Lloyd's: Transforming Middle East insurance through innovation

Lloyd’s has been supporting the Middle East insurance industry for nearly six decades, providing customers with innovative insurance solutions backed by financial security and strong international ratings. By offering solutions to protect public and private assets and sharing risk intelligence, Lloyd's continues to support the global insurance market, build local resilience and help develop a robust risk culture throughout the Middle East.

Lloyd's Lab announced a partnership with Dubai's Department of Economy and Tourism (DET) in 2023 to facilitate holistic growth opportunities for Dubai-based InsurTech start-ups and entrepreneurs.

Lloyd's Lab has supported over 150 companies globally, providing them with access to Lloyd's extensive network of insurers, brokers and industry experts. Through intensive cohorts, participants receive mentorship, technical support and commercial opportunities to test and scale their innovations within the world's pre-eminent insurance marketplace.

The Lab focuses on solutions that drive efficiency, enhance customer experience and tackle emerging risks, from climate change and cyber threats to parametric insurance and automated claims processing.

The Middle East is a strategic territory for Lloyd's Lab, reflecting the region's rapid digital transformation and growing appetite for InsurTech solutions. Through the partnership with DET, Lloyd's Lab is fostering innovative talent capable of serving global insurance markets whilst addressing emerging risks across the region.

Lloyd's Lab alumnus Phinsys has established an office and team at the Dubai International Financial Centre (DIFC). The UK-headquartered company's platform optimises and automates insurance finance functions, improving financial accounting, regulatory reporting and analytical processes for insurers to drive operational excellence across the industry.

Through strategic partnerships and by accelerating InsurTech solutions, Lloyd's Lab continues to position the Middle East as a global hub for insurance innovation.