Business Wire IndiaMetLife, Inc. (NYSE:MET) announced that its unique virtual reality solution, known as conVRse, has won the Asia Insurance Industry Award 2017 for ‘Innovation of the Year’.
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Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia with the teams from LumenLab and PNB MetLife at the Annual Asia Insurance Industry Awards (Photo: Business Wire)
conVRse is a first-of-its-kind experiential Virtual Reality (VR) customer service platform designed to revolutionize interaction between insurers and customers. This solution was developed by LumenLab, MetLife’s innovation center in Asia, and PNB MetLife, its joint venture in India.
This is the second consecutive year that MetLife Asia is being recognized for innovation, consolidating its position as a leader in innovation. Last year, the company won this category with its insurance product “Beautiful”.
“We are delighted to be recognized as a leader for innovation in our industry and want to thank the panel of judges and AIIA team for encouraging innovation in insurance which is critical if we are to evolve into a truly customer-centric industry,” said Zia Zaman, LumenLab CEO and Chief Innovation Officer of MetLife Asia. “What I like best about virtual reality is that it allows the customer to be the protagonist in their own financial journey. Our solution conVRse is a huge first step that our customers love.”
This is the first time that virtual reality is being used in the insurance industry to benefit the customers’ directly. The platform provides a differentiated, immersive and a personalized experience to the customer through VR headsets available at select PNB MetLife branches.The VR headset brings customers face to face with an avatar “Khushi”.Khushi is a life insurance expert who can show customers all their policy related information while answering their queries.The initial response from PNB MetLife customers has been exceptional; 96% say it has had a positive impact on their brand experience.
conVRse has also won “Best Technology Initiative of The Year Award” at The National Awards For Excellence In Insurance 2017, the ‘Virtual Reality’ – Category at the prestigious “BFSI Digital Innovation Award”, hosted by Indian Express Group, “Best Technology Innovation 2017” at the prestigious Fintelekt Insurance Award , demonstrating its business and social impact.
conVRse originated from the 2015 MetLife Asia Mobile Challenge, an internal employee innovation challenge won by three colleagues from PNB MetLife.
The Asia Insurance Industry Awards 2017 are hosted by Asia Insurance Review magazine. The panel of judges included insurance industry CEOs, industry leaders, regulators and experts from across the Asia Pacific region.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About LumenLab
Established in 2015, LumenLab is MetLife’s global innovation center focused on digital disruption based on customer insights. LumenLab underscores MetLife’s commitment to embedding an innovation culture and supporting ideas that culminate in a better customer experience. Over 400 MetLife employees have taken part in workshops, bootcamps and leadership programs to “test and learn” and fast track delivery of solutions that will better meet the needs of the customer. LumenLab has incubated 13 projects spanning technologies such as artificial intelligence, blockchain, and virtual reality.
As MetLife's pioneers for disruptive innovation, LumenLab is charging ahead to create new businesses in health, wealth and retirement. Lumen, a measure of light, symbolises our commitment to illuminating a new path for solving the problems that the people of Asia face today. Through our focus on building new products and services grounded in technology and data, we aim to help people achieve richer and more fulfilling lives. For more information, visit www.lumenlab.sg.
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