Lloyd’s of London, the specialist insurance and reinsurance marketplace, is to collaborate with The Boston Consulting Group (BCG) and innovation and InsurTech specialist, L Marks on the development and operation of its planned technology Innovation Lab.
Announced in February, the Lab is set to launch in September 2018 and will focus on designing and testing technology-driven solutions for the Lloyd’s market, with support and active involvement from Lloyd’s market participants.
BCG will work alongside the Lloyd’s Market Association (LMA) and managing agents to identify critical challenges in the Lloyd’s market, and help the Lab focus on which themes to address.
L Marks has already been involved in the successful creation and operation of over 30 innovation labs across various industries, and will support Lloyd’s by defining overall Lab activities and timetables, running global InsurTech start-up scouting campaigns, and arranging mentoring programmes for participating start-ups.
Trevor Maynard, Head of Innovation at Lloyd’s, 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.”
Stuart Marks, Founder and Chairman of L Marks, also commented: “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.”
Additionally, Justin Balcombe, Partner at The Boston Consulting Group, 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.”