Montoux has been chosen as only one of 6 finalists for Collab 2.0, an open innovation programme run by LumenLab, MetLife’s Singapore-based innovation center.
Collab 2.0, launched in August 2017 and backed by MetLife Japan, was created as “a platform for innovators to tackle the business needs of tomorrow.”
Over the next 2 months, finalists will receive assistance from MetLife Japan’s “Staff Champions,” before pitching their business ideas to senior executives from MetLife at the demo day on 8 December 2017. Montoux, along with the other 5 finalists, have the chance to win a JPY 10 million* contract.
For Montoux, being a finalist in the programme is further validation that they’re solving real problems for life insurers. Klaas Stijnen, Founder Director and CEO of Montoux Asia-Pacific, says, “it’s a perfect opportunity to prove our value proposition in the second largest life insurance market in the world. We already know that current pricing tools are holding life insurers back globally. We relish the chance to show how we can help MetLife to improve both their competitiveness and profitability. The resources and support provided by the staff at Metlife Japan will be invaluable over the coming months.”
According to Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia, the company is delighted with the finalists: “The quality and caliber of the submissions was very high. Our finalists represent the best in creativity and innovation, and brought fresh thinking to address the evolving needs of the insurance customer. We look forward to working with them over the coming months.”
After the success of its first iteration, Collab 2.0 attracted over 111 applications from 24 countries around the world. Following a rigorous application review process, 6 applicants were selected to be finalists, including Montoux, Concierge U, Gnowbe, Moneytree, TrustSphere, and WorkFusion.
Read the official announcement from MetLife Japan here.
* This amount equates to approx..US$88,775 based on the FX rate of 1USD:JPY112.64 as at 04Oct2017
Montoux provides a smarter, faster way to price life insurance products. Since being founded in 2012, Montoux’s solution is proven with prominent insurers across Asia-Pacific, and is now set to upgrade the way insurance companies innovate in North America.