As first announced in February, the Lloyd’s Lab will focus on designing technology-driven solutions to meet the unique and rapidly changing needs of the Lloyd’s market. The Lab will enable new concepts, ideas and products to be tested in a fast-track, fast-fail environment with the support and active involvement of Lloyd’s market participants.
L Marks, an innovation specialist with a deep understanding of the global InsurTech sector, will leverage its vast experience from the successful creation and operation of over 30 innovation labs across industries to define the overall Lab activities and timetable, run global scouting campaigns to identify the most relevant InsurTech start-ups, support the day-to-day operation of the Lab, and arrange mentoring and business support programmes for participating start-ups.
BCG will support the Lab by working with the Lloyd’s Market Association (LMA) and managing agents to identify key challenges faced by the Lloyd’s market. The challenges identified will be channelled into themes that the Lab will address. BCG will also support continued collaboration between Lab participants and the Lloyd’s market beyond the life cycle of the Lab incubation period.
Lloyd’s Head of Innovation, Trevor Maynard, said: “We are pleased to announce collaboration with L Marks and BCG, given the knowledge and experience they both bring to this project. L Marks has exceptional operational expertise in running Labs for some of the world’s most successful businesses.
BCG has a deep understanding of how the Lloyd’s market operates, as well as how to turn digital innovation into actionable change. Both organisations have a strong track record in executing truly collaborative projects such as this and are committed to ensuring it benefits from real market participation and engagement.”
Founder and Chairman of L Marks, Stuart Marks, said: “L Marks is proud to be collaborating with Lloyd’s and BCG on the first ever Lloyd’s Lab. Many corporates are embracing innovation and to see an industry leading organisation like Lloyd’s do so through supporting start-ups validates this new way of working. For the start-ups and entrepreneurs that take part, the Lab will provide unprecedented access to Lloyd’s and I’m certain that we will find the InsurTech leaders of tomorrow and create new solutions that will benefit the Lloyd’s market.”
Partner at The Boston Consulting Group, Justin Balcombe, said: “BCG is delighted to work alongside L Marks and Lloyd’s on this transformative initiative. With the right level of market input to ensure concepts in the Lab are relevant to the market’s needs, combined with the entrepreneurial ideas and creative talent entering the Lab, it will be very exciting to see what technological solutions can be developed that can bring about a step change in the market’s digital future.”
Sourced from Lloyds .com