Lloyd’s begins search for next wave of InsurTech innovators

Lloyd’s Lab, the innovator accelerator launched by the Lloyd’s market last September, is today launching a new global search for the next cohort of InsurTech innovators. The programme targets entrepreneurs and start-ups able to develop products, platforms and processes that offer technology driven solutions to some of the challenges faced by Lloyd’s.

With the first cohort’s ten-week sprint coming to a close, the Lloyd’s Lab is looking worldwide for exceptional ideas across four areas of focus chosen after consultation with the market:

• Powering data-driven underwriting with new insights;
• Enhancing customer experience;
• Enabling back-office efficiencies;
• And creating next-gen insurance products or services.

Led by L Marks, an applied corporate innovation and early-stage investors specialist, the global search for applications will close on 3 February 2019 with the most compelling invited to pitch their ideas on 20 March. Representatives across the market will be tasked to choose the ten final start-ups that will be part of the second Lloyd’s Lab cohort.

Beginning on 29 April, 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. 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.

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.”

Start-ups, entrepreneurs and businesses interested in applying for the Lloyd’s Lab should visit www.lloydslab.com.

The inaugural Lloyd’s Lab cohort’s programme started last October and will finish on 12 December when the teams will have the opportunity to showcase their products to potential investors. Decisions on investment and/or other potential collaborations between the founding cohort teams and the Lloyd’s market will be made in January 2019.