The Exchange also helps nurture promising new product concepts and ideas through its incubator initiative.
There will be no shortage of potential new business opportunities identified through CHART. Unfortunately, there may be impediments preventing these innovative ideas from going to market. Perhaps the concept is the brainchild of an insurance agency with no London underwriting authorities. Maybe it is an innovative product developed in London that lacks adequate domestic distribution.
In 2016, CHART will announce the launch of the new business incubator initiative. This new facility will combine the unique talents of each membership segment to test the viability of new product ideas. They include:
• Syndicates interested in underwriting the risk.
• Coverholders already authorized to write business on Lloyds’ behalf.
• The vast majority of these firms already have distribution networks with a national reach.
• Vendor Partners who are ready to provide such services as actuarial, marketing, systems, and claims administration.
The interested parties would negotiate a revenue/cost-sharing arrangement that would inure to the benefit of all involved. At certain pre-determined intervals (based on time, premium production, or some other milestone), the product’s originator would have the option to buy-out the other participants and terminate the agreement.
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