Addressing Lloyd’s participants and partners, Dawn Miller, Lloyd’s Commercial Director, stated that the Lloyd’s Lab has played a “significant role in driving value into the global marketplace”.
Speaking at the Lloyd’s latest quarterly market update, Miller highlighted how of the 100 different companies who have passed through the previous 10 cohorts of the Lab, 95% of those are still operating, or had a successful buyout.
She said: “Over 70% in the Lloyd’s market, over 1000 jobs created and over $1 billion in capital has been raised by alumni since leaving the Lab.
“In addition, we see Lab alumni generating millions and premium reaching new customers, markets and distribution channels every day.
“To ensure these outcomes persists we spent some time ensuring the Lab grows thoughtfully and sustainably.”
Miller explained that Lloyd’s now deploys “purposeful and directive” accelerator themes for each cohort by intersecting product, data, and geography in the application requirements, which ultimately ensures that Lloyd’s remains “laser focused” on real world delivery.
Moreover, she also stated that Lloyd’s has seen vital protection gap challenges around wildfires, flood, cyber, and supply chain issues tackled, ensuring continued relevance of the industry and marketplace.
Miller continued: “As I consider the growth opportunities of the Lab, the clear next step for us is to evolve, so that the Lab becomes undeniably the conduit for delivering practical customer solutions at scale, through the introduction of a customer challenge programme.
“This will give you a space and a framework to solve your customers complex global challenges head on.
“We have worked with some of our members already to test this concept across the development of product approaches and market tools, and anticipate this only growing over time.”
