LumenLab breathes new life into Asia’s
insurance sector with disruptive business models
LumenLab, the first-of-its-kind disruptive innovation centre for
MetLife, and the global life insurance industry as a whole, was
launched today in Singapore. The new 7,800 square feet facility at
The Metropolis, Buona Vista 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 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.
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The VIPs at LumenLab launch event - from
left: Prof. Bernard Yeung - Dean of NUS Business School; Ms.
Heather Grant - High Commissioner of Canada, Mr. Zia Zaman - Chief
Innovation Officer of MetLife, Asia; Ms. Jacqueline Loh - Deputy
Managing Director, MAS; Mr. Chris Townsend - President, Asia,
MetLife; Mr. Blair Hall - Deputy Chief of Mission (Photo: Business
Wire)
Expanding the boundaries of the traditional insurance
industry
LumenLab CEO and Chief Innovation Officer of MetLife Asia, Mr.
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.”
“Our success so far today would not have been possible without
the deep support of the Singapore government and partners. In
particular, we appreciate the guidance of the Economic Development
Board (EDB), the vision of the Monetary Authority of Singapore
(MAS) as well as the support from the talented community at the
National University of Singapore (NUS),” added Zaman.
Mr. Christopher G. Townsend, President, Asia of MetLife said
that Singapore was selected ahead of other countries in the Asia
region as the location for LumenLab, chiefly because of its
flourishing business ecosystem, strong public-private partnership
framework, progressive financial regulatory environment, and its
ability to attract creative and innovative talent in the
country.
“Lately, innovation in the insurance industry in Asia has been
incremental and, too often Western-centric,” Townsend said.
“LumenLab is something entirely different. It is a business
creation engine, focused on illuminating new business models for
the market. At MetLife, we believe technological, customer and
socio-economic trends impacting the Asian life insurance market
make it ripe for disruption. As LumenLab spawns new and disruptive
business models, we anticipate that it will be retrospectively seen
as a visionary and shrewd investment.”
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. As the second
largest Pan-Asia life insurer, with over 60 years of experience and
over 21,000 employees in Asia, MetLife is committed to growing its
business and to delivering greater value for customers across the
region.
Singapore – a ripe environment for MetLife’s LumenLab
“The opening of LumenLab today bears testimony to MetLife’s
confidence in Singapore’s proposition as a leading insurance market
and our vision to be an innovation lab for new and emerging
insurance risks. LumenLab is an enlightened response to Asia’s
healthcare and retirement needs in the next decade, and is well
aligned with MAS’ strategy to have innovation-led growth drive our
next phase of development as a global insurance market,” said MAS
Deputy Managing Director, Ms. Jacqueline Loh.
Orchestrating the development of successful public-private
partnerships is the role that EDB continues to play. Ms. Kwee Eng
Thien, Assistant Managing Director of the EDB stated “Partnerships
are a key enabler for innovation as companies seek out new
opportunities in Asia. We are pleased that LumenLab is leveraging
Singapore’s ecosystem and capabilities across diverse industries to
draw fresh insights and drive the creation of new businesses. We
look forward to partnering MetLife in this exciting journey as it
seeks to explore new business lines and create new value.”
Collaborating with the strong talent pool in Singapore and
across Asia
MetLife’s LumenLab and NUS Business School have forged a
mutually beneficial partnership that provides students with
resources and data for management practicum field work, as well as
jobs. In exchange, LumenLab is granted access to a strong talent
pool and differentiated brand, both on the NUS campus and within
the university’s research community. LumenLab is also one of the
sponsors for NUS Business School’s flagship “Cerebration” – the
world’s biggest global business case competition organised by MBA
students.
Professor Bernard Yeung, Dean and Stephen Riady Distinguished
Professor at NUS Business School, said: “Our MBA students have
gained immensely from the industry experience and perspectives
provided through our partnership with MetLife. With its focus on
new business models and capabilities, the partnership augments our
School's efforts in developing future-ready graduates. We are
pleased to continue growing Singapore’s and Asia’s talent pool, as
we have done over the past 50 years.”
By collaborating with the strong entrepreneurial talent pool in
Singapore and across Asia, venture capitalists, and in-country
experts from MetLife’s regional operations, LumenLab is
well-equipped to explore and deploy new solutions for its
customers. Harnessing MetLife’s deep customer empathy and data,
LumenLab will light the way in moving MetLife from an insurance
company to a life company.
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
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.
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MetLife AsiaEunice Cheng, +852 9277-0859Director, Media
Relations, Corporate Communicationsecheng3@metlife.comorEpic Public
Relations, SingaporeSheena Chauhan / Mylinh Cheung+65 8646 2010 /
+65 9007 5822sheena@epicpr.asia / mylinh@epicpr.asia
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