MetLife has announced Singapore-based Lucep as the winner of its collab 3.0 EMEA programme, which offered InsurTech innovators the chance to win a $100,000 contract to pilot their solutions with the US life giant.
A record 148 start-ups from 32 countries applied for the programme, run by LumenLab, MetLife Asia’s Singapore-based innovation centre, designed to support them in scaling their business with MetLife while helping to solve some of the insurer’s biggest innovation challenges across its business in Europe, the Middle East, and Africa (EMEA).
Lucep was selected as the winner following Demo Day on 12 July, the finale of the programme, through a rigorous judging process. Lucep is an omni-channel engagement system that generates leads from digital channels and directs them to the best agents available to respond to the call, providing the agent with analytics and data on the prospect to help convert them to a customer.
Prior to Demo Day, the eight finalists were invited to collab Summit EMEA which hosted industry experts, world-class entrepreneurs, and venture capitalists in Canary Wharf, London, with a series of keynote speeches plus panel discussions on “The Future Insurer” and the “Innovation Ecosystem”. The collab finalists also included Anorak, Kasko, The ID Co., and CUBE from the UK plus US firms DataRobot and Eltropy as well as TrustSphere from Singapore.
Mr Zia Zaman, LumenLab’s CEO and chief innovation officer of MetLife Asia, said, “The record participation in collab 3.0 EMEA highlights the growth of the global InsurTech sector and the high calibre of applicants made it very difficult to select an overall winner.”
collab 3.0 EMEA, launched in March 2018 and is LumenLab’s third iteration of the ‘collab’ open innovation programme which aims to globally engage insurtech startups and offer them a fast-track opportunity to scale their businesses with MetLife.
During the collab programme, the eight finalists were supported in developing their solutions and enhancing their understanding of MetLife’s business by ‘employee champions’, putting into practice the company’s commitment to talent development and promoting a culture of innovation.
To date, MetLife has awarded more than $500,000 worth of contracts through collab in Asia that have helped develop practical solutions delivering value to MetLife’s business and customers.