We are committed to driving a culture of innovation at MetLife to uncover new businesses and fundamentally reshape how the industry engages with its customers.
To do this, we are focused on identifying innovation ideas and technologies from outside our company — and even our industry — to reinvent our processes and services for our customers.
In 2017, MetLife created a $100 million fund, MetLife Digital Ventures, to invest in strategically-aligned, early- stage start-up companies in partnership with leading venture capital firms. Through direct investment in these companies, MetLife will acquire new capabilities and enhance our ability to innovate on solutions for our customers. The fund is in addition to existing partnerships with 16 leading venture capital firms, which provide MetLife access to a portfolio of top-tier investment opportunities among thousands of startups.
MetLife also launched the MetLife Digital Accelerator, powered by Techstars, which is a program to identify, invest and mentor early-stage startups around the world that are developing disruptive technologies in the industry. Once selected, startups are hosted at MetLife’s Global Technology Campus in Cary, North Carolina, for an intensive program to focus on the development and acceleration of the startups’ ideas. MetLife helps these companies develop and?commercialize their ideas and be a catalyst for our own digital innovation.
MetLife also works with startups through LumenLab, MetLife Asia’s innovation center based in Singapore. Through its open innovation program, called “collab,” LumenLab works with entrepreneurs and insurtechs to scale their business with MetLife, while solving some of our biggest innovation challenges. To date, MetLife has awarded more than half a million U.S. dollars in contracts through collab in Asia. These business contracts led to the development of practical solutions to deliver value in MetLife’s customer experience and business.