MetLife seeks Carpe Data like solutions as it launches Collab insurance accelerator
MetLife Asia, which has been operating an innovation lab by the name of LumenLab since 2014, has announced the launch of an insurance accelerator called Collab . The accelerator offers a three-month mentorship program for 8 startups that can tackle any or the entire list of challenges listed below:
Then – Now: life insurance is ‘sold’ and not ‘bought’.
Now – Next: Collab is seeking customer acquisition engines that embed insurance with alternative distribution partners, into incidental channels. Think: Zenefits.
Then- Now: for the most part, life and health insurance has been sold as a bundled coverage.
Now – Next: Collab is seeking microinsurance players that can shorten the duration of insurance. Think: Trov but for L&H.
Then- Now: insurers rely on historical data to predict future outcomes.
Now – Next: Collab is seeking companies generating datasets that can be used to change the basis of underwriting in life insurance. Think: Carpe Data.
Then – Now: lack of awareness among low-income and middle-class population for life and/or health products.
Now – Next: Collab is seeking new models that can increase the number of people who try out their product. Think: BIMA.
Then – Now: lead management software solutions are not as smart or automated as they could be.
Now – Next: Collab is seeking new tools that simplify data input and provide an intuitive analytics dashboard for management.
Then – Now: onboarding tools can use a makeover.
Now – Next: Collab is seeking new tools to accelerate onboarding and reduce training times.
Then – Now: what doesn’t get measured doesn’t get improved.
Now – Next: Collab is seeking new tools to facilitate performance tracking.
Then – Now: online conversion rates aren’t looking that great.
Now – Next: Collab is seeking platforms that makes it easier to buy policies.
Then – Now: I’m sorry, who are you again?
Now – Next: Collab is seeking technologies that can accelerate the validation of the customer’s identity.
Then – Now: Doctor who?
Now – Next: Collab is seeking technologies that will help customers find the right healthcare provider.
Then – Now: Paper, paper, paper, paper, paper.
Now – Next: Collab is seeking easier ways to allow storage and sharing of medical records.
Then – Now: Customer who?
Now – Next: Collab is seeking digital solutions that will help it increase the number of interactions with its customers.
Startups can submit applications online starting now, starting here. Eight lucky startups will be announced on 2.17. The one lucky winner will receive a $100,000 contract to implement the solution with MetLife. Keyword: contract. Fine Print: seeking startups with at least a beta product. The list of insurtech accelerators below.