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Lloyd’s Lab marks five years of accelerating innovation in the insurance industry

19 Oct 2023

On Thursday 12 October, we held an event in our historic Underwriting Room, to celebrate the fifth birthday of the Lloyd’s Lab. Over 100 guests were in attendance, including Lab alumni, market executives, InsurTechs and key industry figures who have been a part of the Lab’s journey in driving innovation forward in the Lloyd’s market.

Lloyd’s CEO John Neal delivered a speech commending the Lab’s achievements of supporting over 100 InsurTechs through its programmes and driving innovation efforts within the market supporting new and improved insurance solutions.

“Over 100 startups through its doors – a billion dollars of capital raised for those coming out the other side – and a 95% success rate that puts the Lloyd’s Lab among the most successful programmes not just in finance innovation, but innovation full stop. The Lab is definitely one of the things we’re most proud of at Lloyd’s, because it shows what our market does best: bring people together to solve complex problems and find solutions to help people become braver, smarter and more resilient.”
John Neal, Lloyd’s CEO

Established in 2018, with the InsurTech Accelerator as its core programme, the Lab has since expanded its portfolio of programmes with the forming of Launchpad, Futureminds, and ICX, demonstrating the commitment of Lab is committed in finding new ways to support the Lloyd’s market and its customers.

The global reach of the Lab has grown significantly, with the most recent cohorts taking on region-specific themes, enhancing collaboration between London InsurTech sectors with respective sectors in Europe and Asia-Pacific.

Whilst the event celebrated the success of the Lab, John also looked forward to the Lab’s continuing commitment to accelerating innovation, highlighting the recently launched Lloyd’s Lab Challenge. The inaugural Challenge, in collaboration with Moody’s analytics, will focus on developing an emissions accounting solution for the insurance market. As with all pre-existing, award-winning Lab initiatives and programmes, the first Lab Challenge will benefit from the Lab’s well-established process and extensive expertise capable of solving some of the (re)insurance industry’s biggest challenges in collaboration with the market.

About Lloyd's Lab

Find out more about Lloyd’s Lab, the home of innovation at Lloyd’s.