Google Tanslate

Select Language

Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at [email protected]

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

Reach out to us. Please fill up the form below
Let us know how we can help. You can expect a response within 24 hours
Services of interest
Untitled

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

MetLife’s LumenLab – Innovation Centre in Singapore

In View Summary

 

LumenLab will enable MetLife to anticipate the needs of Asian consumers, who are expected to account for approximately half of the insurance industry’s growth in the next decade

LumenLab, launched in July 2015, is MetLife’s contribution to the numerous Innovation Labs springing up in the insurance industry recently. This new 7,800 square feet Singapore based facility houses a working space and business incubator staffed with dedicated innovation experts, many of whom have a background in startups or come from outside the insurance industry.

An integral element of MetLife’s investment in Asia, LumenLab has been established to develop disruptive new business models specifically in the areas of wellness, wealth, and retirement. By leveraging tried-and-tested innovation processes, LumenLab aims to build businesses that help Asian consumers achieve richer and more fulfilling lives.

To achieve this, LumenLab and NUS Business School have already forged a mutually beneficial partnership where students of NUS receive resources, data, funding and industrial exposure from Met Life. In return, LumenLab is granted access to a strong talent pool, both on the NUS campus and within the university research community.

However, LumenLab’s objectives extend beyond the traditional life and health insurance industry. According to Zia Zaman, LumenLab CEO and MetLife Asia’s Chief Innovation Officer. “Our innovation strategy focuses on consumers as the source of insights and inspiration – it goes beyond just technology innovation,” he comments. “To respond to the fact that the demand curve is bending towards Asia, a phenomenon we call the Asiafication of Demand, the center is based right here in Singapore.

LumenLab will enable MetLife to anticipate the needs of Asian consumers, who are expected to account for approximately half of the insurance industry’s growth in the next decade.

View the slides Webinar on Innovation in Asia

Reported Benefits

Benefits to Customers

  • LumenLab will mine both external and internal data sets to identify underwriting opportunities for those who suffer from chronic diseases such as dementia or obesity.
  • LumenLab also has a social mandate – for example helping its customer base identify the early signs of dementia among the elderly in Japan or the financial burden of running a subsistence farm in India. LumenLab will design innovative mobile products that caters to the life cycle needs of Asian customers.

Benefits to the Insurer

  • LumenLab will enable MetLife to anticipate the needs of Asian consumers, who are expected to account for half of the global insurance industry’s growth in the next decade.
  • Investing in innovation will lead to faster iterations of digital products and a lower operating cost.
  • LumenLab will help in acquiring new digital skills and enhance the competitiveness of MetLife’s workforce

The Digital Insurer's View

As consumer expectations and behaviors are changing radically in a mobile first world, the insurance industry must adapt to this new norm. For a traditional and heavily regulated industry, initiatives like LumenLab is a promising step towards addressing the onslaught of new technology-lead competitors. However, rather than competing with every fintech startup, LumenLab is striking partnerships with the wave of fintech startups that have fresh business strategies and who command new technologies that can disrupt the existing insurance business model. Ultimately, while Met Life’s LumenLab set up seems to be a great move by MetLife, it will be interesting to see Met Life can differentiate its offerings from the host of other western insurers eyeing Asia.

References

Comments

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in