Lloyd’s and Dubai Department of Economy and Tourism partner to launch Dubai InsurTech Enablement Platform

13 Jun 2023

Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has announced a partnership with Dubai’s Department of Economy and Tourism (DET) to facilitate holistic growth opportunities for Dubai-based Insurtech start-ups and entrepreneurs.

The Memorandum of Understanding signals a joint ambition to develop a Dubai Insurtech Enablement Platform to enable start-ups and entrepreneurs to create innovative tech-based insurance solutions and products covering various sectors from autonomous vehicles to the transition to net zero.

Lloyds will collaborate with DET based upon its experience of setting up the Lloyd’s Lab and supporting the development of InsurTechs through the accelerator. The future partnership will also give members of the Lloyd’s Lab program access to bespoke business facilitation support to setup in and expand operations throughout Dubai.

As part of the program, Lloyd’s will encourage the applications of Dubai-based InsurTechs to the Lloyd’s Lab – an award-winning space dedicated to accelerating and fostering new products and solutions for Lloyd’s customers around the world. Successful applicants will benefit from mentorship, networking, commercial product testing and potential investment opportunities through the Lab’s direct access to the London Market.

In turn, DET will build on Dubai’s existing talent base and pool of new business to support start-ups that are part of the new international program with the introduction of their products and expansion of their InsurTech operations in the UK and beyond.

"Lloyd’s remains committed to supporting innovation to better meet customer demand. Our work with Dubai is part of our ambition to increase the pool of innovation talent that can work both with the Lloyd’s and global insurances markets, while enabling more effective, sustainable process to address risks that are emerging across the globe."

Dawn Miller, Lloyd’s Commercial Director

“By joining forces with the world’s largest insurance and reinsurance marketplace, we are creating new channels of collaboration that will strengthen Dubai’s value proposition as a regional hub for innovation driven insurance and reinsurance companies. Access to key features of the award-winning Lloyd’s Lab accelerator will give Dubai-based startups the knowledge and tools they need to build and scale new products and solutions that will advance the emirate’s InsurTech sector and wider tech ecosystem. In addition, this partnership creates new growth opportunities for existing and aspiring entrepreneurs in this space to setup in Dubai to leverage growth opportunities across the wider Middle East, Africa and South East Asia regions. These efforts align with Dubai’s ambition to further diversify and generate new economic value from digital transformation under Dubai Economic Agenda 2033 (D33).”

Hadi Badri, CEO of Dubai Economic Development Corporation at Dubai’s Department of Economy and Tourism

“The Middle East region has experienced huge growth in innovation in recent years thanks to access to a diverse base of entrepreneurial talent and a thriving start-up environment. This MOU is a great first example of the benefits of our close collaboration with the Dubai Economy and Tourism team and I can’t think of any InsurTech programs in the world better placed to help maximise solutions for the risks of tomorrow than the Lloyd’s Lab.”

Andrew Woodward, Lloyd’s Regional Director for Middle East and Asia

Notes to Editors

The MOU is based around the key objectives of:

Enabling start-ups and entrepreneurs to create innovative tech-based insurance solutions and products covering various sectors from old to new economy
Encouraging Dubai-based start-ups to apply to Lloyd’s Lab to broaden the pool of talent enhancing the Lloyd’s market, while accelerating Dubai innovation
Supporting the Lab’s start-ups and entrepreneurs with the introduction of their products and expansion of their business operations in Dubai

Enquiries to:

Lloyd's Media Contact

+44 (0) 20 7327 5111

pressoffice@lloyds.com

DET Media Contact:

Pallavi.Sharma@dubaidet.ae

About Lloyd’s

Lloyd’s is the world’s leading marketplace for commercial, corporate and specialty risk solutions. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world.

The Lloyd’s market offers the resources, capability and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.

We’re made up of more than 50 leading insurance companies, over 380 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market's successful reputation and operation.

About Lloyd’s

We’re working to build solutions for the most current and prevalent threats. As Chair of the Insurance Task Force for HRH The Prince of Wales’s Sustainable Markets Initiative, Lloyd’s is bringing the industry together to insure the transition to net zero. Our research community is pooling expertise from across the industry to provide cutting edge insight on systemic risks from climate change to cyber security.

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And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to place, price and process cover in the Lloyd’s market.

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