Last week Manulife and Communitech announced the opening of the RED Lab within the Communitech Hub.
The RED Lab will focus on exploring and prototyping different technology solutions for Manulife, with the goal of providing their customers with more innovative access to their financial services.
“Manulife recognizes the need for innovation within the financial services sector,” says Marianne Harrison, Senior Executive Vice President and General Manager, Canadian Division, Manulife.
“So we have created the RED Lab to operate as a lean, innovation-focused startup. The goal of the Lab is to develop and prototype new solutions and to help drive a more innovative culture within Manulife,” she says.
Through a partnership with Communitech, the RED Lab will be located in the Communitech Hub.
“By embedding the RED Lab within the Communitech Hub, Manulife will benefit from our unique model of innovation and collaboration,” explains Iain Klugman, CEO of Communitech. “This exposes Manulife to new concepts and technology, but also benefits our startup companies who will gain exposure to a world-class financial services company on a day-to-day basis.”
RED stands for “Research, Exploration and Development.” Symbolically, the colour red, which sits opposite green on the colour wheel (Manulife’s colour) represents “an entirely different way of thinking at Manulife,” according to Rocky Jain, Director of the RED Lab.