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Lloyd’s Product Launchpad

By bringing your ideas to the Lloyd’s Product Launchpad, you’ll find a trusted partner to develop innovative new products at pace.


What is the Lloyd’s Product Launchpad?

With £150m of capacity, the Lloyd’s Product Launchpad 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 Launchpad important?

This initiative 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 Lloyd's Product Launchpad allows different thinking and expertise to solve our clients’ problems.


What products has the facility developed?

The Launchpad launched its first product, a parametric profit protection policy for hotel industry, in September 2019. This new insurance product aims to protect hotels from lost profits following an unexpected market-level event that would impact their ability to trade. This is a great example of the collaborative innovation the Launchpad has been set up to support.
The Launchpad launched its second product, Coincover, in March 2020. This offers investors and traders of cryptocurrencies, protection against losses arising from the theft of cryptocurrencies held in online, or “hot” wallets. This product has a dynamic limit that increases or decreases in line with the price changes of covered crypto assets and is the first insurance product of its kind.


What has the Lloyd’s Product Launchpad developed?

The Launchpad has launched several policies since its inceptions in 2019:

A parametric profit protection policy for the hotel industry protecting hotels from lost profits following an unexpected market-level event that would impact their ability to trade.

Coincover, a first insurance product of its kind, which offers investors and traders of cryptocurrencies, protection against losses arising from the theft of cryptocurrencies held in online, or “hot” wallets.

Parametrix, a business interruption policy which covers companies when business-critical, cloud-based services go down. Such events often lead to a loss of access to third-party services such as cloud computing and cloud storage, SaaS accounting, payment gateways, stock or client databases, or e-commerce platforms.

Beazley’s pioneering Reputational Risk insurance policy which provides artificial intelligence-enabled tools to help policyholders control their corporate brand and reputation more effectively.

These are great examples of the collaborative innovation the Launchpad has been set up to support.

Contact us

Please contact us for more information.

Latest news

Lloyd’s creates ‘Product Launchpad’ to replace the ‘Product Innovation Facility’

The ‘Lloyd’s Product Launchpad’ is the new home for the development of insurance solutions to tackle emerging risks.

Product Innovation Facility

N.B. Due to a strategic change in how ideas come to Lloyd’s, the initiative formally known as ‘Lloyd’s Product Innovation Facility’ has undertaken a rebrand to create the ‘Lloyd’s Product Launchpad’.