MetLife recognised for its innovation efforts

Insurance giant’s innovation initiative lauded for incubating 12 projects in various areas, such as AI and blockchain

MetLife recognised for its innovation efforts

Insurance News

By Gabriel Olano

MetLife’s Singapore-based innovation centre LumenLab was awarded as Model Insurer in Asia for 2017 in the “Innovation and Emerging Technologies” category at an awards ceremony organized by global research firm Celent.

LumenLab was established by MetLife in 2015 and focuses on digital disruption based on customer insights. It was recognised for the development and application of new technologies and for generating new business models. The innovation centre has incubated 12 projects in various technologies such as artificial intelligence, blockchain, and virtual reality. More than 400 MetLife employees have participated in various workshops, bootcamps and leadership programs to improve delivery of services for consumers.

“MetLife is delighted to be recognised as a leader in Innovation in our industry” said Zia Zaman, LumenLab CEO and chief innovation officer of MetLife Asia. “There is so much opportunity to benefit customers across Asia by reimagining insurance. Shifting the mindset of the industry to innovate more is essential. We would like to thank the panel of judges and Celent for encouraging innovation and for recognising LumenLab.”

The annual Model Insurer Awards are hosted by Celent, a global research and consulting firm focused on the application of information technology in the financial services industry. Nominations are submitted by insurance companies and technology vendors, and undergo a rigorous evaluation process based on three criteria: demonstrable business benefits; degree of innovation; and technology or implementation excellence.

Related stories:
Blockchain tech laboratory for the insurance industry launched
Singaporean insurance start-up receives additional funding
MetLife Singapore reveals finalists of insurtech matchmaking competition

Keep up with the latest news and events

Join our mailing list, it’s free!