A group of underwriters from Lloyd’s have established a Product Innovation Facility to improve (re)insurance product development efficiency.
The new solution has a budget of £53 million and is led by senior underwriters from a range of organisations, including Hiscox, Chaucer and Liberty Speciality Markets.
The Facility, led by senior underwriters from Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares and Apollo, will pilot new models of insurance for both complex and non-standard risk, such as intangible assets and supply chain risks.
This move to “insure the uninsurable” is linked to Lloyd’s existing ‘The Future’ programme.
John Neal, CEO at Lloyd’s, said: “Lloyd’s has a deserved reputation as the home of insurance innovation and I am delighted to see this initiative taking shape, which harnesses Lloyd’s unrivalled entrepreneurial spirit.”
He continued: “The Product Innovation Facility aligns with our collective vision for the future of the world’s (re)insurance market. By incubating new product ideas and helping them to scale up over time, Lloyd’s will continue helping its customers to deal with rapidly evolving and emerging risks.”
Trevor Maynard, head of innovation at Lloyd’s, added: “The Product Innovation Facility formalises underwriting at the centre of the Lloyd’s innovation ecosystem. Working closely with Lloyd’s innovation team, the group has put forward this new concept of product development by agreeing to support one another’s initiatives.”
