Insurance industry pioneer Lloyd’s of London has announced plans to launch a new innovation center this year and has tasked Boston Consulting Group (BCG) and innovation specialist firm L Marks to help establish the lab’s strategy and operations.
Called the Lloyd’s Lab, the U.K. organization is looking to build a world-leading hub for the development of “insurtech” innovations that can help propel forward an industry that has a reputation of being slow to adapt new technology.
“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,” said Lloyd’s in a statement.
More than looking to simply innovate for innovation’s sake, Lloyd’s has set clear objectives that will focus its work on creating industry advancements that can impact the bottom-line, such as fostering premium growth, improving claims management, and cutting expenses.
While no exact date has been set for the formal launch, Lloyd’s Lab is expected to open its doors in the second half of 2018 in the Lloyd’s building in the U.K. capital.
“We are launching the Lloyd’s Lab to help the Lloyd’s market innovate and thrive in our increasingly digital, data-driven world,” said the company in a statement.
London-based L Marks has worked alongside both startups and long-established companies to help them scale and adopt a more agile mentality, respectively. BMW and Arsenal Football Club in London are among its marquee clients. BCG, with its headquarters in Boston, is among the largest strategic consulting firms in the world.
In addition to working with BCG and L Marks, the lab is currently accepting applications from entrepreneurs, startups, and other firms in the insurtech space. Chosen organizations will be brought into the fold for mentorship and a chance to conduct trials on their product, service, and technologies.
“Many corporates are embracing innovation and to see an industry leading organization like Lloyd’s do so through supporting start-ups validates this new way of working,” said Stuart Marks, founder of L Marks. “For the startups and entrepreneurs that take part, the ;ab 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.”