UK-based Howden Group is creating an end-to-end platform to accelerate the launch and growth of insurance start-ups by bringing funding, capacity, expertise, governance and distribution together in one place.

The initiative, to be led by Tom Hoad, will create an investment and risk “incubation hub” and proliferate new product development in the London market, Howden says.

Combined with Howden’s underwriting platform, multi-channel distribution, access to capacity, and culture of innovation, the new springboard will be a preeminent platform for entrepreneurs to launch and scale their businesses, it says.

“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,” CEO David Howden said. “It is crunch time for the insurance industry.”

Mr Hoad was formerly Head of Innovation at Tokio Marine Kiln and worked on Lloyd’s Production Innovation Facility and the Lloyd’s Lab.