The Memorandum of Understanding signals a joint ambition to develop a Dubai Insurtech Enablement Platform to enable start-ups and entrepreneurs to create innovative tech-based insurance solutions and products covering various sectors 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 – an award-winning space 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.
Dawn Miller, Lloyd’s Commercial Director said: “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.”
Hadi Badri, CEO 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 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. In addition, this partnership creates new growth opportunities for existing and aspiring entrepreneurs in this space to setup in Dubai to leverage growth opportunities across the wider Middle East, Africa and South East Asia regions. These efforts align with Dubai’s ambition to further diversify and generate new economic value from digital transformation under Dubai Economic Agenda 2033 (D33).”
Andrew Woodward, Lloyd’s Regional Director for Middle East and Asia said: “The Middle East region has experienced huge growth in innovation in recent years thanks to access to a diverse base of entrepreneurial talent and a thriving start-up environment. This MOU is a great first example of the benefits of our close collaboration with the Dubai Economy and Tourism team and I can’t think of any InsurTech programs in the world better placed to help maximise solutions for the risks of tomorrow than the Lloyd’s Lab.”
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