Life insurance giant MetLife wants to disrupt business models in the industry and boost capabilities in Asia by rolling out an innovation centre in Singapore.

Life insurance giant MetLife wants to disrupt business models in the industry and boost capabilities in Asia by rolling out an innovation centre in Singapore, the firm has announced. The centre is called futureLab.

“Innovation in the insurance industry in Asia has been incremental and, at times, western-centric. We want to provide innovative solutions that meet the fast evolving needs of the Asian consumer,” Zia Zaman, MetLife Asia’s newly appointed chief innovation officer and founder of futureLab, said in a statement.

“futureLab will harness disruptive innovation principles and the start-up philosophy of Silicon Valley, together with the strong creative talent pool available in Singapore, to develop solutions that meet the needs and aspirations of tomorrow’s consumers,” he said.

Christopher Townsend, president, Asia, MetLife, added: “Asian markets are some of the most dynamic in the world and the competition in the region is fierce. MetLife is committed to expanding its operations in Asia and is investing in resources to anticipate the needs of Asian consumers, who are expected to account for approximately half of the insurance industry growth in the next decade.”
 
The centre will form partnerships with key regional organisations, especially from Singapore’s academic community such as the National University of Singapore, to help identify insights and opportunities in main drivers of market growth, MetLife said.