Innovative InsurTech focused startups wanted for Lloyd’s Lab 7
by Startacus Admin
Lloyd's Lab, the award-winning accelerator is back and is seeking innovative startups to take part in the latest cohort, Cohort 7. Check it out!
Innovative InsurTech startups take note - Lloyd’s Lab wants to hear from you!
The award winning accelerator, Lloyd’s Lab, run in association with L Marks, is currently on the look-out for innovative startups to take part in its latest cohort, Cohort 7. The core aim is to find startups that can help them either grow the market or operate better.
For this cohort, two of their themes will be dedicated to these objectives specifically:
Grow the market:
SME
Since the last year has been challenging for many small and medium businesses and the changing business landscape is creating both new risks and opportunities, for this theme, they are keen to hear from startups that can help provide new products and solutions to cover those risks and avail of those opportunities. These could relate to small to medium sized enterprises as well as micro-SMEs and within this theme, there will be an overall focus on automation.
Crypto
The huge rise and prevalence of cryptocurrencies can't be denied - yet the risks that they present are often not insured. For this theme, the Lloyd’s team are looking at this sector specifically. They are actively seeking startups with ideas for innovative insurance products for cryptocurrencies. So, if that’s you, they’d like to hear from you!
Operate better:
Claims
Whilst innovation is key here too, this theme has a particular focus on improving things - in this case, Claims. Lloyd’s are seeking startups that can provide solutions which can significantly improve some aspect of the claims process. That could be anything from a more efficient pay out of claims to an innovative solution to a challenge that insurers typically face when handling claims. If you’ve got an idea for a product or solution that would have a positive impact on some aspect of the claims process,they’re all ears!
Data & Models
As you'd expect, within this theme, the Lloyd’s team are keen to hear from startups that can provide new and effective ways of modelling data. In particular, for this cohort , they are interested in startups that have innovative Internet of Things ( IoT) solutions. That could be anything from using data to help improve how the underwriters understand and assess risk through to a new way of providing an ongoing risk service to customers.
Wildcard
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Recognising that there are startups developing products and solutions which don't necessarily fall into one of these themes, there is once again a wildcard category. So, if you've got a startup that's doing just that, they want to hear from you!
Applications are now open and must be submitted before midnight on 27 June. A Pitch Day will take place on the afternoons of 28 and 29 July and then the programme itself will begin on 6 September.
As always, throughout the programme, there’ll be intensive collaboration between you and the Lloyd’s Lab team and a host of market experts and external mentors. The programme will end with a Demo Day on 17 November 2021 when all the startups in Cohort 7 will showcase both their innovative products and solutions as well as all they have achieved whilst participating in the programme.
Interested startups can also reach out directly to Daniel Gasser, Scouting Manager at L Marks who is happy to chat - daniel.gasser@lmarks.com .
Best of luck to all who apply!
Incidentally, if you're a startup with an innovative or disruptive solution in the fintech space, the new Metro Bank and L Marks accelerator would be well worth a look.
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Published on: 24th May 2021
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