Lloyd’s Lab ropes in L Marks, BCG

Lloyd’s has announced a collaboration with L Marks and Boston Consulting Group (BCG) in connection with the set-up and roll-out of the Lloyd’s Lab that was announced in February this year.

L Marks, an innovation specialist with a deep understanding of the global InsurTech sector, will run global scouting campaigns to identify the most relevant InsurTech start-ups, support the day-to-day operation of the Lab, and arrange mentoring and business support programmes for participating start-ups.

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.

Lloyd’s head of Innovation, 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.”

The Lloyd’s Lab will officially launch in September 2018, following a global scout for the first cohort. Lloyd’s 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, ideas and products to be tested in a fast-track, fast-fail environment with the support and active involvement of Lloyd’s market participants.