Lloyd's begins search for next wave of InsurTech innovators
Tue 04 Dec 2018
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.
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.Lloyd’s Head of Innovation, Trevor Maynard
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.
For more information about the Lloyd’s Lab, please contact:
Senior Manager, Brand & Communications, Lloyd's
Mobile: +44 (0)74 7874 7974
Lloyd’s is the world’s specialist insurance and reinsurance market.
With expertise earned over centuries, Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers in more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress.
Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network of over 4000 insurance professionals to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.
About L Marks
L Marks are applied corporate innovation and early stage investors specialists. We work with some of the worlds’ best-known brands, including, BMW Group, British Airways, Lloyd's of London, Arsenal F.C., and EDF Energy to identify the challenges in their business and create bespoke partnership and scouting projects. Founded in 2012 by serial entrepreneur Stuart Marks, and led by Chief Executive, Daniel Saunders, L Marks aims to build bridges between corporates seeking to innovate and young companies looking to scale with disruptive tech and systemic guidance. We help nurture these opportunities for improvement into innovative solutions to sustain the future longevity of business.
For more information on L Marks please contact:
The PR Office
Mobile: +44 (0) 7741 052 506