06 Lloyd’s Lab Impact Report 07 Dawn Miller, Commercial Director, Lloyd’s Working together to tackle society’s risk So as we think about the next 昀椀ve years – we’ll start by making our ecosystem even more The next five years: collaborative, by: A partnership-powered platform Tapping into di昀昀erent mindsets and perspectives: Increasing the global reach of the Lab through geographical themes and promotion, making sure it tackles risks and accesses talent from underrepresented regions. Promoting what’s worked well: The companies that have passed through the Lloyd’s Lab have between them created over 1,000 jobs, raising over $1bn in capital. The use of the ICX class has grown tenfold, with a total capacity available of $1.3bn. We need to tell that story to keep the success stories coming. Launching the Lloyd’s Lab challenge programme: With 昀椀ve years of incubated innovation now under our belts, this birthday has provided a great opportunity for all We recognise that some of the biggest challenges our customers and market are facing can’t be of us at Lloyd’s – and across the industry – to take stock of our progress and think about the 昀椀ve years to come. solved in ten weeks. That’s why, in partnership with the market, we’re creating a structured programme for fast-fail testing of propositions. We’ll also be working with speci昀椀c partners from the innovation ecosystem to ensure we’re developing the right solutions... starting with our 昀椀rst challenge Working together to tackle society’s risk of estimating insured customer carbon emissions by innovating at the intersection of capabilities, geographies, and capital, we’ve seen the power of collaboration 昀椀rst-hand over the years – from The Lloyd’s Lab has always been so much more than a product development programme through the sharing coastal intelligence with the UK Admiralty, to working with 昀椀re昀椀ghters in California to mitigate Accelerator. It’s an ecosystem of partnerships and programmes helping the Lloyd's market develop wild昀椀re damage. solutions to the biggest challenges of our time. Five years on, we’re extremely proud of the success stories in this report – and as always, Successful innovation goes beyond just great ideas to target scale, commercialisation and existing networks committed to writing new ones. – which is why we’ve also been running. • L loyd’s Product Launchpad – A group of underwriters from across the market providing insurance capacity to back developed innovative underwriting opportunities.. • F utureMinds – An eight week, innovation focused product development training programme for talent across managing agents and brokers to help them innovate in their roles. • ICX class – An additional 2% of syndicate capacity for innovative businesses, ensuring bright ideas at Lloyd’s get the capacity they need without having to compete for it internally. This range of initiatives has helped deliver the Lloyd’s Lab’s ambition to build a partnership-powered ecosystem – with faster adoption of new ideas and products through crowdsourcing capabilities, and a deeper pool of expertise by bringing the right partners and alumni to the Lab. © Lloyd’s