Insurance News

Lloyd’s Lab seeks another batch of insurtechs

lloyd's of london and willis building

Lloyd’s Lab, the insurance market’s innovation group, is launching a new global search for the next wave of insurance technology trailblazers. The idea is to attract innovators and entrepreneurs that offer solutions to some of the challenges faced by Lloyd’s.

This is not the insurer’s first Lab intake. In October, the firm welcomed twenty entrepreneurs to pitch their ideas 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 start-ups invited by Lloyd’s was blockchain oriented BellMead Tech which was working on a blockchain-based claims handling solution.

Lloyd’s specific aims are to find solutions for:

  1. Improving data-driven underwriting
  2. Enhancing customer experience
  3. Enabling back-office efficiencies
  4. Creating next-gen insurance products and services

The deadline for applications will be on 3 February 2019, with the best pitching their ideas on 20 March. After, only ten will be invited to make up the Lab’s second cohort.

Starting on 29 April, the cohort will then spend ten weeks developing their ideas with opportunities to receive investment and get advice from experts.

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. The fact that Lloyd’s can attract such a high calibre of tech talent and ideas shows that we are well placed to lead the way in terms of insurance innovation. We are excited to see what the next cohort will bring us.”