WATERLOO REGION, ON, Aug. 28, 2014 (GLOBE NEWSWIRE) -- Manulife and Communitech are pleased to announce 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 intuitive, quick and transparent access to their financial services.
"Manulife recognizes the need for innovation within the financial services sector" said 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."
Through a partnership with Communitech, the RED Lab will be located in the Communitech Hub alongside technology companies of all sizes, from early stage startups to multinational partners, as well as academic partners and service providers.
"By embedding the RED Lab within the Communitech Hub, Manulife will benefit from our unique model of innovation and collaboration" said 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."
"Literally, RED stands for 'Research, Exploration and Development" explains Rocky Jain, Director of the RED Lab. "Symbolically, the colour red, which sits opposite green on the colour wheel, represents an entirely different way of thinking at Manulife."
About Communitech
Founded by a group of entrepreneurs in 1997, Communitech is an industry-led innovation center in Waterloo Region, supporting a tech cluster of nearly 1,000 companies employing 30,000 people. Communitech supports tech companies at all stages of their growth and development – from startups to rapidly growing mid-sized companies and large global players. A member of the Ontario Network of Entrepreneurs, Communitech supports companies in commercializing innovation and technology, with the goal of creating a greater number of successful global businesses.
About Manulife
Manulife is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife and its subsidiaries were approximately C$637 billion (US$597 billion) as at June 30, 2014. Our group of companies operates as Manulife in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.
A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=27361
