Data Tech Startups sought for latest Lloyd’s Lab
by Startacus Admin
Data Tech startups, take note! Lloyd’s are keen to hear from startups who can find and tap into alternative data sets to paint a more accurate picture of risk and help the insurance market underwrite more profitably.
A couple of weeks ago we highlighted that applications were open for the fifth intake of the Lloyd’s Lab - initially with a focus on short, medium and long-term COVID-19 challenges and responses.
Now, a second call for applications for Lloyd's Lab Cohort 5 is open, and this time the focus is on startups and tech companies that can find and help Lloyd’s tap into alternative data sets to paint a more accurate picture of risk and help the market underwrite more profitably.
Lloyd’s is the world’s specialist insurance and reinsurance market. 
For the Lloyd’s market, profitable underwriting depends on continually improving the tools and techniques used to select and assess risks, manage risk portfolios and optimise the claims handling process.
Data is the lifeblood of the underwriting process and, with an ever-increasing range of sources available, they are looking to make sure they are looking beyond their core data sets to power smart decision-making in the market.
Ideas could range from finding new data sources that highlight high risk policies for more accurate underwriting, to predicting future claims based on search engine trends, or aggregating existing data sets in new ways to reveal hidden trends.
They are also interested in how new algorithms, models, and statistical techniques can help them to create a more bespoke experience, gain a deeper understanding of risk, and address the protection gap. Rather than just seeking new insights from new data, they are also seeking new insights from existing data.
The Lab is equity-free, does not require you to relocate to London for the programme and selected companies will explore if their product could be used commercially by Lloyd's or if there is potential to jointly develop a project.
They are also interested in new insurance products and solutions which open up new markets (e.g. parametric products, pricing techniques, technologies that can help predict/forecast risks).
Moreover, the Lloyd’s Lab is open to companies at all stages!
Applications for this round close on 26th June and good luck to all who apply!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
The lowdown on the innovative companies that have been accepted into Net Zero 2.0, the programme dedicated to supporting the UK’s most promising climate tech companies
Fintech startup Lightyear announces major funding boost to accelerate its plans to open up transparent and low-cost investing to everyone in Europe
Planning to build your business into a luxury brand? These tips will help you do just that...
.png)
The lowdown on Abtrace, the startup that's created an AI solution to help clinicians make more informed decisions and deliver earlier diagnosis
Micro learning made easy thanks to Uptime, the app that enables users to access 5-minute Knowledge Hacks from the world’s best books, courses and documentaries
.png)
New UK Insurtech brand Adiona launches and reveals mission to use smart tech and data to provide fairer premiums and a better customer experience
Shutterstock acquires PicMonkey to help expand its offering to small businesses, by providing additional tools to non-professionals to elevate their visual content
The future of work is flexible at Xero thanks to its new work program aiming to support its global workforce - wherever they may be
The Cork-based startup that has created Nooka Spaces, the world's first network of smart proximity office spaces designed for people who work remotely.
Thermulon launches CrowdCube campaign to help bring its innovative aerogel solution to the fast-growing global thermal insulation market.
Published on: 8th June 2020
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Shutterstock Acquires Leading Creative Design Platform PicMonkey 10th Sep 2021 Shutterstock acquires PicMonkey to help expand its offering to small businesses, by providing additional tools to non-professionals to elevate their visual content
- Thermulon fundraise to support development of innovative thermal insulation product 8th Sep 2021 Thermulon launches CrowdCube campaign to help bring its innovative aerogel solution to the fast-growing global thermal insulation market.
- UK's Female Startup of the Year 2021 competition now open 3rd Sep 2021 Inspiring and ambitious female founders take note - Enterprise Nation's annual Female Startup of the Year competition is open for applications
- ECOncrete Secures $5 million+ Series A Funding 1st Sep 2021 Major funding boost for ECOncrete Tech to support development and growth of its innovative ecological marine construction solutions.
