US insurer MetLife launches new innovation centre in Singapore

United States insurer MetLife has launched its new disruptive innovation centre that focuses on developing solutions focusing on three key areas - health, wealth and retirement.

The new centre, LumenLab, spans 7,800 square feet and is located at The Metropolis at Buona Vista.

LumenLab CEO and chief innovation officer of MetLife Asia, Zia Zaman, said: "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."

MetLife said the new centre will enable it to anticipate the needs of Asian consumers, who are expected to account for about half of the insurance industry's growth in the next decade.