LumenLab, MetLife’s Singapore-based innovation center, has announced the launch of Collab—a three-month insurtech program offering startups a chance to bring new products to life at the company.
Launched in July 2015, LumenLab is calling for innovative technologies in customer engagement, claims, insurance business models and the sales process, it said. Eight startups will be selected from the open application process, ending Jan. 29, and will then be rigorously evaluated in preparation for demo day on May 19. The winning startup will receive a $100,000 contract to implement a pilot within MetLife.
“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,” said Chris Townsend, president of MetLife Asia, in a statement.
Zia Zaman, LumenLab CEO and chief innovation officer of MetLife Asia added, “Collab is first-and-foremost a market place for start-ups to meet, share ideas and build solutions. Our goal is to tackle the real problems facing our customers and leverage technology to drive business efficiency.”
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