Trevor Maynard: Head of Innovation, Lloyd's: New solutions, new markets & the future of Lloyd’s (59)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 15 December 2019

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

We've been hearing a lot recently about how Lloyd's of London is looking to harness innovation across many areas to expand the range of insurance it can cover, improve efficiency and find new ways to measure and reduce risk. The Lloyd's Lab has become an important part of identifying companies that can help Lloyd's and the managing agents writing business there. In previous podcasts we've spoken to founders from companies that have taken part in one of the three cohorts. For this episode Matthew finds out from Trevor Maynard, the person responsible for the Lab and overseeing innovation across Lloyd's, what the Lab offers and the other initiatives he is leading. Topics include: How the ten-week cohorts are structured Why and when Lloyd's selects start-ups, scale-ups and mature companies The role of mentors from managing agents and the benefits seen from getting this direct access to the market The link between the Lab and the Future at Lloyd’s programme Building an innovation culture Horizon scanning and the Lloyd’s Product Innovation Facility You can hear our discussions with previous members of the Lloyd's Lab that have participated in past cohorts in prior episodes: Oasis (32), Describe Data (40), Phinsys (45), Hyperexponential (52) and Praedicat (57) The horizon scanning reports mentioned in the podcast are available from https://www.lloyds.com/news-and-risk-insight/risk-reports. All the information about the Lloyd’s Lab is available at https://www.lloydslab.com/. We'll have more to come from the Lloyd's Lab in 2020, include a full evening hosted in collaboration with Trevor and his team. Keep up-to-date with all the latest news and view from InsTech London by taking a look at the regular updates of future and past events - and signing up for our newsletter - at www.instech.london

Transcript

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0:00.0	I think parametric products are a great way forward to test a whole number of different
0:06.5	hard to ensure areas like reputation risk and supply chains and, you know, political risks in
0:11.9	difficult areas. There's a whole bunch of things you could do with them.
0:18.8	Hello, Matthew Grant here. Welcome to the Instac London podcast. Now, Lloyd's London is one of the oldest insurance institutions in the world. And for anyone interested in innovation, it has a fascinating history of using the latest techniques to assess risk. It's often able and willing to provide insurance for coverage that others wouldn't or couldn't.
0:38.2	The Lloyd's Lab recently celebrated the success of its third cohort.
0:42.4	And if you're a regular listener, you'll have heard my interviews with the number of the
0:45.3	companies that have been part of the lab, and all of them have been very pleased with
0:49.3	their experience.
0:50.9	So for this episode, I was delighted to spend some time with Trevor Maynard, who is head of
0:54.9	innovation at Lloyd's. Trevor's responsibilities include the Lloyd's lab and the recently
0:59.9	launched product innovation facility. Trevor's team also published Risk Insight Reports,
1:05.4	exploring future trends and opportunities for insurance and innovations. Take a look at the
1:10.2	episode notes for the link to download
1:11.9	those. If you're wondering what goes on in the lab, how to apply and what the benefits are,
1:17.2	as well as the description of the product innovation facility, well, keep listening.
1:22.1	And that's not all. You can listen to our podcast wherever you are without fear of missing out
1:27.4	and all the great information people share with us, because we're now publishing a transcript of this and most of our interviews on the website.
1:35.3	And also look out for the articles of the interviews that we have coming up soon.
1:39.5	All of this at www.insdecom. London. Well, Trevor, it's great to be back in the lab. I came along last
1:51.5	night to the end of cohort three, and it was a tremendous party. And I think the good news was
1:56.6	all the enthusiasm I've heard from people along the way, it was still there at the end. You trained
2:02.6	in statistics, got a PhD, and then joined Lloyds back in 2005. You've seen various roles there
	...

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