Lloyd’s has released its new Product Launchpad to further the work of the Product Innovation Facility and enable the Lloyd’s market to keep partnering with Insurtech, advancing innovation and developing new insurance solutions.
Under the oversight of the Lloyd’s Lab team, potential ideas reaching the Lab through its expanding programme can now be directed to the most relevant place, whether in the Lab, the Launchpad or other areas of the business like the Disaster Risk Facility.
The rebrand has been supported by the twenty-five members of the initiative from the Lloyd’s market.
Since its creation in 2019, the Product Innovation Facility has given underwriters a space to experiment with new ideas in a safe and controlled way, balancing the need for oversight with the risk of excessive red tape.
With a capacity of £150m, several success stories have emerged, for example: a parametric business interruption product for cloud outages, launched by Parametrix in 2020, and a cryptocurrency product, Coincover – which offers investors and traders protection against the theft of “hot” wallets.
Ed Gaze, Head of the Lloyd’s Lab said: “Lloyd’s has a proud history of supporting innovation. We may be over 300 years old; but helping the industry move forward is a key part of what we do.
“To make sure we keep doing that we have created the Launchpad to foster innovation and align more closely to the flourishing Lloyd’s Lab.”
Co-chairs George Beattie, Head of Incubation Underwriting, Beazley and Hayley Maynard, Head of Strategy, Chaucer added: “We’re excited about 2022 and what it holds for our eclectic group of insurance innovators.
“With a new look and refreshed purpose – but the continued and valuable support of Ed Gaze and the Lloyd’s innovation team – we’re committed to finding practical and measurable insurance breakthroughs.
“The industry can expect new products and partnerships from the Launchpad that will reinforce Lloyd’s reputation as the best place in the world for commercial insurance innovation.”
