British insurance company Lloyd’s has announced that it has joined forces with Dubai’s Department of Economy and Tourism to help assist Dubai-based start-ups in the insurance sector.
The two parties signed an agreement which they say signals an ambition to develop a “Dubai Insurtech Enablement Platform” that would create “innovative, tech-based insurance solutions and products covering various sectors, ranging from autonomous vehicles to the transition to net zero”.
The agreement will build on Lloyd's experience in developing Lloyd’s Lab, a tech accelerator that fosters growth and innovation in the burgeoning insurtech sector.
This partnership will also give members of the Lloyd’s Lab programme access to business facilitation support to expand operations throughout Dubai.
As part of the programme, Lloyd’s will encourage the applications of Dubai-based insurtechs to the Lloyd’s Lab programme.
Successful applicants will benefit from mentorship, networking, commercial product testing and potential investment opportunities through the Lab’s direct access to the London market.
“Lloyd’s remains committed to supporting innovation to better meet customer demand,” said Dawn Miller, Lloyd’s commercial director.
“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.”
Hadi Badri, chief executive of Dubai Economic Development Corporation at Dubai’s Department of Economy and Tourism, said: “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.
“Access to key features of the award-winning Lloyd’s Lab accelerator will give Dubai-based start-ups 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.”
