Tiernan says innovation is keeping Lloyd's relevant

By Henry Gale

July 9 - (The Insurer) - Lloyd's CEO Patrick Tiernan commended the market's record on innovation at the opening of Lloyd's Lab's latest Demo Day on Wednesday and said governments and regulators were lobbying for wider Lab programmes.

Lloyd's "thrives where models falter and relationships and ideas come to the fore", Tiernan said. "Lloyd's tends to do what others can't do or won't do, and it tends to do it first."

"For us at Lloyd's, innovation keeps us relevant. It makes us responsive, it makes us competitive," he said, describing how initiatives in the Lloyd's Lab can help the market keep pace with developments in technology, geopolitics and business.

"And the Lab has become a deeply sought-after export, with governments and regulators around the world actively lobbying to encourage all of you, the Lab community, to come and sprinkle a little of your unicorn dust in their locale," Tiernan continued.

Lloyd's Lab's 14th cohort, culminating in Wednesday's Demo Day, includes a partnership with the Bermuda Monetary Authority (BMA) to feature solutions focused on reinsurance in Bermuda.

Participants had the option to spend part of the 10-week innovation programme developing their proofs of concept from Bermuda, with the BMA providing a workspace and facilitating mentor discussions and regulatory support.

Other recent cohorts have also had geographical themes, with a focus on the Middle East and Africa in cohort 13 and the Americas in cohort 12.

"Since its launch in 2018, the Lab has supported more than 130 businesses. The alumni have raised over a billion dollars in funding," Tiernan said.

"Compared to other incubators and accelerators, Lloyd's success rate is incredible," he added. "I think normally we sort of expect a 5% success rate. In Lloyd's Lab, we have a 5% failure rate."