Lloyd’s Lab has become a major force in insurance innovation, securing over $1 bn to support startups transforming the industry. Since launching 6 years ago, the accelerator has supported 130 companies, with 97% still active in the insurance sector. Dawn Miller, Lloyd’s chief commercial officer and CEO of Lloyd’s Americas, highlighted its role in driving new solutions and attracting investment. Beinsure has selected the main points of her interview for AM Best TV at the recent Global Insurance Forum in Miami.
The Lloyd’s Lab is the heart of innovation for Insurance. An award winning space dedicated to accelerating and fostering new products and solutions fit for the needs of our customers around the world. The Lloyd’s Lab was set up in 2018 to foster ideas which support our market’s shared goal of sharing risk to create a braver world.
The lab has maintained a strong retention rate, with over 85% of supported startups continuing within the Lloyd’s network. These startups provide services, take on risk, and form partnerships that enhance the industry’s resilience and adaptability (see Largest InsurTech Unicorn Startups in 2025 by Valuation & Venture Capital Raised).
Lloyd’s main programme is an InsurTech accelerator programme which aims to help innovative ideas gain traction and success in re/insurance market. Located in the heart of the world’s specialist insurance market, the Lloyd’s Lab gives InsurTechs access to a coworking space in the iconic building and the chance to develop their ideas alongside their target audience.
We’ve seen over a billion dollars of capital raised for these companies. That is a testament to how crucial innovation is in insurance and the role Lloyd’s Lab plays in fostering that.
Dawn Miller, Lloyd’s CCO and CEO of Lloyd’s Americas
Since our establishment, the Lloyd’s Lab has grown to encompass a diversity of programmes and initiatives, to support insurance innovation at all phases, our support includes our FutureMinds programme, Lloyd’s Lab Challenge and our Launchpad Network.
Key Highlights
- Lloyd’s Lab has helped companies raise over $1 bn in capital, supporting 130 startups over six years, with 97% still active in the insurance industry.
- Lloyd’s Lab is an accelerator program that integrates innovation into the insurance industry, ensuring new solutions are developed and implemented rather than isolated as side projects.
- The program encourages collaboration among underwriters, brokers, scientists, and engineers, allowing participants to experiment, fail fast, and scale successful ideas.
- Innovations from Lloyd’s Lab include cyber risk solutions, climate risk modeling, and data-driven insights that enhance risk assessment and claims processing efficiency.
- Lloyd’s operates in over 200 jurisdictions, leveraging its license framework to provide cost-effective multinational insurance programs without excessive administrative burdens.
- Lloyd’s collects vast amounts of underwriting data and aims to transform it into benchmarking tools to enhance decision-making and risk assessment for insurers.
- Lloyd’s is working with governments to increase insurance access in underdeveloped markets, including parts of Europe, Africa, and Asia, where natural disaster risks are rising.
“We’ve had 130 companies go through the lab at this point. They go through doing a cohort cycle, as we call it. Some 97% of those companies are still participating in the insurance industry today,” Dawn Miller says. “Over 85% are still in the Lloyd’s ecosystem, which is incredible. They’re providing services, they’re taking risk, all types of different partnerships”.
From an innovation perspective, having that accelerator sitting in the heart of insurance industry.
One of the themes that we’ve heard from all types of companies is innovation cannot be something on the side. It has to be integrated into your business.
“We’ve seen in the past, when you look at fintech accelerators, healthtech accelerators, those types, often people feel like it’s research or something that has to be done on the side, it accidentally becomes a silo, maybe the cool people do it,” Miller says.
Industry Challenges with Innovation
Miller highlighted that innovation is a necessity rather than an option in today’s rapidly evolving insurance landscape. “One of the themes we’ve heard from companies across the industry is that innovation cannot be something on the side—it has to be integrated into your business,” she stated.
She pointed to the Global Insurance Forum’s focus on talent and innovation, emphasizing the importance of adapting to new market realities.
The real challenge is shifting this large-based industry to tackle tomorrow’s challenges. It’s about bringing capital into the industry, understanding innovative ways of working, and ensuring we stay ahead of risks.
Lloyd’s Lab has helped drive this shift by creating an environment where startups work with underwriters, brokers, scientists, and engineers. Companies go through an intensive cycle, refining ideas, developing solutions, and receiving mentorship from experienced professionals.
“Over six years, we’ve seen companies that started as concepts grow into fully operational businesses that are now established players in insurance,” Miller said.
Fostering a Culture of Innovation
Miller outlined different ways insurance companies promote innovation. Some use structured accelerators like Lloyd’s Lab, while others encourage employees to propose and test new ideas.
We see businesses where every single employee is expected to come up with an innovative way of working. It might not always lead to a winning idea, but it gets everyone comfortable with the concept of innovation and pushes forward-thinking initiatives.
She stressed the importance of creating an environment where employees can experiment and iterate quickly. “Innovation isn’t about getting it right on the first try—it’s about failing fast and succeeding faster,” she added.
Transformative Innovations Emerging from Lloyd’s Lab
Startups from Lloyd’s Lab have introduced new tools for risk assessment, underwriting, and customer service. “I always say I love all my companies the same,” Miller joked. “But the variety of solutions we’ve seen is remarkable.”
Among key innovations are mapping technologies for flood risk prediction, cyber risk assessment tools, and wildfire modeling systems. Other projects focus on streamlining regulatory reporting and improving claims processing efficiency.
Better risk understanding—through mapping, AI-driven analysis, or scientific research—leads to better pricing and management. That’s what we see from these startups.
She also highlighted the importance of data-driven decision-making. “We collect thousands of data points every year,” she said. “The question is: how do we turn that into valuable insights? Can we use it for benchmarking, underwriting improvements, and ultimately, better risk management?”
Expanding Lloyd’s Lab and Supporting Startups
Lloyd’s Lab is more than just an accelerator program—it’s a gateway to a lifelong network of industry experts and investment opportunities.
When a company enters the lab, They come through, they spend 10 weeks on our marketplace. They are a lifelong member of the Lloyd’s family. They have access to hundreds of underwriters, brokers, scientists, engineers, as I mentioned earlier. That community helps curate their ideas and their concepts.
“They become a lifelong member of the Lloyd’s family, with ongoing access to resources and alumni networks,” Miller explained.
Beyond mentorship, companies in the program gain exposure to potential investors, including Lloyd’s Central Fund and external partners. The lab also provides additional programs focused on training and expert guidance.
“There’s a little bit of a ‘Dragon’s Den’ feel to it,” Miller said, referring to the startup pitch events. “But it’s not just about securing funding—it’s about refining ideas and making meaningful industry connections.”
Lloyd’s Commercial Strategy and Future Risks
Innovation plays a central role in Lloyd’s broader commercial strategy. As it enters the third year of its strategic plan, the focus remains on expanding market access and addressing risks like cyber threats and climate-related events.
Actually, one of the pillars of our commercial strategy—we’re about to enter year three of that commercial strategy—one of the pillars is innovation. “We’ve sort of covered off that and how we’re looking at that space. The other pillars are looking at some of the assets of the Lloyd’s framework”.
Our license network, as an example—we’re able to operate in over 200 jurisdictions around the world. Our license framework is very unique. We don’t have a need for some of the administrative tasks and local policies that you find in other programs.
Clients can benefit from a more cost-effective multinational program. So, that’s one aspect. It really is a nice attraction
point for new entrants coming in who might say they need a light touch global network in order for them to operate.
Lloyd’s is also modernizing underwriting guidelines and platform infrastructure to streamline market access. “We don’t want to slow things down,” Miller said. “We want to create a smooth path for business to enter Lloyd’s.”
She noted that insurers must adapt to changing risks. “Natural disasters are shifting, government budgets are tightening, and the private sector must take on a larger role,” Miller said. “Across Europe, Africa, and Asia, there’s strong demand for wholesale insurance in underinsured markets.”
Lloyd’s is working with governments and industry partners to expand insurance availability and improve risk-sharing models.
Shaping the Future of Insurance
As Lloyd’s Lab continues to drive innovation, Miller remains focused on ensuring the insurance industry remains resilient and adaptive. She believes that the future of insurance will be defined by collaboration, technology, and a willingness to embrace change.
We’ve built a strong foundation for innovation at Lloyd’s Lab, but there’s always more work to do. Our goal is to keep fostering an environment where startups and established players can work together, share knowledge, and create solutions that benefit the entire industry.
Looking ahead, Lloyd’s plans to expand its accelerator initiatives, enhance data-driven underwriting tools, and continue refining its commercial strategy to meet the evolving needs of its clients.
“Innovation isn’t just about technology—it’s about mindset,” Miller concluded. “If we can embed that mindset across the insurance industry, we’ll be better equipped to handle the challenges of tomorrow.”
As Lloyd’s Lab enters its next phase, its impact on the insurance market remains clear. By integrating innovation into core business practices, attracting capital, and fostering collaboration, the lab is not only shaping the future of insurance but ensuring it remains resilient in an era of rapid change.
FAQ
Lloyd’s Lab is an innovation accelerator designed to foster new solutions in the insurance industry. It provides startups and entrepreneurs with access to capital, mentorship, and industry expertise. Participants undergo a 10-week cohort program where they collaborate with underwriters, brokers, scientists, and engineers to develop and refine their ideas. Once they complete the program, they remain part of the Lloyd’s ecosystem, benefiting from continued industry support and investment opportunities.
Lloyd’s Lab has played a crucial role in securing over $1bn in capital for participating startups and innovators. This funding has enabled emerging companies to develop cutting-edge insurance products and scale their solutions within the market. The lab’s success is reflected in the fact that 97% of its alumni companies are still active in the insurance industry, with over 85% remaining integrated within the Lloyd’s ecosystem.
The lab operates through structured accelerator programs where companies work alongside industry experts to test and refine their solutions. Participants are encouraged to experiment, fail fast, and iterate quickly. Lloyd’s Lab provides a collaborative environment where underwriters, brokers, scientists, and engineers come together to tackle industry challenges. The program also includes pitch sessions where startups present their ideas to investors and potential clients, increasing their chances of success in the market.
Lloyd’s Lab has supported a wide range of groundbreaking innovations, including:
1) Cyber risk solutions: Tools that assess and mitigate risks related to cloud downtime, data breaches, and cyberattacks.
2) Natural catastrophe modeling: Advanced mapping of rivers, wildfire mechanisms, and climate-related risk models that help insurers understand and manage environmental threats.
3) Regulatory reporting automation: Technologies that streamline compliance processes, reducing time spent on administrative tasks and enabling faster claims payments.
4) Scientific risk assessment: Solutions that incorporate clinical trial data and advanced analytics to enhance risk-taking strategies.
Lloyd’s collects thousands of data points annually, providing valuable insights into underwriting performance, risk trends, and market dynamics. This data is being transformed into benchmarking tools that insurers can use to enhance decision-making. By analyzing this data, companies can identify emerging risks, optimize pricing strategies, and improve claims processing efficiency. The goal is to create a data-driven ecosystem where insurers can leverage insights to offer better products and services.
Lloyd’s Lab plans to expand its accelerator programs, introduce new training initiatives, and enhance access to industry experts. Future initiatives will focus on:
1) Increasing investment opportunities for startups through the Lloyd’s Central Fund and external partners.
2) Strengthening global collaboration by connecting startups with insurers, brokers, and regulators worldwide.
3) Developing new risk management tools to address emerging challenges such as climate change, cyber threats, and geopolitical risks.
4) Enhancing industry education and mentorship by providing more resources to help startups scale their innovations effectively.
QUOTES: Dawn Miller, Lloyd’s Chief Commercial Officer and CEO of Lloyd’s Americas
