Dubbed as LumenLab, the 7,800ft² facility is located at The Metropolis, Buona Vista and houses a working space and business incubator.

The centre is an integral element of MetLife’s investment in Asia, which has been set up to develop disruptive new business models in the areas of wellness, wealth, and retirement.

LumenLab through its tried-and-tested innovation processes seeks to develop businesses that help Asian consumers achieve richer and more fulfilling lives, says MetLife.

MetLife Asia LumenLab CEO and chief innovation officer Zia Zaman said: "LumenLab’s remit extends beyond the traditional life and health insurance industry.

"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."

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By GlobalData

The life insurer believes that the new innovation centre will allow enable it to gauge the requirements of Asian consumers, who are expected to account for about half of the insurance industry’s growth in the next decade.