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.
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