Lloyd’s of London is opening up its technology sandbox to external insurtech start-ups and entrepreneurs in a bid to develop solutions for its members.
Lloyd’s Lab, the insurance market’s new innovation accelerator, will welcome entrepreneurs, alongside early and growth stage companies, operating in the insurtech space worldwide. Corporate innovation specialist L Marks will lead the search for talent.
Selected start-ups will be given the opportunity to work with Lloyd’s market experts to shape the next big insurtech innovation over the course of 10 weeks.
Start-ups will be given access to a state-of-the-art co-working space located in the Lloyd’s building in London, potential funding, and the chance to develop products, platforms and processes that will help transform Lloyd’s into an increasingly insurtech-driven market.
The Lloyd’s Lab will initially focus on four key themes, developed with the Lloyd’s market with support from The Boston Consulting Group, together with a wildcard category. These include: enhancing the customer experience; building a relationship-driven culture for the digital age; powering data-driven underwriting; and creating smart insurance products.
Lloyd’s CEO Inga Beale said: “The Lloyd’s Lab will contribute towards a more sustainable and competitive insurance market by providing a dynamic environment where start-ups can come in with different ways of thinking and fresh ideas. We want to challenge how we do things and we are looking for entrepreneurs that can help Lloyd’s redefine how we use technology to better serve our customers in this hyperconnected world.”
Trevor Maynard, head of innovation at Lloyd’s, said: “We’re looking for solutions that can create true commercial value for the Lloyd’s market. Whether by reducing costs, helping make better underwriting decisions, making operations more efficient or improving the policyholder experience, we want to see ideas that make a real impact on market performance.”
Applications for the chance to win a place in the Lloyd’s Lab close on 22 July.
The most compelling applications will be put forward to pitch to Lloyd’s senior leadership and market representatives on 3 September, with the inaugural Lloyd’s Lab cohort starting on 8 October.
Interested start-ups, entrepreneurs and businesses interested in applying for the Lloyd’s Lab should visit www.lloydslab.com.