Lloyd's Lab announces third round of applications

by Startacus Admin

From data sharing, new insight sources, pricing, risk quantification, product development, next generation claims, through to reducing the burden of compliance and regulation, insurance industry focused tech startups are currently being sought after to join Lloyd's Lab cohort 3.

Lloyd’s Lab is the fast-track experimental environment where new concepts, ideas and products can be tested with the support and active involvement of the world’s leading specialist insurance marketplace.

Predominantly focused on designing tech-driven solutions to meet the unique and rapidly changing needs of the Lloyd’s market - included in their current Future At Lloyd’s programme, cohort 3 will aim to collaborate with tech startups that can populate Lloyd’s ecosystem of services including services relevant to the Next Generation Claims Service and the Syndicate in a Box. 

Lloyd’s is the world’s specialist insurance and reinsurance market, led by expert underwriters and brokers in more than 200 territories. Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network of over 4000 insurance professionals to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world. 

For this latest Lloyd’s Lab cohort, relevant applicants will most likely have a team able to deal with the complexities of a global market, from legal expertise through to general support. This is an opportunity for startups to show off their solutions and figure out how it will blend into Lloyd’s own ecosystem.

Working with Lloyd’s mentors the selected teams will have the opportunity to demonstrate how effective their solution will be through a proof of concept or pilot project. Lloyd’s ecosystem of services providing a platform to access the Lloyd’s market and to grow their business.

However, Lloyd’s Lab is not just exclusively for insurance-focused ventures. For example, if you have a great data analytics platform, you could work with Lloyd’s to see how it could help them to understand new risk markets.

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

Over the 10-week programme, selected tech startups will receive mentorship from Lloyd’s market experts and senior leadership, a chance to develop their ideas at scale, the opportunity to grow their network within global insurance and the InsurTech sectors, product validation from Lloyd’s stakeholders, potential funding from the Lloyd’s Lab investment pot, and their own desk in a state-of-the-art co-working space located in the iconic Lloyd’s building in London!

Applications close 4th July 2019, with shortlisted startups then invited to a pitch day to present their idea to Lloyd’s senior leadership and market representatives. Startups who are selected for a place in the Lab will then start the programme on September 3rd.

For full details on the type of services Lloyd’s Lab are seeking, simplread over the FAQs and if you're interested in applying, just visit Lloyd’s Lab.

Best of luck to all who apply!

 

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Published on: 3rd June 2019