Lloyd’s Lab is on course to open in September following the appointment of two companies to support its set-up and operation.

The lab – details of which were revealed by Chief Commercial Officer Vincent Vandendael in an interview with Insurance News magazine last month – will focus on designing technology-driven solutions to meet the market’s changing needs.

Lloyd’s says the initiative “will enable new concepts, ideas and products to be tested in a fast-track, fast-fail environment”.

It has announced the appointment of innovation specialist L Marks to run the lab and carry out global scouting campaigns for insurtech start-ups.

The Boston Consulting Group will support L Marks by working with the Lloyd’s Market Association and managing agents to identify key challenges.

Meanwhile, Lloyd’s has started hiring staff for its Brussels subsidiary, established to counter the threat of Brexit.

Mr Vandendael says being “at the heart of Europe” in the European Community’s de facto capital city will deliver advantages for customers.

“Lloyd’s has been working hard to ensure that whatever the outcome of the Brexit negotiations, our partners across the European Economic Area will continue to have access to our specialist, innovative policies, and benefit from the security of the Lloyd’s market.”

The Brussels subsidiary will have 19 branches throughout Europe, including in the UK.