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Lloyd's Invests in Atlanta-Based InsurTech Company

Investing Money Stocks
May 14, 2019

Lloyd's is set to invest in Layr, an Atlanta-based InsurTech company, following Layr's participation in a successful Lloyd's Lab trial. The investment will allow Layr to develop its cloud-based solution to provide faster access for small businesses looking to purchase liability insurance. Layr is also exploring potential distribution opportunities with several Lloyd's syndicates.

Layr has stipulated its platform supports a 12-minute online proposal that "automates the role of the insurance agent by walking [businesses] through the process of selecting the right coverage while quoting a monthly price."

The start-up has partnered with insurers such as CNA, Chubb, Beazley, The Hannover Insurance Group, Munich Re, Philadelphia Insurance Companies, Arch, Axis, Atlas, One Beacon, American International Group (AIG), and others.

According to a Lloyd's statement, the Layr platform bypasses insurers' application programming interfaces by using its proprietary price and appetite prediction engine to match business with what Lloyd's said are the right policies from the right insurer at the right price. This allows Layr to provide indications for more lines of coverage across more industries in real time. Layr currently offers more than 20 lines of insurance coverage, according to its website.

Phillip Naples, Layr CEO, said, "Modern business owners do everything online, so Layr is the natural evolution for small business insurance. We feel validated that the world's oldest and most respected insurance marketplace agrees and recognizes that the technology we're creating is the future of small commercial distribution."

Unlike comparison engines or aggregators, the US start-up uses artificial intelligence and machine learning to compare an applicant against clusters of similar small businesses. Companies will find out not only the coverage they need and the best price to pay for it but also what coverage similar businesses purchase.

"Lloyd's Lab provides us with an exceptional environment to test and accelerate the implementation of new technological solutions," said Lloyd's CEO John Neal.

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