CUBE has won a JPY 10 million contract to pilot our solution with the insurer’s Japan business
MetLife Japan today announced that CUBE is one of two winners of its open innovation program in Japan, collab 4.0. Created by LumenLab, MetLife's Asia innovation center, collab 4.0 invited insurtechs from around the globe to apply for a JPY 10 million contract (US$89,555) to pilot their solutions with the insurer's Japan business. MetLife also selected Knowtions, a Canada-based firm that unlocks messy health data to surface predictive insights for health insurers globally.
CUBE was among six finalists chosen from 140 applicants across 40 countries to pitch their solutions to a panel of senior MetLife executives at a demo day in Tokyo on Thursday 6th December.
"MetLife Japan is excited to work with CUBE and Knowtions. We believe their solutions have the potential to offer tremendous benefits to our business and customers in Japan," said Webster Coates, Senior Vice President and Chief Strategy Officer, MetLife Japan.
"External collaboration is a critical component to transforming the insurance sector and Collab is about building partnerships that help us innovate ahead of tomorrow's challenges. Now in its fourth iteration, collab is helping our company solve business challenges and have an ever-greater impact on those we serve," said Zia Zaman, LumenLab's Chief Executive Officer and Chief Innovation Officer of MetLife Asia.
Collab 4.0 launched in August and follows three successful collab programs. Since its inception in 2016, collab has attracted 538 applications from more than 60 countries and MetLife has awarded US$700,000 worth of contracts through the program which have gone into developing practical solutions in areas like customer engagement, sales, and operations.
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. .
About MetLife Insurance K.K.
MetLife Japan started operations in 1973 as the first foreign life insurance company in Japan and currently operates as a Japanese corporation and an affiliate of MetLife, Inc., a leading global financial services company that aims to help people become more self-reliant and able to pursue more from life. MetLife Japan provides a broad, innovative range of products through diverse distribution channels to individual and institutional customers.
As MetLife's pioneers for disruptive innovation in Asia, 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
JPY 10 million equates to approx. US$89,555 based on the FX rate as at Aug. 3, 2018