Lloyd’s Lab will continue to ‘push boundaries’ as 2.0 version launched

Lloyd’s Lab will continue to “push the boundaries of what’s possible in the industry” after a new 2.0 version of the innovation accelerator was announced on its fifth birthday.

Rosie Denee, head of Lloyd’s Lab, said that initiative had produced ”ground-breaking solutions that continue to redefine the future of insurance” and was “thrilled” to celebrate its fifth birthday.

Lloyd’s Lab is an innovation hub and accelerator programme that connects startups with the insurance industry.

It offers mentoring, collaboration and funding opportunities.

As part of it turning five last week (13 October 2023), the programme received an update that will allow it to extend into new sectors to create risk solutions for.

It will also expand into new regions by launching cohort themes for Europe, Asia Pacific and the US.

In a LinkedIn post yesterday (17 October 2023), Denee said: ”Happy Birthday to Lloyd’s Lab.

”It’s been an incredible journey of innovation and collaboration over the years and we’re thrilled to celebrate this milestone. 

”At the heart of the Lloyd’s Lab’s success are the dynamic partnerships and ground-breaking solutions that continue to redefine the future of insurance. It’s an honour to be part of a community that consistently pushes the boundaries of what’s possible in the industry.”

‘Most proud’

Earlier this year (22 September 2023), Lloyd’s commercial director Dawn Miller said that of the 100 companies that have passed through the previous 10 cohorts in the lab, some 95% were still operating or had a successful buyout.

She added that over 70% were still in the Lloyds market, while over 1,000 jobs had been created.

Speaking on the fifth birthday of the lab, Lloyd’s chief executive John Neal said it was ”definitely one of the things we’re most proud of”.

“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,” he added.

“The collaboration in the lab around artificial intelligence (AI) modelling, software-as-a-service (SaaS) solutions, cover for cyber attacks and much more has frankly helped our market move at a much quicker pace than we’d have been able to otherwise.”