The Product Innovation Facility (PIF) is a commitment to nurturing a “safe space” for underwriters to experiment with new ideas in a controlled way, which balances the need for appropriate oversight with the risk of not innovating fast enough. The space explores non-standard risks that might not fit the traditional market such as risks relating to intangible assets, new technologies and others.
As part of the Future at Lloyd’s ambition to be the world’s most customer-centric digital insurance platform, the Facility is an important step towards building a marketplace that offers better value for the changing and diverse needs of customers through highly-responsive, cutting-edge risk management products and services. By thinking collaboratively, the product innovation facility allows different thinking and expertise to solve clients’ problems.
Hear from Tom Hoad, who currently co-chairs the PIF, how the PIF was formed, what it does and how it interacts with other elements of the Lloyd’s ecosystem to provide the underwriting capital and skills needed to ensure Lloyd’s remains relevant in tomorrow’s commercial environment.
By the end of the session, you will be able to:
- Understand the PIF
- Understand how you can get involved with innovation at Lloyd’s
- Understand how product innovation works at Lloyd’s syndicate(s)