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

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.

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.