MetLife has launched the fifth iteration of its Asian innovation competition, Collab, in its Korean division.
The Collab 5.0 will invite entrepreneurs and insurtechs to get the opportunity to scale their business with MetLife while solving some of the insurer’s biggest innovation challenges in Korea. Participants in areas such as customer engagement, sales, and operations will compete for a $100,000 contract to pilot them with MetLife Korea. Six finalists will be selected from applicants, working with MetLife employees to improve their product for a final showdown on June 12.
Created by LumenLab, MetLife’s Asia innovation center, two of the first four Collabs have been run in Japan and the other two in Singapoe and EMEA. More than 538 applicants have applied, with $900,000 in contracts awarded.
“External collaboration is critical to driving greater innovation in the insurance industry. Collab is helping us build partnerships and connect to new ideas and creative thinking to innovate ahead of tomorrow’s challenges. Together, we can have an ever-greater impact on our customers,” said Zia Zaman, LumenLab’s Chief Executive Officer and Chief Innovation Officer, MetLife Asia.
