MetLife Korea has begun its search for global entrepreneurs and InsurTechs to join its latest collaboration accelerator platform.
Participants of collab 5.0 will be competing for a $100,000 contract to develop solutions across the insurance value chain, including spaces such as customer engagement, sales, and operations. These developments will also be piloted through MetLife Korea.
Six finalists will be chosen, and each will be paired with employee champions whom will mentor and support the development of their services. A demo day is being hosted in June for the six companies to demonstrate their propositions, with a winner being selected then.
This is the fifth version of the program which is hosted by LumenLab, MetLife’s Asia innovation centre. Prior to this accelerator one has been held in Singapore, one in MetLife’s Europe, Middle East and Africa region and two in Japan.
Over the course of the years, 538 applications have been made from 60 countries for positions in the cohorts. MetLife has awarded $900,000 worth of contracts to develop solutions for its business and customers.
MetLife Korea senior vice president and general manager Young Rok Song said, “I’m very pleased that MetLife Korea is hosting collab 5.0 where innovative ideas of InsurTech experts from around the globe will compete on an open platform. Collab 5.0 is an opportunity for the insurance industry to move to the next level amid the 4th industrial revolution, and to explore and develop cutting-edge solutions that generate greater value for customers.”
An application deadline for collab 5.0 has been set for 2 March.
Earlier in the year, MetLife Digital Accelerator, powered by Techstars, commenced the search for 10 startups to join the sophomore cohort. The 13-week program is looking for companies which are building ‘transformational capabilities and potentially industry-disrupting technologies’ for the insurance sector.
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