Lloyd's Lab begins global search for tech talent

by Startacus Admin

Over ten weeks, tech startups will be given the unique opportunity to work with Lloyd’s market experts to shape the next big innovation. 

To meet the ever changing demands of the insurance market, Insurance giant Lloyd’s have just launched a fab innovation sandbox in conjunction with corporate innovation specialists and early stage investors, L Marks and the Boston Consulting Group.

Lloyd’s Lab is a fast track environment where InsurTech focused startups can create, develop and test new concepts, ideas and products which will bring technology-driven innovation to the traditional insurance market.

Over ten weeks, tech startups will be given the unique opportunity to work with Lloyd’s market experts to shape the next big innovation. Located in the heart of the world’s specialist insurance market, the Lloyd’s Lab will give startups access to a state of the art coworking space, potential funding and the chance to develop their ideas alongside their target audience.

Alongside InsurTech focused startups, Lloyd's Lab are interested in working with products and services from outside of insurance that could have applications in the industry itself. For example, if you have a data analytics platform, that could help Lloyd’s understand new risk markets.

Startups and ideas are being sought on the following themes:

Enhancing the customer experience

• The insurance market has lots of data at its disposal and innovative digital solutions are being sought to help gain insight from this data and thereby improve the customer experience.

Building a relationship-driven culture for the digital age

• Within this theme startups are being asked to provide innovative solutions which will streamline trading processes whilst maintaining the strong and traditional Lloyds relationship-based culture.

Powering data-driven underwriting with new insight sources

• Here, ideas are being sought which can help Lloyds to improve the entire underwriting process - from how to tap into different data sources through to how to assess and manage risks.

Creating smart insurance products

• Although traditional insurance products tend to be static, the needs of policyholders is anything but. With that in mind, here, they are seeking startups who can help identify new product opportunities and smarter solutions to meet the requirements of the dynamic modern marketplace.

Wildcard

• The wildcard theme is for those ideas which don’t quite fit within one of the other themes. All interesting and innovative  ideas which have the potential to have a positive impact on Lloyds’ work are welcome!
  
  

Interested in applying to www.lloydslab.com? Here are the all important dates:

• Applications must be submitted by 22nd July 2018.

• Shortlisted startups will then be invited to Pitch Day on 3rd September where they will pitch their idea to Lloyd’s senior leadership and market reps in a bid to win a place in the Lab.

• The Programme begins on 8th October and finishes with a Demo Day on 12th December where participating startups will showcase what they have achieved over the previous 10 weeks and any future proposals.

And here’s the lowdown on what the selected startups are set to gain:

• Mentoring and support from Lloyd’s market experts and senior leadership

• The opportunity to develop their idea in collaboration with the world’s largest insurance market

• Fantastic networking opportunities within the InsurTech and global insurance sectors

• Product validation from Lloyd’s stakeholders

• Opportunity to potentially avail of funding from the Lloyd’s Lab investment pot

• A desk in a fab co-working space within the iconic Lloyd’s building in London

For further details and to apply, simply visit the Lloyd’s Lab site. Best of luck to all of you who do!

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Published on: 21st June 2018