Lloyd’s Lab, the innovator accelerator launched by the Corporation last September, has begun its global search for the wave 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.
Following a consultation with the market, Lloyd’s Lab is looking for applicants that can address four key areas of focus: 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 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 in April next year, 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.”
The inaugural Lloyd’s Lab cohort’s programme began last October and will conclude 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.