SEOUL, South Korea–(BUSINESS WIRE)–MetLife Korea today announced seven finalists for its open innovation
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
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
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:
(Israel) enables life insurers to identify opportunities within their
existing book of business by using big data and predictive analytics
to identify underinsured customers.
Communications (South Korea) enhances customer experience by
helping customers find the right agent based on their characteristics
(Israel) allows business users to answer predictive business questions
in the same day without a need of data science expertise.
(South Korea) is a robo advisor which helps users allocate their
assets and weigh their portfolios.
(Singapore) provides a mobile-first microlearning solution focused on
employee onboarding, training, and engagement.
(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
(South Korea) enables an omnichannel AI contact center through its
natural language processing, speech recognition, and voice generation
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
“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
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/
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.
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