Miller’s stirring remarks took center stage during the Lloyd’s latest quarterly market update, where she unveiled compelling statistics that underscored the transformative role of the Lloyd’s Lab. Out of a diverse pool of one hundred companies that have successfully completed the ten previous cohorts of the Lab, a remarkable 95% have continued to thrive or have undergone successful buyouts.
The Lloyd’s Lab, Miller said, has played a “significant role in driving value into the global marketplace.”
“Over 70% in the Lloyd’s market, over 1000 jobs created and over $1 billion in capital has been raised by alumni since leaving the Lab.
Earlier this year, Lloyd’s has unveiled the 13 insurtech firms that took part in the 10th cohort of its innovation hub, the Lloyd’s Lab, the focus of which was on the European market. Insurtechs were chosen based on their solutions related to three themes: European Digital and Climate Solutions, Data and Models, and New Products.
The innovation lab provides a platform for insurtech startups and entrepreneurs to develop innovative solutions that can help solve some of the challenges faced by the insurance industry. It runs several cohorts throughout the year, with each cohort lasting for 10 weeks. During this time, selected startups work with Lloyd’s market experts to refine their ideas, develop prototypes, and test their products in a real-world environment. The lab also provides startups with access to funding, office space, and networking opportunities with industry professionals.
Miller’s address served as a resounding testament to the Lloyd’s Lab’s pivotal role in shaping the landscape of innovation and entrepreneurship, ultimately enriching the global marketplace. Its ongoing success story promises to fuel further growth and ingenuity within the insurance and financial sectors, capturing the imagination of businesses and investors worldwide.
Millar said: “Over 70% in the Lloyd’s market, over 1000 jobs created and over $1 billion in capital has been raised by alumni since leaving the Lab.
“In addition, we see Lab alumni generating millions and premium reaching new customers, markets and distribution channels every day.
“To ensure these outcomes persists we spent some time ensuring the Lab grows thoughtfully and sustainably.”
Miller outlined Lloyd’s current strategy of implementing targeted and strategic accelerator themes for each cohort. These themes are carefully designed to align product development, data utilisation, and geographical considerations within the application requirements. This approach is instrumental in maintaining Lloyd’s unwavering dedication to achieving concrete, real-world results.
Furthermore, Miller said that Lloyd’s has successfully addressed critical protection gap challenges related to wildfires, floods, cybersecurity, and supply chain disruptions. This proactive approach underscores Lloyd’s commitment to remaining relevant in the ever-evolving landscape of the industry and marketplace.
She continued: “As I consider the growth opportunities of the Lab, the clear next step for us is to evolve, so that the Lab becomes undeniably the conduit for delivering practical customer solutions at scale, through the introduction of a customer challenge programme.
“This will give you a space and a framework to solve your customers’ complex global challenges head on.
Millar added: “We have worked with some of our members already to test this concept across the development of product approaches and market tools, and anticipate this only growing over time.”