Lloyd’s underwriters have launched the Product Innovation Facility – an initiative with over £100m of capacity designed to speed up (re)insurance product development for today’s new and emerging risks.

What is the Product Innovation Facility?

The Product Innovation Facility is a commitment to nurturing a “safe space” for underwriters to experiment with new ideas in a controlled way, which balances the need for appropriate oversight with the risk of not innovating fast enough.

The space will explore non-standard risks that might not fit the traditional market such as risks relating to intangible assets, new technologies and others.

Why is the Facility important?

As part of the Future at Lloyd’s ambition to be the world’s most customer-centric digital insurance platform, the Facility is an important step towards building a marketplace that offers better value for the changing and diverse needs of customers through highly-responsive, cutting-edge risk management products and services.

By thinking collaboratively, the product innovation facility allows different thinking and expertise to solve our clients’ problems.

Our recent report on parametric insurance and smart contracts are a great example of the collaborative thinking the Product Innovation Facility has been set up to support.

Want to bring your idea to the attention of the Lloyd’s Product Innovation Facility?

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