Lloyd’s of London reveals impact of innovation lab in insurance industry

Lloyd’s of London commercial director Dawn Miller has said that Lloyd’s Lab has played a significant role in driving value into the global marketplace.

In Lloyd’s of London’s Quarterly Martket Message earlier this week (20 September 2023), Miller said lab alumni were helping tackle protection gaps as well as generating millions in premiums.

Lloyd’s Lab is an innovation hub and accelerator programme that connects startups with the insurance industry.

It offers mentoring, collaboration and funding opportunities.

Miller explained that of the 100 companies that have passed through the previous 10 cohorts in the lab, some 95% were still operating or had a successful buyout.

She added that over 70% were still in the Lloyds market, while over 1,000 jobs had been created.

“In addition, we see lab alumni generating millions in premium and reaching new customer markets and distribution channels every day,” Miller said.

“We’ve seen vital protection gaps, challenges around wildfires and cyber and supply chain issues tackled, ensuring continued relevance of our industry and marketplace.”

Themes

This came after Lloyd’s Lab named the 12 insurtech firms selected to be in its 11th cohort.

In a statement published earlier this month (6 September 2023), as the accelerator approached its upcoming fifth anniversary, it announced that Asia-Pacific was the new theme being introduced this year.

Miller explained that to ensure good outcomes persist, Lloyd’s had spent time ensuring the lab grew “thoughtfully and sustainably”.

“We now deploy purposeful and directive accelerator themes for each cohort by intersecting product data in geography in the application requirements so that we are laser focused on real world delivery,” she added.