Strategy aims to become responsive to ‘changing demographics, exponential growth in technology’
January 08, 2018 — NEW YORK–(BUSINESS WIRE)–To deliver digital solutions that offer a differentiated customer experience and disrupt the industry, today MetLife, Inc. (NYSE:MET), one of the world’s leading insurance companies, announced the launch of two InsurTech investment programs for start-up companies: MetLife Digital Ventures and MetLife Digital Accelerator powered by Techstars. Both programs will be led under the umbrella of MetLife’s Chief Digital Office.
“The rise of globalization, changing consumer demographics and an exponential growth in technology are factors impacting all industries,” said Marty Lippert, executive vice president and head of MetLife Global Technology & Operations. “MetLife is delivering on a strategy aimed at capturing this opportunity.
MetLife Digital Ventures and the MetLife Digital Accelerator powered by Techstars are two examples of our strategic partnership approach to promoting a culture of innovation and bringing an entrepreneurial lens to bear across the insurance value chain. These partnerships provide MetLife first-mover advantage in identifying and capitalizing on emerging consumer and technology trends.”
Direct investment in strategically aligned start-ups
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’s 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. Applications are now open for the first MetLife Digital Accelerator class. Start-ups may apply at Techstars.com/apply.
“Techstars is the worldwide network that exists to help entrepreneurs succeed, and our relationship with MetLife, an insurance powerhouse, advances our ability to do exactly that,” said David Brown, founder and co-CEO of Techstars. “The InsurTech startups selected for this program will create deep connections with MetLife’s industry experts, advancing and growing their businesses faster.”
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.
About Tech Stars:
Techstars is the worldwide network that helps entrepreneurs succeed. Techstars founders connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporations to grow their companies. Techstars operates four divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs, Techstars Corporate Innovation Partnerships, and the Techstars Venture Capital Fund. www.techstars.com.