Lloyd’s of London has announced that it will be launching an Innovation Lab later this year, as the market looks to develop advanced technology solutions to meet its rapidly changing needs.

The Innovation Lab will allow Lloyd’s to test new concepts, design advanced technology solutions to solve market issues and give it a place that can act as a testbed for market modernisation efforts, all with the support and active involvement of market players.

Lloyd’s said that it will be appointing an external partner to help it set up and run the Innovation Lab and that it expects the Lab will be launched in the second half of 2018.

Lloyd’s CEO Inga Beale explained, “There are a host of advanced technological solutions involving data analytics and artificial intelligence that enable a better understanding and predictability of risk.

“By creating a Lloyd’s Innovation Lab, designed to bring in creative talent from around the world to work in partnership with Lloyd’s businesses and the Corporation, we can ensure the market continues to innovate as the world moves into an increasingly digital, data-driven future.”

Lloyd’s Chief Commercial Officer, Vincent Vandendael, added, “Following the creation of the Innovation team under Trevor Maynard, the Innovation Lab represents a significant next step in driving a cohesive yet nimble approach to idea generation and implementation for the benefit of the Lloyd’s market.”

With technology and insurtech hot trends in insurance and reinsurance right now, having a place to experiment and try out new concepts will benefit Lloyd’s as it looks to leverage tech for modernisation, efficiency and to support new product developments.