25 Lloyds Banking Group, Innovation Journey Startupbootcamp is evolving its program in order to meet these changing requirements of innovation. Derek Smith, Head of Insurance Innovation for those problems. We then look to plug in Startupbootcamp is reinforcing partnerships with at Lloyds Banking Group (LBG) reflects on the startups that support us to reach that vision. operational units to ensure the commitment to change in innovation mindset at LBG since meaningful and focused execution. To help create becoming an SBC partner three years ago. Where a few years ago we would have looked a culture of innovation, Startupbootcamp is aware to build a new proposition entirely on our own, that there is a growing need for execution, where “We initially joined as a partner to gather we would now look to build and partner with the emphasis will be first on identifying the pains insight from thinking outside of insurance. We startups. In the future, we will continue to use insurance companies have and creating a small understood that we did not have a complete view the power of our InsurTech network to identify innovation team which will be able to provide of our customers’ changing needs, and were and test future propositions, as well as look to a solution through collaboration with startups. therefore not meeting them. We joined to explore select strategic partners to support the growth Startupbootcamp’s mission is to ensure that how InsurTech could help us to identify and meet of our business.” insurance partners get the right mechanisms and those needs. What we didn’t comprehend was LBG’s transformational shift away from a leadership in place to accelerate brilliant ideas. the scale of cultural benefit that collaborating traditional organizational structure, towards ii. Access to talent and diversity with Startupbootcamp and the startups would customer focused, co-located teams is bring. From talent and ways of working, to new supporting this innovation journey. By creating Last year’s report highlighted the increase in propositions and a view of the customer beyond self-contained business units, with product the number of startups with team members who financial services, we have benefited greatly. owners and engineers working together to had insurance expertise. This was important as Not only has there been an impact on culture own the full customer journey, they are able InsurTechs moved beyond a focus on front-end within our business, but our approach to to make their own decisions with a strong use cases to broader operational problems within innovation has evolved. We are no longer finding customer focus and go to market quicker. insurance. We are now increasingly seeing teams a point solution and looking at how to apply it to with either deep expertise in technology, or in our business, but we are now bringing together another industry, with advisors or board members themes we see in the market, defining problem bringing the insurance expertise. As more startups statements for the medium term strategy of our focus on innovation beyond insurance and work business and designing proposition ideas to solve with insurers to build a broader ecosystem of InsurTech, new skills are flowing into the industry.