MetLife Korea Names Seven Finalists in Insurtech Innovation Challenge: collab 5.0
April 16 2019 - 10:30PM
Business Wire
MetLife Korea today announced seven finalists for its open
innovation program, collab 5.0. The
program invites insurtech companies globally to scale their
business with MetLife while solving some of the insurer’s biggest
innovation challenges across its Korean business.
Developed by LumenLab, MetLife’s Asia innovation center, collab
invites insurtech companies to compete for a USD 100,000 contract
to create and pilot solutions with MetLife Korea in areas such as
customer engagement, sales, and operations.
Since launching in January, collab 5.0 has attracted over 180
applications from startups based in more than 30 countries around
the world. The seven finalists are:
- Atidot (Israel) enables life insurers
to identify opportunities within their existing book of business by
using big data and predictive analytics to identify underinsured
customers.
- Eda Communications (South Korea)
enhances customer experience by helping customers find the right
agent based on their characteristics and demographics.
- Endor (Israel) allows business users to
answer predictive business questions in the same day without a need
of data science expertise.
- Fount (South Korea) is a robo advisor
which helps users allocate their assets and weigh their
portfolios.
- Gnowbe (Singapore) provides a
mobile-first microlearning solution focused on employee onboarding,
training, and engagement.
- Helixco (South Korea) is a saliva-based
molecular diagnostic company which analyses people’s oral
microbiome for potential associations with illnesses linked with
the brain, the heart, diabetes, arthritis and more.
- MindsLab (South Korea) enables an
omnichannel AI contact center through its natural language
processing, speech recognition, and voice generation engines.
With the help of employee champions from MetLife Korea, the
finalists will develop their ideas over the next two months before
attending the collab Summit in Seoul on June 12 and 13 where the
winner will be announced.
“These seven startups offer tremendous potential to deliver
value-creating solutions for MetLife Korea and its customers. We’re
excited our employees will get to work with them directly to
develop these solutions and further embed a culture of innovation
at MetLife,” said Young Rok Song, Senior Vice President and General
Manager, MetLife Korea.
“We’re delighted to see record-breaking interest in collab and
the calibre of applicants continue to grow in its fifth iteration.
We were thrilled to see 51 applicants from South Korea alone,” said
Zia Zaman, LumenLab’s chief executive officer and chief innovation
officer, MetLife Asia.
Collab 5.0 follows four successful collab programs, including
two in Japan in 2017 and 2018, one MetLife’s Europe, Middle East
and Africa region in 2018, and one in Singapore in 2016.
Since its inception in 2016, collab has attracted 718
applications from more than 60 countries and MetLife has awarded
around USD 900,000 worth of contracts to develop value-generating
solutions for MetLife’s business and customers.
For more information on collab 5.0 and the seven finalists,
visit: http://collab.lumenlab.sg/
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit www.metlife.com.
About LumenLab
As MetLife’s pioneers for disruptive innovation, LumenLab is
charging ahead to create new businesses in health, wealth and
retirement. Lumen, a measure of light, symbolizes our commitment to
illuminating a new path for solving the problems that the people of
Asia face today. Through our focus on building new products and
services grounded in technology and data, we aim to help people
achieve richer and more fulfilling lives. For more information,
visit http://www.lumenlab.sg
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version on businesswire.com: https://www.businesswire.com/news/home/20190416006069/en/
MetLife Korea: Eunyoung Jung | ejung4@metlife.com | +
822 3469 9530MetLife Asia: Yvette Marmur ymarmur@metlife.com
+852 5716 8533
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