MetLife launches open-innovation programme for insurtech startups

Insurance giant MetLife has today (March 12) launched a global open-innovation platform for entrepreneurs and insurtech companies.

The US-headquartered company’s new programme, collab 3.0 EMEA, will aim to help participating businesses unlock growth while solving MetLife’s own innovation challenges in Europe, the Middle East and Africa.

The firm is inviting insurtech startups to compete for a $100k (c.£72k) contract to develop solutions across insurance value chains in customer engagement, sales, operations and other areas. Solutions would be piloted with MetLife EMEA.

collab 3.0 EMEA was created through LumenLab, MetLife Asia’s innovation center.

It follows completion of two other collab programmes, in Japan last year and Singapore in 2016. The previous programmes attracted 250 applications from insurtech businesses in over 35 countries.

Once applications are in, MetLife will choose eight finalists and pair them with representatives of its MetLife EMEA business – known as ‘employee champions’ – to develop their solutions.

LumenLab CEO Zia Zaman, chief innovation officer of MetLife Asia, said: “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.”

Zia added: “We are building a stronger ecosystem for the future by engaging insurtechs through programmes like collab.”

The president of MetLife’s EMEA and US regions, Michel Khalaf, commented: “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.”

He added: “Crucially, our employee champions will support and collaborate with the finalists throughout the process.”

Applications will close on April 20.

Finalists will be invited to present their solutions at the collab Summit EMEA and Demo Day in London (July 11-12), where the overall winner will be announced.