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Lloyd's Lab Embarks on Digital Evolution

Lloyds of London Building-MC
July 05, 2018

For the first time in its 330-year history, Lloyd's of London is opening its doors to the global tech start-up and entrepreneur community, giving access to the world's largest market for specialist insurance and reinsurance in support of its digital evolution.

The Lloyd's Lab seeks entrepreneurs, alongside early and growth stage companies operating in the insurtech space worldwide, to help deliver innovative solutions to some of the key challenges that the Lloyd's market faces and to impact the market's performance.

Over 10 weeks, selected start-ups will work with Lloyd's market experts to shape the next big innovation. Start-ups will be given access to a state-of-the-art coworking 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 technology-driven market.

The Lloyd's Lab will initially focus on following four key themes.

  • Enhancing the customer experience

  • Building a relationship-driven culture for the digital age

  • Powering data-driven underwriting

  • 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 hyper-connected 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 first cohort of the Lloyd's Lab close on July 22, 2018. The most compelling applications will be put forward to pitch to Lloyd's senior leadership and market representatives on September 3, with the inaugural Lloyd's Lab cohort starting on October 8.

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