DAC Beachcroft unveils R&D hub

DAC Beachcroft claims solutions group, part of law firm DAC Beachcroft, has released details of its research and development (R&D) hub.

The hub, Innovations Lab, operates as a physical and virtual space, and according DAC Beachcroft, will provide a creative environment in which multi-disciplinary teams of lawyers and operational experts can work collaboratively with clients and the wider insurance market to identify, evaluate, design, prototype and launch new commercial products and services.

The group has initially established a team of 16 to work on the project and ring-fenced time and resources to ensure that ideas can be carefully developed and tested and, where commercially viable, taken through to launch.

DAC Beachcroft said the project team will change to reflect the skills and expertise needed to evaluate, develop and test a new product or service.

Craig Dickson, chief executive officer of DAC Beachcroft claims solutions group, said: "There are daily calls for the legal industry to be more innovative and this is our response.

"Through our new Innovations Lab, we can work closely with clients to discuss ideas and help shape products and services for their customers, brokers and wider stakeholders, bringing together our market insight, legal knowledge and connections.

"Our Innovations Lab team will concentrate on a few ideas at a time so prioritising the right ones will be critical. How long a project takes to go from the idea stage through to launch is going to differ every time, but all the ideas will be rigorously evaluated and analysed as they pass through the Innovations Lab to ensure they have a clear business case to deliver value to us and our clients.

"This is a commercial venture with our clients and ideas that are progressed to launch are expected to provide a return on investment, for our mutual benefit," he added.