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Fast tracking progress

Accelerating innovation and market entry, the Lloyd's Lab team fosters collaboration between InsurTechs and industry experts. We spoke to two of the team about the ways it’s fast-tracking connections and why it’s such a dynamic environment to work in.

A Launchpad for impact

With Iryna Chekanava, Senior Manager, Innovation and Partnership, Lloyd's Lab

The Lloyd’s Product Launchpad has been running since 2019, with a panel of 35+ managing agents who review and provide advice and capacity to new insurance products looking for growth opportunities. Iryna Chekanava explains how she sees collaborative thinking helping to fast track innovative solutions into the market, making insurance more accessible to new ideas.

Headshot of Iryna Chekanava

“If you want to stay relevant, be an innovator”

“For me, the Lloyd’s market is the sharing economy on a macro-level. What we’re building here at the Product Launchpad is an inclusive space for entrepreneurial founders with truly novel ideas to work together with those in the market who have an innovative mindset and an appetite for growth. 

No product can be successfully launched in Lloyd’s unless it has capacity – basically the risk capital to write your business with – so we connect new innovative products with Lloyd’s decision makers. It’s a unique opportunity for InsurTechs to pitch directly to their potential backers, we have become their go-to place in London, and globally. 

Innovation is vital for a more sustainable society, it’s not a luxury, it’s a prerogative. Everyone on board the Product Launchpad is dedicated to accelerating the pace of innovation and finding fast routes to market for the best solutions. 

Generally, we’re looking at product ideas that have already been refined but not fully fledged, concepts looking to find the partners to supply capacity if the idea has potential and there’s appetite in the market. The mix of people we meet here is both exciting and dynamic, bringing together innovation with investment to create the multiplier effect.

I love this work because it’s important to me that what I do has an impact. This is a space that inspires people to be braver as a person and braver as a professional”.

Shaking up the model

With Chloe Kaye, Associate, Lloyd’s Lab

The Lloyd’s Lab is our very own Silicon Valley on the fourth floor at Lloyd’s. It’s designed as a convening space and a catalyst, providing the new generation of InsurTechs access to the expertise and accelerating force of our market.

Chloe Kaye headshot

“Buckle up, it’s about to get interesting”

“We’re now in our 10th cohort, the 10-week opportunity for exciting start-ups, scale-ups and mature companies to pair up with innovative underwriters and experienced mentors from the Lloyd’s market, in order to share and sharpen their products with the backing and support to launch them into the market. The Lloyd’s Lab is the epicentre of innovation in the Lloyd’s market, it’s a unique and exciting space, we operate like a start-up within a large corporation. Each time we scout for new InsurTechs, we receive around 150-200 applications, and of the those that make it onto our programme, we have a 95% success rate – which is world class. InsurTechs in the Lab have such a high success rate because of the advice, support and care they get from their mentors, it’s part of the Lab’s USP.

Solutions coming out of the Lab, like Parsyl making it possible to insure the transport of Covid-19 vaccines, and Gaia supporting women with the costs of IVF, are changing lives. New parametric insurance solutions are creating services that weren’t possible just a few years ago. And climate solutions, like Kita, provide more high-quality carbon removal solutions and generate positive climate impact.

When the Lab started, we were reactive, waiting for entrepreneurs to approach us with ideas. In the future we plan to be much more proactive, looking for the solutions we know the market is hungry for and needs. As we bring people together to develop and scale up ideas fast we’re becoming a convening and innovative environment which no organisation, apart from Lloyd’s, could create.”

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.