LumenLab Annual Report 2018
A Letter to Our Stakeholders
A Year of Expansion, InsurTechs, and Inclusion
Let us start our year-end review in the Land of the Rising Sun. Arguably, LumenLab’s presence was most distinctly felt in Japan, MetLife’s second largest business globally. This year saw a record number of LumenLab collaborations with MetLife Japan, including positive momentum with two of our collab startups which show strong promise of generating significant business value. Shift Technology was deployed for fraud analytics, while Montoux was awarded on the basis of its advanced pricing models. Each is being considered for scaling across the Enterprise. Next, we helped build out our regional health strategy, delivering partnerships with health providers along the care pathway, including cognitive assessments and cancer risk assessments. Lastly, we performed eight learning and development sessions in Japan within the year ranging from workshops and bootcamps to the collab champion programme, engaging more than 100 employees in Japan. As MetLife Japan’s Chairman, President and CEO, Sachin N. Shah, said “LumenLab has made a huge difference in terms of our employee engagement and getting our employees to think very differently about our business. LumenLab is proof that innovation sits at the heart of our company.”
Innovation is a big word; instead, we use these three points to describe LumenLab’s remit to MetLife:
1. We shift mindsets to fundamentally reshape how we and our ecosystem partners engage with our customers.
2. We solve business challenges through partnerships with insurtechs through collab, our most repeatable success.
3. We commercialise value-creating innovations, perhaps none more exciting than launching Vitana.sg – a revolutionary claim-free health insurance product for women, leveraging blockchain.
Our external presence was felt strongly too as we were mentioned for collab, for some of our newer initiatives and projects, and for simply being first. Internally, our advocacy for taking a “Test & Learn” approach gained momentum beyond Asia and has spread to MetLife in the Europe, Middle East, and Africa region with plans to apply it in Latin America too. LumenLab is now entrenched as a seminal proof point of MetLife’s enterprise growth strategy. As Steven J Goulart, Chief Investment Officer of MetLife and Interim President of MetLife Asia, said “I don’t want you to be Asia’s best kept secret anymore.” The ongoing success of collab, highlighted by the recent collab 3.0 in London, is testament to our expanding role in MetLife’s
We are also executing on our strategy to reach “The Next Two Billion”, seeking partners to help drive greater financial inclusion of our five identified underrepresented segments: women, middle-class farmers, gig economy workers, octogenarians and people of faith. This last segment will be a key focus for our innovation agenda as we head into 2019. By reimagining from the ground up the needs of people of the Muslim faith, we envision that we can better serve the underserved, in a way that is consistent with their beliefs.
Our efforts in inclusion do not end there. We participated as a judge twice in Inclusion Plus to promote entrepreneurship among social enterprises seeking to improve financial inclusion. We worked on efforts in Bangladesh to promote financial literacy. One of my most memorable experiences this year occurred in
Sydney, where I was invited to speak on a panel with three other male leaders at the Global Summit of Women. Many women from all over the world told me their stories about their countries’ gender inclusion efforts, how we need to change education in STEM, and how men need to speak up to demand change. The
experience made me realize that to reach our full potential, we need to feel included as an individual, to have a sense that we belong at the table, and that we can bring our own unique experience and perspective to reach our goals.
We are very proud to be making a difference.