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Innovative InsurTech businesses take note - Lloyd’s Lab wants to hear from you

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by Startacus Admin

Lloyds Lab 4
InsurTech businesses take note! Lloyd’s Lab is back and they are seeking solutions that have the potential to create real commercial value for the Lloyd’s market. 

Based in the heart of the world’s specialist insurance market, Lloyd’s Lab offers an environment where new ideas, concepts and products can be tested with the support and active involvement of the world’s leading specialist insurance marketplace.

As always, they are seeking solutions that have the potential to create real commercial value for the Lloyd’s market. The major focus will be on later stage businesses but applications are still welcomed if you’re an early stage startup or even a more mature established business.

For this latest cohort, Cohort 4 there are four key themes:

Data and Models

  • Since data is at the very core of the underwriting process, they are on the lookout for startups who can help them explore alternative data sets to get a more accurate assessment of risk as well as help the market underwrite more profitably.

New insurance products and markets

  • Any new insurance products or solutions which could open up new markets are also being sought. They are looking for all sorts of innovative ideas - anything from a new parametric product to a new pricing technique.

Future of transportation

  • With so much innovation taking place within the transportation of goods and people, they are seeking ideas which can help the sector explore this innovation. Whether it’s to do with the risk levels of Marine hull and cargo or how driverless cars should be insured, the key element of this theme is innovation for the future.

Cyber

  • This is the first time that the cyber risk theme has been addressed within the Lloyd’s Lab cohorts. Within this, they are ideally looking for any solutions which can help the Lloyd’s market understand cyber risks better, respond to incidents more quickly and in turn provide a better service to customers. Companies with existing cyber solutions can also apply although the aim will be to develop these during the programme to bring a new product or solution to market.

Once again, Lloyd’s will collaborate with corporate innovation specialists and early-stage investors L Marks, who run bespoke start-up partnership programmes across industry sectors, including clients such as Arsenal, BMW and International Airlines Group (IAG).

Lloyds Lab 4 timeline

Interested in applying?

Applications are now open and must be completed before midnight on 21 February 2020.

Around 24 applicants will be invited to a Pitch Day on 01 April 2020 when they will have the opportunity to present their idea to Lloyd’s senior leadership and market representatives.

The Programme itself will begin on 27 April 2020. Throughout the 10 week programme, there will be an intensive collaboration between the participants, supported throughout by market experts and external mentors.

The finale of course will be the Demo Day, due to take place on 08 July 2020 where each of the participants will be able to showcase all that they have achieved over the previous 10 weeks as well as presenting their proposal for future engagement with the Lloyd’s market.

For full details of the programme, those all important FAQs and of course to apply, simply visit Lloyd’s Lab Cohort 4.

Best of luck to all who apply!

 

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Published on: 13th January 2020

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