Metlife ‘Speed Dates’ 16 Cutting-Edge Insurtech Start-Ups in 8-Hour Innovation Hunt
June 05 2019 - 7:00AM
Business Wire
In fifth annual ‘Ignition’ event, emerging tech
companies vie for potential partnerships by demonstrating how
MetLife can benefit
On Thursday, June 6, MetLife will host its fifth “Ignition”
summit, an annual one-day experience to identify emerging digital
capabilities that will drive transformation in the insurance
industry.
By bringing 16 startup companies to MetLife’s New York City
headquarters with more than 200 of its own business, operations and
tech leaders, Ignition serves as a catalyst to spark creativity
across the enterprise globally.
Throughout the day, each startup team hosts seven, 30-minute
sessions to present the value they can deliver in partnership with
MetLife – all under this year’s theme of “Strengthening Connections
in a Digital World.”
“Digital experiences are embedded in every aspect of how MetLife
conducts business globally,” said MetLife Chief Digital Officer
Greg Baxter. “As technology advances at an exponential rate, we’re
not only committed to keeping pace with that acceleration but doing
it while simultaneously ensuring interactions remain extremely
personal. Ignition 2019 looks to reinforce the critically important
human aspect of our connections with customers, partners and
colleagues.”
The startups – specifically targeted because of their unique
capabilities to create new forms of customer value – will each
present under one of four subthemes. Three of these target
connections with existing customers, future customers, or
colleagues and partners. The fourth theme centers on confidence –
which explores how MetLife can leverage digital solutions to
confidently manage risk while promoting business growth.
This year’s presenters bring a range of technology expertise
including: Artificial Intelligence (AI), data security software,
data mining, governance solutions, sales platforms, apps for
customer interaction during life-changing events, data analytics to
answer real-time customer questions, virtual platforms to
coordinate health treatments, tools to optimize an organization’s
internal performance metrics, and employee onboarding and career
development platforms.
In keeping with Ignition’s emphasis on the power of diversity
and the importance of being farsighted, Steven Johnson, the
bestselling author of Where Good Ideas Come From: The Natural
History of Innovation and Farsighted: How We Make the Decisions
that Matter the Most, is delivering the keynote speech.
Nearly 60 startup companies have participated in Ignition since
its launch in 2014. Those relationships have ignited over 20 Proof
of Concepts and contracts with 10 start-ups to date.
“A critical pillar of our innovation strategy is to have an
external orientation,” said MetLife’s Senior Vice President of
Innovation John Geyer. “It means that with every opportunity or
challenge, we consider which internal strengths – and which
external emerging technologies – we should apply. Once we uncover a
technology or solution that might work, quick experimentation is
the key. We then learn from these tests with the goal of quickly
commercializing and scaling winning ideas.”
Ignition 2019 is part of MetLife’s enterprise-wide digital
transformation that combines AI, robotics and automation, advanced
data analytics, partnerships with startups and universities, and
venture capital investments. This integrated digital ecosystem is
used to improve customer experiences, drive business growth and
optimize internal operations.
This ecosystem includes:
- Relationships with 18 venture capital
firms, strategic partnerships with leading technology companies,
and collaborations with universities such as Carnegie Mellon, the
University of North Carolina at Chapel Hill and the MIT Media
Lab.
- Investment of up to $100 million
through MetLife Digital Ventures to accelerate investment in
strategically aligned startup companies.
- The MetLife Digital Accelerator powered
by Techstars®, which identifies and mentors start-ups that are
developing industry-disrupting technologies in the insurance space.
The next class of 10 start-ups will be announced in July.
- Working directly with start-ups through
LumenLab, MetLife’s Singapore-based business incubator which
focuses on driving scalable innovation in the key areas of
wellness, wealth and retirement.
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.
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Sean GannonMetLife(212) 578-4958Sean.Gannon@metlife.com
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