05 04 Lloyd’s Lab Impact Report 05 John Neal, CEO, Lloyd’s Dedicated themes have shaped and directed our cohorts towards the issues of the time, from data use to decarbonisation. Mentors and sponsors Five years of pushing boundaries. – over 700 of them – have helped participants re昀椀ne their models and sharpen their thinking. And Since 2018, there’s been a revolution at every stage, insurers have lent their commercial underway in the insurance industry. insights to ensure we’re solving the risks and pinch points people really care about. It’s perhaps why the Lab today boasts a 95% success rate (still operating or successfully bought out) – because these are solutions designed for society’s bene昀椀t; products designed Insurtech – previously considered the younger sibling of the 昀椀ntech family, now very much an equal to meet people’s needs and make processes player – has been quietly but persistently innovating to create better products, better processes and simpler. better protected customers. Sensitive coverage for the costs and uncertainty Insurance will never be the same again. of fertility treatment. Hyper-accurate modelling for wild昀椀res and 昀氀oods. Geospatial monitoring for political developments and environmental trends. A hub within a hub I’m cherry-picking – but you’ll forgive me for doing so with a list of a hundred to choose from... all of In no small part, that transformation has been down to initiatives like the Lloyd’s Lab – started which are detailed in this report. here in the Lloyd’s market in 2018 – which have helped to put insurtech on the map. In many senses, Lloyd’s was a logical home for an insurance innovation hub. Our market boasts a series of creative 昀椀rsts from the original motor insurance policy to the very 昀椀rst cyber coverage. Innovation: a team game But we knew that heritage didn’t mean the trend would continue by default. Innovation requires We’re incredibly proud to have hosted this sustained investment and determination to challenge norms and push back boundaries in the pioneering hub at Lloyd’s. It’s been everything we pursuit of new and undiscovered solutions. wanted and more: a jewel in our crown, and a bee It’s why we created the Lab accelerator: a fail fast, succeed faster environment bringing together in our bonnet – challenging us to embrace new innovative startups with expert insurers and brokers to 昀椀nd the products and processes to help ways of thinking and go further and faster in protect the world of tomorrow. innovating to insure society’s risks. In many senses, Lloyd’s was a logical home for an insurance innovation hub. Our market boasts a Of course, that success has been a huge team series of creative 昀椀rsts, from the original motor insurance policy to the very 昀椀rst cyber coverage. e昀昀ort. I’m particularly grateful to the Lloyd’s Lab leadership who worked through the Covid-19 But we knew that this heritage didn’t mean the trend would continue by default. Innovation pandemic to keep the (virtual) show on the road requires sustained investment and determination to challenge norms and push back boundaries – and also the hundreds of market participants in the pursuit of new and undiscovered solutions. who have lent their time and expertise in That’s why we created the Lloyd’s Lab Accelerator: a ‘fail fast, succeed faster’ environment mentoring Lab participants. bringing innovative startups into contact with expert insurers and brokers to 昀椀nd the products The outcome has been a raft of success stories and processes to help protect the world of tomorrow. pointing to insurance’s enduring relevance in helping people make braver, smarter decisions in the face of uncertainty. It shows what’s possible Real solutions to real problems when insurers, investors, academics and others Five years later, its success has been clear in the 100+ startups from 16 countries that have come together to solve shared problems. come through the Lab – and the $1 billion of capital that has been raised for the solutions This report is a testament to that collaboration: a coming out the other side. library of shared achievements. We’re excited to see how the next 昀椀ve years take us over oceans, This report details those pioneering ideas, over 昀椀ve eventful years of mould-breaking and risk- across industries and into new territory as we taking. continue innovating to create a braver world. In some senses, it reads more like a list of what’s happened in the world since 2018 – and that’s because the Lab was designed with that exact purpose in mind: to align our industry’s innovation with the outside world’s news cycle. © Lloyd’s