I’m thrilled to sit down with Simon Glairy, a renowned expert in insurance and insurtech, with deep insights into risk management and AI-driven risk assessment. With years of experience navigating the evolving landscape of global markets, Simon is the perfect person to unpack the exciting strategic collaboration between Lloyd’s and Ireland’s Department of Finance. This partnership aims to drive innovation in the insurance sector through a dedicated Irish-themed cohort in the Lloyd’s Lab Accelerator Programme. In our conversation, we explore the goals of this initiative, Ireland’s unique position as a hub for financial services, the focus on pressing issues like flood risk and cyber threats, and the potential impact on both Irish talent and the global insurance industry.
Can you give us an overview of what this partnership between Lloyd’s and Ireland’s Department of Finance entails?
Absolutely, Abigail. This collaboration is a groundbreaking effort to boost insurtech innovation by leveraging the strengths of both Lloyd’s, a global leader in insurance and reinsurance, and Ireland’s vibrant financial ecosystem. The core of the partnership is the creation of an Irish-themed cohort within the Lloyd’s Lab Accelerator Programme, set for the first half of 2026. The main goal is to foster cutting-edge solutions for emerging risks while promoting Irish expertise on an international stage. It’s about combining technical know-how, sharing resources, and building a platform for ideas that can transform the insurance landscape—not just in Ireland, but globally.
What makes Ireland a strategic choice for this initiative with Lloyd’s Lab?
Ireland’s selection isn’t random. It’s one of Lloyd’s largest European markets, with a significant premium volume—around 661 million euros in 2024 alone. Beyond the numbers, Ireland has built a reputation as a powerhouse for insurance and financial services, thanks to its skilled workforce, strong regulatory framework, and innovative culture. This partnership taps into those strengths, positioning Ireland as a testing ground for new ideas while reinforcing its role as a key player in the European market. It’s a natural fit for an initiative like this.
Could you explain the role of the Lloyd’s Lab Accelerator Programme and why it’s such a big deal in the insurance industry?
The Lloyd’s Lab, launched in 2018, is essentially a launchpad for innovation in insurance. It connects forward-thinking startups and companies with market experts to co-create solutions for complex, evolving risks. Think of it as a sandbox where ideas are tested, refined, and scaled into practical tools for the industry. Its importance lies in how it bridges the gap between emerging challenges and actionable products. By focusing a cohort on Irish innovation in 2026, it’s likely to spark solutions tailored to local needs but with the potential for global application. I expect this cohort to set a precedent for how regional expertise can shape broader industry trends.
The 2026 Irish-themed cohort will tackle themes like flood risk, cyber issues, AI, and export finance. What’s the thinking behind choosing these specific areas?
These themes are deeply tied to both local and global challenges. In Ireland, flood risk is a pressing concern due to its geography and changing climate patterns, while cyber threats are a universal issue as digital reliance grows. AI, of course, is revolutionizing how we assess and manage risk, offering predictive insights like never before. Export finance ties into enabling economic growth, especially for a trade-driven economy like Ireland’s. These areas were chosen because they represent immediate needs in the Irish context, but the solutions developed could easily resonate worldwide, addressing shared vulnerabilities in markets everywhere.
How do you see this collaboration creating opportunities for Irish companies and talent?
This initiative opens incredible doors for Irish firms and professionals. Being part of the Lloyd’s Lab community means access to a global network of experts, investors, and market leaders. Irish companies will get to pitch and develop their ideas in a high-visibility environment, gaining mentorship and resources to scale their innovations. More than that, it’s a chance to put Irish talent on the map—showcasing their skills and creativity to an international audience. This kind of exposure can attract partnerships and investment, elevating Ireland’s standing in the global insurtech space.
There’s been emphasis on developing ‘commercially viable ideas’ through this programme. Can you unpack what that means in this context?
Commercially viable ideas are solutions that don’t just sound good on paper—they can actually be implemented and generate value in the real world. In this partnership, it means focusing on innovations that address genuine market needs, whether it’s a new way to underwrite flood risk or a tool to mitigate cyber threats. The Lloyd’s Lab provides a structured environment with mentorship, market access, and technical support to refine these concepts into products that insurers can adopt. It’s about ensuring the output isn’t just theoretical but can enhance resilience and even unlock new revenue streams for the industry.
Ireland’s Minister for Finance described this as a ‘strong vote of confidence’ in the country’s financial services ecosystem. What does this partnership signal about Ireland’s global reputation?
It’s a clear endorsement of Ireland’s standing as a leader in financial services. This collaboration signals that Ireland isn’t just a participant in the global market—it’s a place where innovation happens. It aligns with the country’s broader strategy to be a hub for finance and insurance, as outlined in initiatives like Ireland for Finance. For international investors and companies, it sends a message that Ireland is a trusted, forward-thinking environment with the talent and infrastructure to drive cutting-edge solutions. It’s an invitation to engage with and invest in the Irish market.
What is your forecast for the impact of this initiative on the future of insurtech, both in Ireland and globally?
I’m optimistic that this partnership will be a game-changer. In Ireland, it will likely accelerate the growth of the insurtech sector, fostering a wave of startups and solutions that address local risks while building a stronger, more resilient market. Globally, the ripple effects could be significant—innovations from this cohort, especially in areas like AI and cyber risk, have the potential to set new standards for the industry. I believe we’ll see a model emerge here that other regions might replicate, blending local expertise with global platforms to tackle shared challenges. It’s a stepping stone toward a more connected, innovative insurance ecosystem.
