MetLife has opened LumenLab in Singapore's Metropolis Buona Vista business center.

The lab "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," the company says. Their charge is to "develop disruptive new business models in the areas of wellness, wealth, and retirement," MetLife continues.

“LumenLab’s remit extends beyond the traditional life and health insurance industry," explains Zia Zaman, LumenLab CEO and MetLife Asia chief innovation officer. "Our innovation strategy focuses on consumers as the source of insights and inspiration; it goes beyond just technology innovation."

Singapore was chosen as the site to reflect the increasing amount of demand for relevant products in Asia, Zaman adds. MetLife believes the region is expected to account for approximately half of the insurance industry’s growth in the next decade.

Reflecting a trend emerging stateside as well, the lab has also partners with the National University of Singapore's busines school to provide students with resources and data for management practicum field work, as well as jobs.

"Our MBA students have gained immensely from the industry experience and perspectives provided through our partnership with MetLife," says Professor Bernard Yeung, Dean and Stephen Riady Distinguished Professor at NUS Business School. "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."

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