Insurance group MetLife has launched a co-investment arm called MetLife Digital Ventures backed by a $100m co-investment fund that will make direct investments in strategically relevant startups.
MetLife Digital Ventures was launched alongside MetLife Digital Accelerator powered by Techstars, a 13-week insurance technology initiative formed in partnership with accelerator partnership with accelerator operator Techstars.
Up to 10 early-stage startups will each receive $120,000 in funding from MetLife Digital Accelerator and access to Techstars’ mentor network and connections from the insurance industry, according to WRAL Tech Wire.
The first cohort is scheduled to begin in the third quarter of 2018, with startups drawn from insurance-related segments such as markets, underwriting, healthcare and the gig economy.
Both units will be overseen by MetLife’s Chief Digital Office, which is run by Greg Baxter, formerly the head of digital strategy at financial services firm Citigroup.
Marty Lippert, executive vice-president and head of MetLife’s global technology and operations division, said: “The rise of globalisation, 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 capitalising on emerging consumer and technology trends.”