A fast-moving world presents new challenges on the way we define and deliver insurance innovation, in order to keep pace with emerging risks and new service demands. There is significant demand from clients for innovative products to help them manage changing patterns of risk, and to navigate the changes and opportunities brought by our increasingly digital business and hybrid working lives.
While the insurance industry is over 300 years old, with a business model that has been consistent for centuries, radical rethinking amid challenging cultural shifts is built into Lloyd’s DNA. With a history of firsts, from the first motor policy in 1904 to new cyber policies in 1999, today is just another working day to bring about positive change. The Lloyd’s Lab, launched in September 2018 has become the central incubator for innovation and idea generation in insurance, so the market can anticipate and respond to needs more rapidly. Here we bring together customers, experts, and start-ups to fast-track the creation of new products, platforms and processes.
At the same time, we research new risks and connect this academic insight into a pipeline of new product ideas, making change happen faster through rapid product innovation.