The Lloyd’s Product Launchpad is the new home for the development of insurance solutions to tackle emerging risks.
The Lloyd’s Product Launchpad has been created to replace the Product Innovation Facility and enable the Lloyd’s market to keep partnering with InsurTech while advancing innovation and developing new insurance solutions.
Under the oversight of the Lloyd’s Lab team, which is the market’s product innovation program, potential ideas reaching the Lab through its expanding program can now be directed to the most relevant place, whether in the Lab, the Launchpad or other areas of the business like the Disaster Risk Facility, said Lloyd’s in a statement.
Since its creation in 2019, the Product Innovation Facility has given underwriters a space to experiment with new ideas in a safe and controlled way, balancing the need for oversight with the risk of excessive red tape.
With a capacity of £150 million, several success stories have emerged. For example, in 2020 a parametric business interruption product for cloud outages was launched by Parametrix. During the same year, a cryptocurrency product was created by Lloyd’s syndicate Atrium in conjunction with Coincover. The cover offers investors and traders protection against the theft of “hot” wallets.