MetLife has opened an innovation centre in Singapore to develop new business models for life insurance in Asia, including Australia.

The futureLab will follow “disruptive innovation” principles and adapt the philosophies of Silicon Valley start-ups.

MetLife Asia Chief Innovation Officer Zia Zaman says the centre will find new ways to meet the “fast-evolving needs of the Asian consumer”.

“Innovation in the insurance industry in Asia has been incremental and, at times, Western-centric,” he said.

The centre will form partnerships with key regional organisations, especially from Singapore’s academic community.

MetLife Asia President Chris Townsend says Asian markets are some of the most dynamic in the world, and competition 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 about half of the insurance industry growth in the next decade,” he said.

“Much of that growth will come in the health, retirement and high-net-worth segments.”

MetLife is one of the largest pan-Asian life insurers, with 21,000 employees in the region operating in mature and emerging markets.