MetLife Japan has launched ‘collab 4.0’, an open innovation platform where entrepreneurs and insurtechs are invited to scale their business with MetLife while solving some of the biggest innovation challenges across its Japan business.
Participating insurtech startups will compete for a JPY10m ($9033m) contract to develop solutions across insurance value chains in areas such as customer engagement, sales, and operations, and to pilot these solutions with MetLife Japan.
Created by LumenLab, MetLife Asia’s innovation center, collab 4.0 follows three successful collab programs, including one in 2017 which saw MetLife Japan award contracts to three innovative companies: Montoux, a product pricing solution; WorkFusion, an AI-driven automation solution, and Japan-based Moneytree, a leading personal finance management app.
LumenLab’s chief executive officer and MetLife Asia chief innovation officer Zia Zaman said: “Collab is about building partnerships that help us innovate ahead of tomorrow’s challenges. As we enter its fourth iteration, we see how innovation is solving today’s business challenges and helping us have an ever-greater impact on those we serve.”
Following a rigorous selection process, MetLife will determine six finalists and pair them with MetLife Japan employee champions who will provide tailored mentoring to solve MetLife Japan’s business challenges.
Since its inception in 2016, collab has attracted 398 applications from more than 50 countries and MetLife has awarded $700,000 worth of contracts through the program. These business contracts have gone into developing practical solutions that are delivering value to MetLife’s business and customer experience.
MetLife Japan senior vice president and chief strategy officer Webster Coates said: “MetLife Japan continues to be at the forefront of innovation, and collab 4.0 is a great example of this. We are tapping the best insurtech talent from around the globe to tackle real business issues and develop cutting-edge solutions for our business and customers.”
Finalists will be invited to attend the collab Summit and Demo Day in Tokyo on 5-6 December, 2018 to present their solutions where the ultimate winner will be announced.
Source: Company Press Release