The initiative will focus on designing technology-driven solutions to meet the unique and rapidly changing needs of the Lloyd’s market.

The Innovation Lab will enable new concepts and ideas to be tested in a fast-track, fast-fail environment with the support and active involvement of Lloyd’s market participants. Lloyd’s will be appointing an external partner firm to assist in setting up and running the Lab which will be launched in the second half of 2018.

Lloyd’s CEO Inga Beale said: “There are a host of advanced technological solutions involving data analytics and artificial intelligence that enable a better understanding and predictability of risk. By creating a Lloyd’s Innovation Lab, designed to bring in creative talent from around the world to work in partnership with Lloyd’s businesses and the Corporation, we can ensure the market continues to innovate as the world moves into an increasingly digital, data-driven future.”

Lloyd’s Chief Commercial Officer, Vincent Vandendael, said: “Following the creation of the Innovation team under Trevor Maynard, the Innovation Lab represents a significant next step in driving a cohesive yet nimble approach to idea generation and implementation for the benefit of the Lloyd’s market.”