The Lloyd’s Lab Challenge programme is a product development framework designed to create new insurance solutions to answer existing and emerging customer and societal challenges that are growing in their complexity.
The programme is built on five core innovation principles to enable the Lloyd’s Market to successfully experiment with new ideas that require multidisciplinary expertise and cross-industry stakeholder involvement to support the development of a new solution or product.
The Lloyd’s Lab Challenge is an important next step towards creating an innovative approach to effective problem solving within the marketplace making the Lloyd’s Lab the centre for solving customer challenges.
“Lloyd’s Lab has grown from strength to strength over the last years. We recognise, however, that some of the biggest challenges our customers and market are facing cannot be solved by an InsurTech over ten weeks. We are creating a structured programme for fast fail testing of propositions in partnership with the market to innovate faster and more successfully, using the right partners from the innovation ecosystem to get to develop the right solutions to wider market challenges.”Dawn Miller, Commercial Director at Lloyd’s
The Lloyd’s Lab has firmly positioned itself at the heart of insurance innovation within the industry and has a strong history of successfully bringing innovative ideas and products to market. Its well-earned role as an innovation enabler, together with an evolving ecosystem of partners and capabilities, allows the Lab to maximise the economies of scale and power of networks when running product experiments – the core framework of the Lab Challenge programme.
For our first challenge, Lloyd’s collaborated with Moody’s Analytics to develop a solution that will help to quantify greenhouse gas (GHG) emissions across managing agents’ underwriting and investment portfolios. Working through the Lab allowed the solution to be tested in collaboration with the market, allowing the industry to respond collectively and feed into the viability and credibility of the solution.
The programme is structured to allow for fast-fail iterations for a defined challenge or a problem statement, establishing a viable and credible value proposition that can scale with the customer and within the market. Experiments within the Lab Challenge are time-bound – replicating a startup reality of a cash-bound runway.
The success of such experimentation is only possible in a safe environment where failure is accepted as an evitable, but incredibly important, part of innovation – making the Lloyd’s Lab a perfect home to solve complex problems within the insurance industry and throughout society.
Each programme is designed and will be tailored to account for the specifics of every challenge and therefore the timing and length of the programme differs for each challenge and could range from 2 to 4 months.
We look for proposed mission statements where a customer has a challenge in areas where insurers currently experience difficulty to offer solutions due to the lack of data, a mismatch in price or risk understanding, or ability to manage the risk.
After the challenge proposal is validated and early evidence of the customer and market appetite is established, the Lab team will form an innovation squad to work on the problem within 2-4 months, resulting in a minimal viable product design and identified routes to launch and scale after the experiment is completed.
Email us to learn more about the Lab Challenge programme or to share your challenge proposal.
Learn more about the challenge
lloydslab@lloyds.com
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