The 330-year-old Lloyd’s
insurance marketplace has created a new insurtech lab,
Lloyd’s Lab. The selection process whittled 200 applications from 36 countries down to twenty. Earlier this week, those twenty teams pitched their projects at an event attended by Lloyd’s CEO Inga Beale, and the UK’s Economic Secretary to the Treasury, John Glen MP. One of the selected companies, BelMead Tech, is a blockchain startup.
The purpose of the Lab is to develop products, platforms, and processes to help transform Lloyds given that the insurance market is increasingly technology driven.
Insurance claims are very costly to process and involve much data sharing. BellMead Tech has a claims support platform that uses blockchain and other technologies. They aim to improve the process for the claimant and also make it more efficient for the claims handling team.
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