With more than 330 years of history, these giants are not going to “stand idly by” while the insurtech threatens their members and a consolidated, deep-rooted and sound industry whose authoritative representatives they are on the international community.
Lloyd’s will open Lloyd’s Lab next September 2018, with the aim of developing technological solutions to support companies in addressing the challenges they face today.
In creating the new incubator, Lloyd’s has been advised by professional services giant The Boston Consulting Group (BCG) and innovation specialist L Marks to run the new innovation lab (L Marks has already successfully established and operated more than 30 innovation labs since its foundation in 2012) and will lead the scouting of the hottest startups, as well as the lab’s daily activities, mentoring and acceleration programs.
“L Marks is proud to partner with Lloyd’s and BCG at the first Lloyd’s Lab. Many companies are embracing innovation and having a leading industry organization like Lloyd’s accomplish this through support for startups will endorse this new working approach. I’m sure we’ll bring out the best insurtech initiatives”, L Marks founder and president Stuart Marks said.
BCG will provide its in-depth knowledge of the market and business, also working with Lloyd’s Market Association (LMA) to identify and classify a number of industry challenges and connect Lab startups with the business industry. In short, it will manage open innovation activities.
Justin Balcombe (BCG) said: “BCG is pleased to work with L Marks and Lloyd’s on this conversion initiative, the development of new technological solutions that will change the digital future of the market will be very impressive”.
Lloyd’s Lab will strengthen London’s role as a global insurtech innovation hub and the European role as a whole.: As we recently wrote, according to a fresh Accenture survey, the focus of insurance companies’ investments in new technologies is shifting from the US to Europe. In three years, the value of investments in the US has almost fallen by half, and in Europe it has tripled.
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