Speaking with Global Reinsurance group publisher, Lloyd’s head of Middle East & Africa outlines the launch of a new Lloyd’s innovation lab

Lloyd’s head of Middle East & Africa Cameron Murray outlined the difficulties of implementing change within Lloyd’s, but stressed that the new Innovation Lab would buck that trend.

According to Murray: “Lloyd’s does not have the greatest track record of delivering change, but having the fast tracked innovation lab will hopefully change that.”

Speaking to Global Reinsurance group publisher Jack Grocott during a ‘fireside chat’ at this year’s Dubai World Insurance Congress (DWIC), Murray spoke about how Lloyd’s was going about attracting insurtech talent into the fold through its new Innovation Lab.

Murray used the old dictum “If we carry on doing things the same way and expecting a different outcome…” to highlight the necessity for change and went on to say: “We’ve got to think differently. We need to move away from KPIs and let creativity have its way.”

The new innovation hub will aim to have three cycles and teams a year: “There will be a comms process around the lab,” Murray explains. “We’re in the process of selecting a partner at the moment, and we will ensure they have a good understanding of the market and are able to help Lloyd’s with filtering those that have been invited to apply for spaces on the teams.”

Lloyd’s, which insures risks from over 200 countries and territories, has made no bones about its desire to be viewed as a global firm operating in London rather than an introverted on, no doubt it will be tapping into its global market to also find new talent and ideas.

Murray added: “We want in-trepreneurial as well as entrepreneurial approach.” Lloyd’s wants to nurture ideas from within the corporation as well as outside of it.