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FutureMinds: bootcamp for new product development

FutureMinds is Lloyd’s programme to power product innovation around significant trends, training a new generation of industry experts in the skills of transforming new ideas into customer-facing products.

“Ninety are proud to be partnering with Lloyd’s on three exciting ventures to date. This digital programme and toolkit is designed to invigorate innovation mindsets, develop innovation communities and surface theme-based opportunities. With the FutureMinds venture teams, we’ve seen participants experience all three outcomes, the results have been fantastic.”
Tom Hardcastle, Senior Partner, Ninety Consulting

FutureMinds is designed to drive creativity and collaboration, taking participants from a customer problem to a validated product idea, ready to pitch and to undergo proof of concept. It brings together managing agents, brokers and clients, creating products with the potential to be incubated and tested in the market. It is also designed to help stimulate fresh thinking in our industry, equipping the Lloyd’s market with the tools to innovate.

The programme runs for eight weeks and the moderators put together eight different teams who undertake daily missions, study customer insights, and receive support from innovation coaches and market experts.

FutureMinds enables participants to explore the whole problem space and develop big-picture ideas, with a virtual-first approach allowing people from UK, US and APAC to participate equally. The product sprints are facilitated and delivered to the market in collaboration with insurance innovation specialists Ninety Consulting, a social enterprise that have worked with many big insurers across the world on innovation projects.

The programme includes a panel of experts, who give the teams feedback and advice on the ideas they develop. It also includes specific customer sessions where participants can interview clients from around the world.

The first two FutureMinds cohorts explored the topics of intangible assets and human capital. The programmes saw:

✓ 11 new product ideas created

✓ 53 participants from managing agents, brokers and clients learning how to innovate in insurance

✓ 2 winning products developed: one a parametric solution, the other a service solution

✓ 2 product development areas explored

Geopolitics was chosen to be the subject of the latest FutureMinds cohort in late 2021. The teams are currently working on product ideas based on the recent Lloyd’s report, 'Shifting Powers: Meeting the challenges of the geopolitical landscape', meaning the study is now driving significant product development - all part of the innovation channel that has been built at Lloyd’s.

Meanwhile, the outputs could bring significant new product ideas to the fore on a range of global political issues which are hugely relevant to insurance buyers and will continue to be so for decades to come.

“The programme gets people thinking about innovation and new products which is important for our industry”, as well as being “Great for innovation understanding and reflective learning.”
FutureMinds participant