Metlife chooses Cube as a finalist for its insurtech open innovation program

  • Insurtech
  • 14.06.2018 08:08 am

CUBE’s regulatory change management solution is one of just eight finalists, selected from 148 Insurtech innovators, from 32 countries around the world

 CUBE has been selected by MetLife through collab 3.0 EMEA to compete alongside seven leading Insurtech innovators for a USD 100,000 contract to pilot a project with MetLife businesses in the Europe, Middle East and Africa (EMEA) region. Run by LumenLab, MetLife Asia’s Singapore-based innovation center, in collaboration with MetLife EMEA, collab 3.0 EMEA recognizes Insurtechs with outstanding potential to deliver solutions across the insurance value chain. 

CUBE will pitch its automated regulatory change management solution to senior MetLife executives this July, in London, to address the firm’s enterprise-wide, multi-jurisdictional compliance requirements. During the eight-week collab program, CUBE will work with MetLife “employee champions” who will provide tailored mentoring in preparation for the finale.

CUBE’s enterprise-scale platform de-risks the regulatory change process for multi-jurisdictional financial institutions, and dramatically cuts the cost of compliance. Utilizing Artificial Intelligence, Machine Learning and Natural Language Processing, CUBE captures global regulatory data automatically and continuously, creating a golden source of cross-border regulatory intelligence. This intelligence is mapped onto a firm’s policies, procedures, records and customer communications, to identify which regulations are relevant to specific jurisdictions and lines of business, including the impact of new European privacy regulation. Real-time alerts flag regulatory changes that create risk, and pinpoint all policies and procedures that require action to ensure continued compliance.

“The Insurtech landscape is rapidly evolving. The innovative finalists we chose bring fresh thinking to address the rising expectations of insurance customers. We are excited to work together with them in the coming months,” said Zia Zaman, LumenLab’s Chief Executive Officer and Chief Innovation Officer, MetLife Asia. 

Michel Khalaf, President of MetLife’s U.S. Business and EMEA commented, “The strong finalist line up showcases an exciting mix of ideas and technological solutions that can help drive greater value for our business and deliver a differentiated experience for our customers. Our employee champions will offer crucial support, insight, and guidance as our finalists seek to develop their solutions and pitches.”

Ben Richmond, Founder and Chief Executive Officer at CUBE, commented: “We are delighted to have been selected for MetLife’s open innovation program. Insurance is one of the sectors most greatly impacted by regulatory change in recent years. Monitoring, auditing and addressing regulatory change has become a monumental global challenge, and I am delighted that MetLife recognizes the potential for CUBE to mitigate risk, save time and cut costs.”

Related News