Howden Group Holdings plans to establish an incubation platform for start-ups, having hired Tom Hoad to lead the initiative.
Hoad will come from Tokio Marine Kiln where he has been head of innovation. He will join once he has fulfilled his contractual obligations .
He will bring together expertise and resources from across both Howden and DUAL to create an investment and risk incubation hub that will proliferate new product development in the London market.
David Howden, CEO of Howden Group explained: “It is crunch time for the insurance industry; with volatility higher than ever and the risks of tomorrow very different from those of today, we need to innovate to remain relevant, and we need to do it quickly.
“Tom’s unparalleled ability to identify great ideas and quickly assemble and motivate diverse project teams will enable us to create the perfect platform for entrepreneurs to transform their start-ups into highly attractive, scalable ventures that deliver the solutions clients so desperately need.”
Hoad commented: “Thanks to pioneering initiatives like the Lloyd’s Lab, and forward-thinking insurers like Tokio Marine Kiln, there are some incredible, much-needed innovations coming to market that have the potential to reinvent the entire value proposition of our industry.
He continued: “With its breadth and depth of distribution, strong relationships with all the major capacity providers, and a huge appetite for innovation, Howden is the perfect home for a platform that combines all of the needs of the entrepreneurial ecosystem in one place. I look forward to helping them to create it!”
Hoad was instrumental in the launch and development of Lloyd’s Production Innovation Facility, ‘PIF’ (now known as the Lloyd’s Product Launchpad), and has played a significant role in the growth and successes of Lloyd’s Lab.