At MetLife, innovation means reinvention, our process for continuously reimagining how we create and deliver new forms of value for our customers, employees, and business partners.
MetLife is committed to transforming the insurance industry through innovation.
By engaging as many associates as possible in the creative process and building a safe environment for experimentation, we are able to tackle the real challenges confronting our global enterprise —providing breakthrough solutions for our businesses and customers.
MetLife Innovation Office (Met.IO)
MetLife Innovation Office was launched in 2011 with a mission to drive innovation across the global enterprise. Met.IO acts as a catalyst for transformational ideas, driving innovation more deeply into the DNA of MetLife. To accomplish this, they have developed a set of tools and programs for associates to leverage.
MetLife has created an integrated innovation ecosystem designed to surface new ideas and rapidly move them to market to improve customer experiences, generate new sales approaches and new products, and improve internal processes. We have an environment of continuous learning that provides MetLife ‘first mover’ advantage in identifying and capitalizing on emerging trends.
- We invest in top venture capital firms (currently 20), allowing us to interact with the venture capital firms daily to identify the best ideas from all industrial sectors.
- We forge strategic partnerships with leading tech companies such as Cisco, IBM, Oracle, Microsoft, Dell, AT&T, Guidewire, and others.
- We collaborate with universities such as Carnegie Mellon, UNC Chapel Hill, and, more recently, MIT’s Media Lab.
- We take a direct investment stake in startups via MetLife Digital Ventures.
- We identify and mentor startups in our MetLife Digital Accelerator powered by Techstars.
- More than 18,000 employees participate in our internal crowdsourcing ideation platform
Lumenlab: Shifting the role of insurance in Asia
Lumenlab is MetLife’s Asia innovation center, committed to rewriting the role of insurance in people’s lives through insights and innovation. Through our focus on building new products and services grounded in technology and data, we apply a thoughtful, structured, and methodical process to incubating ideas and developing new businesses that can scale.
In 2019, Lumenlab pioneered a new blockchain initiative called Lifechain to automate the verification process for life insurance claims, in an industry-first collaboration. Piloted with Singapore Press Holdings, Lifechain helps securely encrypt and share verification data used for obituary placement with insurer NTUC Income to kick-start the claims process.
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