Lloyd’s today announced the appointment* of L Marks and The Boston Consulting Group (BCG) to support the set-up and operation of the Lloyd’s Lab set to launch in the second half of 2018.
As first announced in February, the Lloyd’s Lab will focus on designing technology-driven solutions to meet the unique and rapidly changing needs of the Lloyd’s market. The Lab will enable new concepts, ideas and products to be tested in a fast-track, fast-fail environment with the support and active involvement of Lloyd’s market participants.
L Marks, an innovation specialist with a deep understanding of the global InsurTech sector, will leverage its vast experience from the successful creation and operation of over 30 innovation labs across industries to define the overall Lab activities and timetable, run global scouting campaigns to identify the most relevant InsurTech start-ups, support the day-to-day operation of the Lab, and arrange mentoring and business support programmes for participating start-ups.
BCG will support the Lab by working with the Lloyd’s Market Association (LMA) and managing agents to identify key challenges faced by the Lloyd’s market. The challenges identified will be channelled into themes that the Lab will address. BCG will also support continued collaboration between Lab participants and the Lloyd’s market beyond the life cycle of the Lab incubation period.
Lloyd’s Head of Innovation, Trevor Maynard, said: “We are pleased to announce collaboration with L Marks and BCG, given the knowledge and experience they both bring to this project. L Marks has exceptional operational expertise in running Labs for some of the world’s most successful businesses.
BCG has a deep understanding of how the Lloyd’s market operates, as well as how to turn digital innovation into actionable change. Both organisations have a strong track record in executing truly collaborative projects such as this and are committed to ensuring it benefits from real market participation and engagement.”
Founder and Chairman of L Marks, Stuart Marks, said: “L Marks is proud to be collaborating with Lloyd’s and BCG on the first ever Lloyd’s Lab. Many corporates are embracing innovation and to see an industry leading organisation like Lloyd’s do so through supporting start-ups validates this new way of working. For the start-ups and entrepreneurs that take part, the Lab will provide unprecedented access to Lloyd’s and I’m certain that we will find the InsurTech leaders of tomorrow and create new solutions that will benefit the Lloyd’s market.”
Partner at The Boston Consulting Group, Justin Balcombe, said: “BCG is delighted to work alongside L Marks and Lloyd’s on this transformative initiative. With the right level of market input to ensure concepts in the Lab are relevant to the market’s needs, combined with the entrepreneurial ideas and creative talent entering the Lab, it will be very exciting to see what technological solutions can be developed that can bring about a step change in the market’s digital future.”
The Lloyd’s Lab will officially launch in September this year (2018), following a global scout for the first cohort. More information will be available soon on www.lloyds.com/LloydsLab.
*This appointment is subject to agreement of contractual terms between the parties.
Notes to editors
For more information please contact:
Senior Manager, Brand & Communications, Lloyd's
Mobile: +44 (0)74 7874 7974
Senior Manager, Marketing & Communications, BCG
Mobile: +1 617 459 3273
Lloyd’s is the world’s specialist insurance and reinsurance market.
With expertise earned over centuries, Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers in more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress.
Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network of over 4000 insurance professionals to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.
About L Marks
L Marks are specialists in applied corporate innovation and early stage investors. We work with some of the world’s best-known brands, including; BMW Group UK, Arsenal FC, and EDF Energy to identify the challenges in their business, and create bespoke partnership and scouting projects to turn these into opportunities for improvement and innovation. Founded in 2012 by serial entrepreneur Stuart Marks, L Marks aims to build bridges between corporates seeking to innovate and young companies with disruptive tech.
About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting firm and the world’s leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with offices in more than 90 cities in 50 countries. For more information, please visit bcg.com.