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?

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 has the Lloyd’s Product Launchpad developed?

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

Gaia

Gaia, who developed a model which could predict the chances of success during IVF, and used these calculations to offer insurance against the risk of failure has brought hope to a number of individuals wanting to start a family.

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Coincover

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.

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Parametrix

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.

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Beazley

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

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Contact us for more information

The Launchpad has been set up to facilitate and support collaborative innovation. If you are an InsurTech with an exciting new product or interested in providing follow capacity to new products brought through the launchpad, we would love to hear more from you.

innovation@lloyds.com

Launchpad Co-chairs - George Beattie, Beazley, Hayley Maynard, Chaucer. Leaders - Atrium, Tokio Markine Kiln, Munich RE, scor, Apollo, Liberty, RenaissanceRe, AXA. Members - Aegis London, Aspen, Everest, Argo, W/R/B underwriting, Hiscox, Markel, Hamilton, ascot, Brit, MS Amlin, Arch Insurance, Axis, Talbot, Faraday, canopius, IQUW, ARK, Dale Underwriting partners, Swiss Re, Greenlight re, mosaic insurance, S.A Mecock

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’.