Lloyd’s taps BCG and L Marks for new innovation lab

Lloyd’s has selected L Marks, an innovation specialist in the insurtech sector, and Boston Consulting Group (BCG) to support the set up and operation of its newly unveiled innovation lab.

The Lloyd’s Lab will officially launch in September 2018.

Lloyd's said the new lab will focus on designing technology-driven solutions to meet the unique and rapidly changing needs of the Lloyd’s market.

The lab will enable new concepts and ideas to be tested in a fast-track, fast-fail environment with the support and active involvement of Lloyd’s market participants.

BCG will support the lab by working with the Lloyd’s Market Association (LMA) and managing agents to identify key challenges faced by the Lloyd’s market. The challenges identified will be channelled into themes that the lab will address. BCG will also support continued collaboration between lab participants and the Lloyd’s market beyond the life cycle of the lab incubation period.

“We are pleased to announce collaboration with L Marks and BCG, given the knowledge and experience they both bring to this project," said Lloyd’s head of innovation Trevor Maynard. "L Marks has exceptional operational expertise in running Labs for some of the world’s most successful businesses.

“BCG has a deep understanding of how the Lloyd’s market operates, as well as how to turn digital innovation into actionable change. Both organisations have a strong track record in executing truly collaborative projects such as this and are committed to ensuring it benefits from real market participation and engagement.”

Stuart Marks, founder and chairman of L Marks, said: “L Marks is proud to be collaborating with Lloyd’s and BCG on the first ever Lloyd’s Lab. Many corporates are embracing innovation and to see an industry leading organisation like Lloyd’s do so through supporting start-ups validates this new way of working.

"For the start-ups and entrepreneurs that take part, the Lab 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.”

Justin Balcombe, partner at Boston Consulting Group, commented: “BCG is delighted to work alongside L Marks and Lloyd’s on this transformative initiative. With the right level of market input to ensure concepts in the Lab are relevant to the market’s needs, combined with the entrepreneurial ideas and creative talent entering the Lab, it will be very exciting to see what technological solutions can be developed that can bring about a step change in the market’s digital future.”

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