On Monday, global insurance company MetLife announced the launch of its two insurtech investment programs, MetLife Digital Ventures, and MetLife Digital Accelerator powered by Techstars. The company reported that both programs will be led by MetLife’s Chief Digital Office. According to MetLife, MetLife Digital Venture is backed by a $100 million co-investment fund and accretes MetLife’s “transformation” through direct investments in startups.
“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.”
MetLife claims that 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. The company noted that startups selected for the program will be hosted at MetLife’s Global Technology Campus, which is located in Cary, North Carolina. It is a 13-week program that is focused on the development and acceleration of transformational ideas. While sharing more details about the programs, Marty Lippert, Executive Vice President and Head of MetLife Global Technology and Operations, stated:
“The rise of globalization, changing consumer demographics and an exponential growth in technology are factors impacting all industries. 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.”
David Brown, Founder and Co-CEO of Techstars, added:
“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. The InsurTech startups selected for this program will create deep connections with MetLife’s industry experts, advancing and growing their businesses faster.”
Applications are now available for the first MetLife Digital Accelerator Class.