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

The lab will focus on designing technology-driven solutions to meet the varying requirements of the Lloyd’s market.

It will enable new concepts, idea and products to be test in fast-track, fast-fail environment with active support and involvement from Lloyd’s market participants.

For the lab, L Marks offer its experience in creation and operation of more than 30 innovation labs across industries to define the overall lab activities and timetable.

It will also run global scouting campaigns to identify the most relevant insurtech start-ups and to conduct the the day-to-day operation of the Lab, and arrange mentoring and business support programmes for participating start-ups.

L Marks founder and chairman Stuart 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.”

BCG will support the lab by working with Lloyd’s Market Association (LMA). It will manage agents in identifying key challenges that are faced by the Lloyd’s market.

Identified challenges will be channeled into themes that that 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.

BCG partner Justin Balcombe said that the company will provide with the right level of market input to ensure concepts in the lab are relevant to market needs, combined with entrepreneurial ideas and creative talent entering the Lab.

Lloyd’s innovation head Trevor Maynard said: “We are pleased to announce collaboration with L Marks and BCG, given the knowledge and experience they both bring to this project. 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.”

Image: Lloyd's insurance building. Photo: Courtesy of Lloyd's of London/Wikpedia.org.