The project will enable clients in the insurance sector to work with multi-disciplinary teams of lawyers and operational experts in order to identify, evaluate, design, prototype and launch new commercial products and services.

Changing make-up

The firm has initially established a 16-strong team to work on the project and ring-fenced time and resources to ensure that ideas can be developed and tested and, where commercially viable, taken through to launch. The make-up of the project team will change to reflect the skills and expertise needed to evaluate, develop and test a new product or service.

‘Mutual benefit’

Craig Dickson, CEO of DAC Beachcroft Claims Solutions Group, commented: ‘Our Innovations Lab team will concentrate on a few ideas at a time so prioritising the right ones will be critical. How long a project takes to go from the idea stage through to launch is going to differ every time, but all the ideas will be rigorously evaluated and analysed as they pass through the Innovations Lab to ensure they have a clear business case to deliver value to us and our clients.

‘This is a commercial venture with our clients and ideas that are progressed to launch are expected to provide a return on investment, for our mutual benefit.’