News MiddleEast23 May 2017

Singapore:UAE InsurTech firm receives award from MetLife

23 May 2017

UAE-based startup, Democrance, has received the "Judge's Selection" award from LumenLab's inaugural corporate-startup engagement programme, collab.

LumenLab, MetLife’s Singapore-based innovation centre, announced this after Demo Day last Friday that took place in Singapore.

Democrance is the first mobile microinsurance partner in the Middle East and Northern Africa. It aims to make insurance available to a wider population by working as a strategic partner with insurance companies on one side, and telecom operators on the other, to utilise the mobile phone as a tool to reach the low- and middle- income segments, which can then just use their mobile phones to “buy, pay for and use insurance products”. The startup, founded in 2015, focuses solely on the MENA market for now.

The overall winner of the LumenLab startup engagement programme is an India-Singapore speech recognition solutions company Uniphore, which will receive a US$100,000 contract to implement its solution in MetLife. The solution allows any software application to understand and respond to natural human speech, and facilitates both customer engagement and loyalty build. Apart from Democrance, another startup Flamingo received the “Judge’s Selection” award.

collab, launched in November 2016, attracted over 135 applications from 34 countries worldwide. Based on known challenges in the areas of customer engagement, sales process, operations, and new business model, eight finalists competed to be the overall winner.

Mr Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia, said: “Each finalist presented something exciting and ground breaking. The “open innovation” construct, combined with access to “champions” from across the business made for a mutually beneficial experience. We’re excited to work with Uniphore, Democrance, and Flamingo over the coming months to bring their solutions to life at MetLife and have them benefit from our business scale.”

MetLife, through its subsidiaries and affiliates is one of the largest life insurance companies in the world. MetLife has operations in nearly 50 countries and holds leading market positions in the US, Japan, Latin America, Asia, Europe and the Middle East.

 

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