Insurance marketplace Lloyd’s and the Dubai Department of Economy and Tourism (DET) have signed an agreement to collaborate on an insurtech accelerator to give Dubai-based startups access to the London market.
The accelerator will give insurtech startups on Lloyds’ Lab programme support in establishing a base and growing operations.
For Dubai-based insurtechs accepted onto the Lloyd’s Lab accelerator they will gain entry into London, possible investment, commercial product testing, networking and guidance.
Dawn Miller, commercial director at Lloyd’s, said: “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.”
The bank and DET will also support Dubai-based companies to move to the UK, along with promoting their insurance offerings in the country.
Hadi Badri, CEO of Dubai Economic Development Corporation, said: “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.”