Inga Beale, Chief Executive Officer (CEO) at Lloyd’s, has said that the company is looking to redefine the way it uses technology as it begins the process of searching for entrepreneurial start-ups to partner with its Innovation Lab, due to be launched later in 2018.
Lloyd’s recently announced that it was opening its doors to the global tech start-up and entrepreneur community, offering a state-of-the-art working space and potential funding in return for the development of new products, platforms and processes that will help transform Lloyd’s into an increasingly technology-driven market.
The Innovation Lab will initially be focused on enhancing the customer experience, building a more ‘relationship-driven’ culture for the digital age, powering data-driven underwriting, and creating smart insurance products, according to Lloyd’s.
Beale explained: “The Lloyd’s Lab will contribute towards a more sustainable and competitive insurance market by providing a dynamic environment where start-ups can come in with different ways of thinking and fresh ideas. We want to challenge how we do things and we are looking for entrepreneurs that can help Lloyd’s redefine how we use technology to better serve our customers in this hyperconnected world.”
Led by applied corporate innovation specialist L Marks, the talent search process will offer selected start-ups the opportunity to work with Lloyd’s market experts over ten weeks, in what Lloyd’s describes as a ‘fast track, fast-fail’ environment.
Trevor Maynard, Head of Innovation at Lloyd’s, said: “We’re looking for solutions that can create true commercial value for the Lloyd’s market. Whether by reducing costs, helping make better underwriting decisions, making operations more efficient or improving the policyholder experience, we want to see ideas that make a real impact on market performance.”
The Innovation Lab will complement a programme of other innovation projects that are focused on driving improved market performance and enhancing access to Lloyd’s through technology.
One such project is the new digital coverholder matching portal pilot, due to be launched in July 2018, which will seek to efficiently match new binder, or coverholder, business with Lloyd’s underwriters, in addition to attracting new business to the market by accessing coverholders in both established and fast growth markets.
