MetLife has launched “collab 3.0 EMEA”, a global open innovation platform inviting entrepreneurs and InsurTechs to scale their business with MetLife, while solving some of the insurer’s biggest innovation challenges across its business in Europe, the Middle East and Africa (EMEA).
It has also invited InsurTech startups to compete for a US$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 EMEA.
“We are serious about transforming the insurance industry and the way we interact with our customers. But we know we cannot do it alone. You can never innovate faster than the market. We are building a stronger ecosystem for the future by engaging InsurTechs through programmes like collab,” said Mr Zia Zaman, LumenLab’s CEO and Chief Innovation Officer of MetLife Asia. Following a rigorous selection process, the insurer will determine eight finalists and pair them with MetLife EMEA employee champions to help develop their solutions.
To date, company has awarded more than half a million US dollars’ worth of contracts through collab in Asia. These business contracts have gone into developing practical solutions that are delivering value to its business and customer experience.
“MetLife continues to be at the forefront of innovation and collab 3.0 EMEA is a great example of this. We are matching real business challenges from across our global enterprise with external ideas to build the best solutions for our business and customers. Crucially, our employee champions will support and collaborate with the finalists throughout the process,” said Mr Michel Khalaf, President of MetLife’s EMEA and US Regions.
Finalists will be invited to attend the collab Summit EMEA and Demo Day in London this July to present their solutions where the ultimate winner will be announced.
Created by LumenLab, MetLife Asia’s innovation centre, collab 3.0 EMEA follows two successful collab programmes in Singapore (2016) and Japan (2017), which attracted 250 applications from InsurTechs in more than 35 different countries. M