Partnering With Startups to Drive New Approaches
Digital Accelerator Program— Supporting Startups Committed to Improving Financial Health
In our third year of a three-year partnership with global platform Techstars, we organized the Digital Accelerator program as an intensive, three-month program that allows startups to work closely with MetLife leaders and Techstars mentors to develop, experiment, and scale capabilities with the potential to transform the insurance industry. In 2020, our Innovation group became a part of MetLife’s Financial Wellness & Engagement team, thus forming a truly integrated team of problem-solvers focused on employee engagement and delivering financial wellness solutions to meet the employee needs of today and tomorrow.
As part of the 2020 Digital Accelerator, we worked with 10 startups on developing financial wellness and engagement solutions to help customers and families save money, tackle debt, stay healthy, care for seniors and children, and close the racial wealth gap.
From Experiments to Execution
Here are some of the startups that completed our Accelerator Program or leveraged our vast Venture Capital network:
- Aligned Business: After completing a successful pilot in 2019, the MetLife Bangladesh team went live with Aligned Business in July 2020 with the launch of eBiz@MetLife. This solution enables life insurance agencies to provide digital, real-time insurance application submissions, including digital signatures for agents, customers, and branch managers.
- Airkit: Airkit provides a low-code platform designed to integrate into existing systems to help turn teams into builders of digitally powered journeys. MetLife Group Benefits in the U.S. is currently leveraging Airkit to digitize the Life Insurance Enrollment Journey Statement of Health forms, improving the customer experience and driving increased revenue growth. As of year-end 2020, 4,119 digital applications have been run through Airkit, totaling close to 25,000 pages with a more than 150% increase anticipated in 2021.