Lloyd’s, the marketplace for commercial, corporate and speciality risk solutions, has announced a partnership with Dubai’s Department of Economy and Tourism (DET) to facilitate growth opportunities for Dubai-based insurtech start-ups and entrepreneurs.
The memorandum of understanding (MOU) facilitates the development of a Dubai Insurtech Enablement Platform to help start-ups and entrepreneurs to create innovative tech-based insurance solutions and products covering various sectors, ranging from autonomous vehicles to the transition to net zero.
Lloyd’s will collaborate with DET based upon its experience of setting up the Lloyd’s Lab and supporting the development of insurtechs through the accelerator. The future partnership will also give members of the Lloyd’s Lab program access to bespoke business facilitation support to setup in and expand operations throughout Dubai.
As part of the program, Lloyd’s will encourage the applications of Dubai-based insurtechs to the Lloyd’s Lab, which is dedicated to accelerating and fostering new products and solutions for Lloyd’s customers around the world. Successful applicants will benefit from mentorship, networking, commercial product testing and potential investment opportunities through the lab’s direct access to the London Market.
In turn, DET will build on Dubai’s existing talent base and pool of new business to support start-ups that are part of the new international program with the introduction of their products and expansion of their insurtech operations in the UK and beyond.
“Lloyd’s remains committed to supporting innovation to better meet customer demand. Our work with Dubai is part of our ambition to increase the pool of innovation talent that can work both with the Lloyd’s and global insurances markets, while enabling more effective, sustainable process to address risks that are emerging across the globe,” commented Dawn Miller, Lloyd’s commercial director, in a statement.
“By joining forces with the world’s largest insurance and reinsurance marketplace, we are creating new channels of collaboration that will strengthen Dubai’s value proposition as a regional hub for innovation driven insurance and reinsurance companies,” according to Hadi Badri, CEO of Dubai Economic Development Corporation at Dubai’s Department of Economy and Tourism.
“Access to key features of the award-winning Lloyd’s Lab accelerator will give Dubai-based startups the knowledge and tools they need to build and scale new products and solutions that will advance the emirate’s insurtech sector and wider tech ecosystem,” Badri said.
“In addition, this partnership creates new growth opportunities for existing and aspiring entrepreneurs in this space to set up in Dubai to leverage growth opportunities across the wider Middle East, Africa and South East Asia regions,” he added.
Lloyd’s said the MOU is based around the key objectives of:
- Enabling start-ups and entrepreneurs to create innovative tech-based insurance solutions and products covering various sectors from old to new economy
- Encouraging Dubai-based start-ups to apply to Lloyd’s Lab to broaden the pool of talent enhancing the Lloyd’s market, while accelerating Dubai innovation
- Supporting the lab’s start-ups and entrepreneurs with the introduction of their products and expansion of their business operations in Dubai
Source: Lloyd’s
Topics InsurTech Excess Surplus Tech Lloyd's
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