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Bootcamp for new product development

Futureminds

Futureminds is a Lloyd’s Lab programme looking to power product innovation around significant trends and train a new generation of industry experts in the skills of transforming new ideas into customer-facing products.

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 a 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 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.

Our five ventures so far have explored the topics like intangible assets, human capital, supply chain risks, and the energy transition. 


The programmes saw:

30

new product ideas created

250+

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

6

product development areas explored

“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

About Lloyd’s Lab

Lloyd’s Lab is the home of Insurtech at Lloyd’s. 

Learn more about how the Lloyd’s market enables innovative ideas and creates lasting partnerships.