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.

“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.”