Howden Group (Howden) will establish an end-to-end platform to help entrepreneurs launch and scale their insurance businesses by bringing together funding, capacity, expertise, governance, and distribution.
Innovation expert Tom Hoad will join Howden to lead the new initiative, using his experience in designing products, partnering with high-quality start-ups, and leading product development in the London market for more than 11 years as head of innovation at Tokio Marine Kiln. He was also instrumental in the launch and development of Lloyd's Production Innovation Facility, PIF (now known as the Lloyd's Product Launchpad), and has played s crucial role in Lloyd's Lab's growth and success.
In his new role, Hoad will bring together expertise and resources from across Howden and DUAL to create an investment and risk incubation hub that will proliferate new product development in the London market.
Commenting on his appointment, Hoad said: “Thanks to pioneering initiatives like the Lloyd's Lab and forward-thinking insurers like Tokio Marine Kiln, there are some incredible, much-needed innovations coming to market that have the potential to reinvent the entire value proposition of our industry.
“With its breadth and depth of distribution, strong relationships with all the major capacity providers, and a huge appetite for innovation, Howden is the perfect home for a platform that combines all the needs of the entrepreneurial ecosystem in one place. I look forward to helping them to create it!”
Howden CEO David Howden said innovating quickly is crucial to staying relevant in the industry.
“It is crunch time for the insurance industry, with volatility higher than ever and the risks of tomorrow very different from those of today,” he said. “Tom's unparalleled ability to identify great ideas and quickly assemble and motivate diverse project teams will enable us to create the perfect platform for entrepreneurs to transform their start-ups into highly attractive, scalable ventures that deliver the solutions clients so desperately need.”
Hoad will join Howden once he has fulfilled his contractual obligations. The announcement of his appointment and the group's new initiative follows Howden's acquisition of US-focused reinsurance, capital markets, advisory, and technology and analytics business TigerRisk Partners.