Lloyd's in latest innovation push

Insurance market's goal is to fast-track technology solutions

Lloyd's in latest innovation push

Insurance News

By Terry Gangcuangco

It looks like there’s no stopping Lloyd’s from shaking things up technology-wise.

The world’s specialist insurance and reinsurance market, which is proposing to mandate the use of electronic placement, has unveiled another move aimed at leveraging technology and supporting advancements in tackling risk. Lloyd’s will be launching an innovation lab.

“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,” noted Vincent Vandendael, Lloyd’s chief commercial officer.

Designing technology-driven solutions is the primary goal of the initiative, which will allow the testing of new concepts and ideas in a fast-track and fast-fail environment. Lloyd’s said an external partner firm will be appointed to assist in both setting up the lab and running it.

“There are a host of advanced technological solutions involving data analytics and artificial intelligence that enable a better understanding and predictability of risk,” commented Lloyd’s chief executive Inga Beale. “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.”

The Lloyd’s innovation lab will be launched in the second half of the year.

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