Lloyd’s of London has chosen innovation specialist L Marks and The Boston Consulting Group (BCG) to support the set-up and operation of the Lloyd’s Lab, a technology center set to launch in the second half of 2018.
The Lloyd’s Lab will focus on designing and testing technology-driven products with the support and involvement of Lloyd’s market participants.
L Marks, which has helped create 30 innovation labs across industries, will 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 work with the Lloyd’s Market Association (LMA) and managing agents to identify challenges faced by the Lloyd’s market that the Lab can address. BCG will also support continued collaboration between Lab participants and the Lloyd’s market beyond the life cycle of the Lab incubation period.
According to Trevor Maynard, Lloyd’s head of Innovation, the Lloyd’s Lab will officially launch in September.
Topics InsurTech Excess Surplus Lloyd's
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