MetLife Inc has announced that LumenLab, its Singapore-based innovation center, has won Celent’s Model Insurer Asia 2017 in the category of “Innovation and Emerging Technologies” at an awards event held today in Singapore.
Established in 2015, LumenLab is MetLife’s global innovation center focused on digital disruption based on customer insights. In the category of “Innovation and Emerging Technologies”, LumenLab is recognised for the development and application of new technologies and for generating new business models. LumenLab has incubated 12 projects spanning technologies such as artificial intelligence, block chain, and virtual reality. In addition, LumenLab underscores MetLife’s commitment to embedding an innovation culture and supporting ideas that culminate in a better customer experience. Over 400 MetLife employees have taken part in workshops, boot camps and leadership programs to “test and learn” and fast track delivery of solutions that will better meet the needs of the customer.
“MetLife is delighted to be recognized 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 mind-set of the industry to innovate more is essential. We would like to thank the panel of judges and Celent for encouraging innovation and for recognizing LumenLab.”
Hosted by Celent, a global research and consulting firm focused on the application of information technology in the financial services industry, the annual Model Insurer Award recognizes insurance firms that effectively utilize technology as a means to foster investment in innovation. Model Insurer is awarded for best practices of technology usage in different areas critical to success in insurance, and is the main award an insurer can win from Celent. Nominations are submitted by insurance companies and technology vendors, and undergo a rigorous evaluation process. Submissions are evaluated on three criteria: demonstrable business benefits; degree of innovation; technology or implementation excellence.
The award for Innovation and Emerging Technologies recognizes projects such as the expansion into previously untapped markets due to technology; the use of technologies not previously used in the insurance industry; or the development of an innovation culture within an IT organization. This category also includes Insurtech initiatives which are rapidly expanding development and application of new technologies and operating models with the aim to fundamentally change current business models, financial models, and/or industry ecosystem.