Lloyd's future relies on tech and innovation in a risky world

THE world’s always been a risky place. But in the last decade, it’s transformed into a more complex, connected and changing environment than we’ve ever seen before.

- Bruce Carnegie-Brown

Only innovative, resilient and digital organisations will be able to keep up with the changes.

I’m aware I’m writing this from the vantage point of a 300-year-old marketplace: one renowned for marble, mahogany and time-formed tradition. Our challenge is therefore to use the library of data and expertise we’ve developed over recent centuries to stay at the forefront of innovation.

This month, the Lloyd’s Lab — our award-winning Insurtech innovation hub — celebrated five years of pioneering new ideas to solve the complex questions our world faces. We’ve seen over a hundred startups in that time, with over a billion dollars of capital raised for the solutions which have emerged from the Lab, and 95% are still growing or have seen a successful sale.

But this innovation also requires partnership across sectors. If you accept the world is a connected chain of events and risks, then preparedness must start with the whole system.