Lloyd’s has announced a partnership with Dubai’s Department of Economy and Tourism (DET) forn insurtech enablement platform that will facilitate holistic growth for the city’s insurtech startups and entrepreneurs.
Under the signed memorandum of understanding (MoU), the partnership will enable firms in Dubai to create tech-based insurance solutions and products covering various sectors, ranging from autonomous vehicles to net-zero transition initiatives.
Lloyd’s will collaborate with the DET based on the market’s own experience in setting up its lab, as well as supporting developing insurtechs through the accelerator. In addition, the partnership will allow members of the Lloyd’s Lab program access to business facilitation support to set up and expand operations in Dubai.
Dubai-based insurtechs can also apply to the Lloyd’s Lab, with successful applicants benefitting from mentorship, networking, commercial product testing, and potential investment opportunities. Lloyd’s commercial director Dawn Miller said that this new partnership is a testament to the market’s commitment 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 insurance markets, while enabling more effective, sustainable process to address risks that are emerging across the globe,” Miller said.
Likewise, DET Dubai Economic Development Corporation CEO Hadi Badri said that these efforts align with Dubai’s ambition to further diversify and generate new economic value from digital transformation, as per the city’s 2033 economic agenda called D33.
“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.”
Recently, ex-Lloyd’s of London CEO Inga Beale called on the insurance industry to take steps to rectify the exit of big insurers from the Net Zero Alliance.
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