In the News
Lloyd’s Exec: Succeeding In Innovation Requires Support
Trevor Maynard, head of innovation, Lloyd’s, said the market has pursued several initiatives aimed at fostering innovation.
- Yvette Essen
- February 2019
We’ve had a lot of interest in the lab, which I think shows that people have got the message and that they need to change soon. They need to change in quite a big way.
The insurance market needs to be innovative. That's something that Lloyd's has been pushing and progressing on in recent years.
Trevor Maynard, head of innovation for Lloyd's, spoke with AMBestTV at the 2018 Insurance Market Briefing in London. He observed that companies that form innovation-focused teams with senior support often achieve progress.
What are some of the things that you've been doing with regards to encouraging innovation at Lloyd's?
Lloyd's has been encouraging innovation. It set up a new innovation a couple of years ago, which I run. We've always done a lot of thought leadership work, but recently we have opened something called Lloyd's Lab, which is an accelerator at the heart of the Lloyd's market. It's brought startups in to answer specific questions, to work with the market on innovation.
Is Lloyd's moving at the right pace in terms of innovation?
I think that the businesses understand the need to innovate. It's great to see the amount of energy and enthusiasm with the lab. I would report some good progress there, but I also think there's more to do. We're all aware of the need to modernize.
What is the need to modernize? Why is there a need to modernize?
There's a need to modernize in lots of ways. Obviously, we've got things like needing to cut expenses out of the market, but also the world is changing really rapidly. If we don't think about how the new world is going to operate, things like the sharing economy and those sorts of issues ... if we don't have a proposition to offer that new world, then obviously, we'll get left behind.
You have to modernize to make sure you're meeting the needs of your customers.
Traditionally, the market has actually been quite slow to adopt change, specifically with regards to technology. Is that changing at all?
I think it is changing, yes. I think that the managing agents are supporting Lloyd's Lab and have put forward some excellent mentors to work with the companies. We've had a lot of interest in the lab, which I think shows that people have got the message and that they need to change soon. They need to change in quite a big way.
Yvette Essen is director & manager, research, communications & media, AM Best—EMEA. She can be reached at firstname.lastname@example.org.