Lloyd’s launches Lab 2.0 as innovator turns five
Lloyd’s of London launched “Lloyd’s Lab 2.0” as the market celebrated the innovation accelerator’s fifth birthday in Lime Street last night.
Speaking at the event in the recently refurbished underwriting room, Lloyd’s of London CEO John Neal said the new iteration of the Lab would be “bigger, better, broader”.
“The Lab’s made a huge impact in its five years of operating, and as with all success stories, we want to get behind that growth to make sure it continues.”
He said that while no one know what the next five years could bring, “that’s the nature of our industry”, Lloyd’s can try and stay a step ahead through better data, models and products.
“That’s where we’re excited to see how the Lab can grow and develop to support our mission to create a braver world.
“That includes extending into new regions, a process we’ve started by launching cohort themes for Europe, Asia Pacific and the Middle East. And now, starting in 2024, the United States.”
He said the Lab would also extend into new sectors, although he was clear that it has “never just been about insurance”.
“We want to see how we can harness expertise across government, research and capital to create innovative solutions to the world’s risks.”
Lab 2.0 will also offer a longer programme because 10 weeks isn’t always enough, he said. “So we’ll be launching the Lloyd’s Lab Challenge to focus on specific problems over longer time periods – starting with the thorny task of estimating insurance customer carbon emissions.”
In its five years operating, Lloyd’s Lab has welcomed more than 100 innovative startups and has seen more than a billion pounds of capital raised for those that come out the other side. Neal praised the innovation accelerator for its 95% success rate. “That puts it among the most successful programmes not just in finance innovation, but innovation full stop,” he said.
“It’s 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. It’s the best of our market – but dressed in Converse.”
Tom Allebone-Webb, head of strategy and innovation at Lloyd’s, name dropped a few of the successful Lab graduates, which include the first Syndicate in a Box, FloodFlash and Gaia.
By partnering with firms in the market, the Lab has been able to reflect back what customers are most interested in, Neal told the audience. “This is perhaps why 70% are still operating in the market and 95% are still growing or have had a successful sale.
“Because innovation pays. Not just by bringing profitable products to market and reducing your overheads – but by building your capabilities so your company stays relevant and profitable long into the future.”
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