MetLife, Inc. MET together with Techstars, which is a renowned global investment and innovation platform, recently launched the third annual class of MetLife Digital Accelerator. The program was launched two years back in January.
The selected 10 startups will take part in an intensive Accelerator program of three months. During this tenure, the startups will be collaborating with tech innovators and specialized financial wellness experts from both MetLife and Techstars. This, in turn, will help the startup companies to roll out employee-benefit solutions for accelerating their business growth.
After completing three months of this program, the MetLife Digital Accelerator will conclude for this year with a Digtial Accelerator Demo Day scheduled in December. On this day, the 10 startup founders will showcase their innovative solutions. However, the program will be conducted virtually this year in light of the coronavirus-induced crisis scenario.
Another notable feature of the program this year will be its intensifying focus on deploying financial wellness and engagement solutions for clients, by virtue of which they will able to make savings, handle debt burdens, and offer appropriate care for seniors and children.
The latest move by MetLife seems to be a suitable one since personal finances result in significant stress for employees. The same fact is further substantiated by MetLife’s 2020 Employee Benefit Trend Study, which stated that around 50 million U.S. workers report of not being financially healthy.
Moreover, the third annual class of this Accelerator program also seems to be well-timed as the entire world is grappling with financial woes induced by the COVID-19 pandemic, and startups have been no exception to the trend. Developing required solutions is not the only purpose to be served by MetLife Digital Accelerator this year. In fact, it will also equip startups to meet clients’ needs while coping with the challenges triggered by the pandemic. In fact, assistance to startups is important so that they can devise growth strategies on the back of innovations and advanced technologies.
Notably, Techstars has an impressive history of working closely with several startups since 2006. In July of this year, one of the leaders in global money transfer, The Western Union Company WU together with Techstars launched the second class of the Techstars & Western Union Accelerator. The same program has selected 10 companies from interested applicants, who will be guided to develop more innovative solutions during the 13 weeks tenure of this virtual program.
Techstars has also been working with UnitedHealthcare, which is a business of UnitedHealth Group Inc. UNH.
Coming back to The MetLife Digital Accelerator powered by Techstars, it forms a component of MetLife’s broader innovation ecosystem through which it intends to serve critical needs of clients in the financial and insurance services sector. The ecosystem also entails relationships with 20 venture capital firms, strategic partnerships with renowned technology companies, and tie-ups with universities. Also included in the same ecosystem is the company’s Ignition program, which can be best described as a one-day innovation hunt conducted on an annual basis encompassing 15 to 20 tech startups.
Lastly, MetLife is a multi line insurer having operations worldwide. Another insurer in the same space is Assurant, Inc. AIZ.
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