InsurTech innovators wanted for next Lloyd’s Lab cohort

by Startacus Admin

Lloyd’s Lab is back and on the global hunt for the next cohort of InsurTech innovators looking to shape the future of insurance innovation.

Targeted at entrepreneurs and startups able to develop products, platforms and processes that offer technology driven solutions to some of the challenges faced by Lloyd’s, the world’s specialist insurance and reinsurance market company is looking for exceptional ideas across four areas of focus:

• Powering data-driven underwriting with new insights;

• Enhancing customer experience;

• Enabling back-office efficiencies;

• And creating next-gen insurance products or services.

With the first cohort’s ten-week programme just at an end, the second Lloyd’s Lab cohort will have ten weeks to develop their ideas, with access to a dynamic co-working space located in the Lloyd’s building in London, potential investment and the chance to develop products, platforms and processes that will help shape the future of Lloyd’s.

Beginning on 29 April 2019, the selected teams will be supported by world-leading experts in the Lloyd’s market who will offer advice and insight to help develop the ideas for their unique needs. 

Led by corporate innovation and early-stage investors specialists L Marks, who have a history of working with some of the worlds’ best-known brands, including, BMW Group, British Airways, Lloyd's of London, Arsenal F.C., and EDF Energy, the global search for Lloyd’s Lab applications will close on 3 February 2019 with the most compelling invited to pitch their ideas on 20 March.

Representatives across the market will then be tasked to choose the ten final startups that will be part of the second Lloyd’s Lab cohort, which will then kick off on 29 April 2019.

The first cohort of Lloyd’s Lab featured ten insurtech focused startups including, CargoSnap, a mobile transportation inspection app, DropIn, an on-demand live video streaming platform to streamline insurance inspections, iCede, a cloud-based platform that enables large insurance companies to interact across borders and ZASTI, an AI technology platform built using proprietary deep learning algorithms.

Lloyd’s Head of Innovation, Trevor Maynard, said:

“The Lloyd’s Lab’s first global talent search drew in almost 220 applications from 36 different countries. Start-ups, entrepreneurs and businesses presented ideas ranging from live-streaming drones for fast risk and disaster assessment, to harnessing the Internet of Things for live cargo tracking, to on-demand insurance for the gig economy.”

Offering startups the chance to develop and validate their idea at scale in partnership with the largest insurance market in the world, Lloyd’s Lab is a great opportunity to develop products, platforms and processes that can help transform Lloyd’s into an increasingly technology-driven market, with potential funding from the Lloyd’s Lab investment pot on offer too.

With applications set to close on 3 February 2019, startups, entrepreneurs and businesses interested in applying for the Lloyd’s Lab should visit www.lloydslab.com where they can read over all the key details and apply.

Best of 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.

• #insurance
• #insurance tech
• #insurtech
• #l marks
• #corporate innovation
• #lloyd’s lab
• #fintech

Published on: 7th December 2018