US-based MetLife has opened a new innovation center, LumenLab, in Singapore, in a bid to provide new solutions for the life insurance industry in Asia.
Based at The Metropolis of Buona Vista, the new 7,800ft² facility includes working space and business incubator employed with innovation experts coming from startups or outside the insurance industry.
LumenLab, which is an integral element of MetLife’s investment in Asia, will involve in developing disruptive new business models in the areas of wellness, wealth, and retirement.
MetLife Asia chief innovation officer and LumenLab CEO Zia Zaman said: "LumenLab’s remit extends beyond the traditional life and health insurance industry. Our innovation strategy focuses on consumers as the source of insights and inspiration; it goes beyond just technology innovation.
"To respond to the fact that the demand curve is bending towards Asia, a phenomenon we call the Asiafication of Demand, the centre is based right here in Singapore."
LumenLab will help MetLife to predict the needs of consumers in Asia, who are expected to contribute half of the insurance industry’s growth in the next decade.
It will explore and deploy new solutions for its customers through collaborating with entrepreneurial talent pool in Singapore and across Asia, venture capitalists, and in-country experts from its regional operations.
LumenLab and NUS Business School have established partnership to provide students with resources and data for management practicum field work, as well as jobs.
Through its subsidiaries and affiliates, MetLife offers life insurance, annuities, employee benefits and asset management services.
Image: New LumenLab innovation center will develop new solutions for life insurance industry in Asia. Photo: courtesy of Business Wire.