Lloyd's Marks Fifth Anniversary of Its Lloyd's Lab Innovation Hub

Lloyd's of London recently marked the 5-year anniversary of its Lloyd's Lab innovation hub, which, to date, has supported over 100 InsurTechs and driven innovation efforts within the Lloyd's market in support of new and improved insurance solutions.

"Over 100 start-ups through its doors—a billion dollars of capital raised for those coming out the other side—and a 95 percent success rate that puts the Lloyd's Lab among the most successful programs not just in finance innovation, but innovation full stop," John Neal, Lloyd's CEO, said earlier this month in a speech during a celebration marking the Lloyd's Lab milestone.

"The Lab is definitely one of the things we're most proud of at Lloyd's because it shows what our market does best: bring people together to solve complex problems and find solutions to help people become braver, smarter, and more resilient," Mr. Neal said.

Lloyd's Lab was established in 2018 with the InsurTech Accelerator as its core program. Since then, Lloyd's Lab has expanded its programs with the forming of Launchpad, which provides underwriters a space for experimenting with new approaches to nonstandard risks; Futureminds, which provides a program allowing participants to turn new ideas into customer-facing products; and Lloyd's ICX innovation-focused risk code.

A Lloyd's statement noted that the global reach of Lloyd's Lab has grown significantly, with the lab's most recent cohorts taking on region-specific themes, enhancing collaboration between the London InsurTech sectors and their respective sectors in Europe and the Asia-Pacific region.