MetLife Joins the MIT Media Lab, Adding to Its Multi-Pronged Innovation Ecosystem
April 10 2018 - 11:17AM
Business Wire
Today, MetLife announced a multi-year collaboration with the
Massachusetts Institute of Technology (MIT) focused on accelerating
innovative technologies that will transform the insurance industry.
The announcement furthers MetLife’s comprehensive and disciplined
innovation approach of bringing together leading companies and
institutions to identify and create disruptive solutions for the
industry.
“Every industry is impacted by the exponential growth in
technology, the rise in globalization, and changing consumer
demographics,” said Marty Lippert, executive vice president and
head of MetLife Global Technology & Operations. “Our
collaboration with MIT is the latest proof point of a strategic
approach that is providing MetLife first-mover advantage in
identifying and capitalizing on emerging consumer and technology
trends.”
MetLife joined the MIT Media Lab as a Consortium Lab Member. The
Media Lab has developed tools, materials and methods that have led
to transformative tech innovations such as the touch screen, GPS
and wearables. Today, they have 26 research labs and approximately
450 active projects. MetLife’s collaboration with the Media Lab
will focus on disruptive applications of these technologies for the
insurance industry.
MetLife is also leveraging MIT’s advanced research in the areas
of sensors (Internet of Things), social data, digital records,
machine learning, and data science to reimagine underwriting to
enable an enhanced customer experience with simplified
underwriting, improved risk management and differentiated
pricing.
The collaboration with MIT is the latest addition to MetLife’s
growing innovation ecosystem. In January, MetLife announced the
launch of two InsurTech investment programs for start-up companies:
MetLife Digital Ventures and MetLife Digital Accelerator powered by
Techstars.
Backed by a $100 million co-investment fund, MetLife Digital
Ventures accelerates MetLife’s transformation through direct
investment in strategically aligned start-up companies that can
bring new forms of value to MetLife customers. Through direct
investment, MetLife will have an opportunity to influence the
direction of these early-stage companies that offer products and
capabilities that are strategically important to the organization.
The launch of MetLife Digital Ventures brings to the next level
MetLife’s existing strong relationships with 16 of the leading
venture capital firms. These long-established relationships
continue to provide MetLife unique access to a portfolio of
top-tier investment opportunities.
The MetLife Digital Accelerator powered by Techstars is a
first-of-its-kind program that identifies and mentors startups
around the globe that are developing industry-disrupting
technologies in the insurance space. Startups selected will be
hosted at MetLife’s Global Technology Campus in Cary, North
Carolina, for an intensive 13-week program focused on the
development and acceleration of transformational ideas.
MetLife also works directly with startups through LumenLab,
MetLife Asia’s Singapore-based innovation center. Through its open
innovation program, “collab”, Lumenlab invites entrepreneurs and
insurtechs to scale their business with MetLife.
About MetLife
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. For more information,
visit www.metlife.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180410006179/en/
MetLifeTony Varnon, 212-578-8188tvarnon@metlife.com
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