Lloyd’s has selected The Boston Consulting Group (BCG) and L Marks, an innovation specialist in the insurtech sector to support the set-up and operation of its innovation lab.

To be launched in the second half of this year, the lab will focus on designing technology-driven platforms to meet the fast changing needs of the Lloyd’s market.

The lab, according to the insurer, will facilitate the testing of new concepts, ideas and products in a fast-track, fast-fail environment.

L Marks will be responsible for defining the overall Lab activities and timetable and support the day-to-day operation of the Lab.

It will also run global scouting campaigns to identify the most relevant insurtech startups and arrange mentoring and business support programmes for participating start-ups.

BCG will work with the Lloyd’s Market Association (LMA) and managing agents to identify major challenges faced by the Lloyd’s market.

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“The challenges identified will be channelled into themes that the Lab will address,” Lloyd’s said in a statement.

Also, BCG will support partnership between lab participants and the Lloyd’s market even after the lab incubation period.

Lloyd’s innovation head Trevor Maynard said: “We are pleased to announce collaboration with L Marks and BCG, given the knowledge and experience they both bring to this project. L Marks has exceptional operational expertise in running Labs for some of the world’s most successful businesses.

“BCG has a deep understanding of how the Lloyd’s market operates, as well as how to turn digital innovation into actionable change. Both organisations have a strong track record in executing truly collaborative projects such as this and are committed to ensuring it benefits from real market participation and engagement.”