosystem for the future by engaging insurtechs through programmes like collab.”
Following a selection process, the provider of insurance, annuities, employee benefits and asset management will determine eight finalists and pair them with MetLife EMEA employee champions to help develop their solutions.
To date, MetLife has awarded more than half a million US dollars’ worth of contracts through collab in Asia.
“We are matching real business challenges from across our global enterprise with external ideas to build the best solutions for our business and customers,” said Michel Khalaf, president of MetLife’s EMEA and US regions. “Crucially, our employee champions will support and collaborate with the finalists throughout the process.”
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