In April 2021, Lloyd's along with several other insurers signed up to the FinTech pledge which holds signatories to a fair and common set of guidelines and are used to interact with the start-ups we engage with. The FinTech pledge aligns with the values we have already cultivated within the Lloyd's Lab and codifies the values we feel already exist at the heart of Lloyd's. By signing up to this voluntary pledge we have stated that not only do we adhere to the values laid out below but we see a way forward for the industry to be engaging with new companies, ideas, and ways of working.
The FinTech Pledge and Lloyd’s
"Signing the FinTech Pledge is an important step for Lloyd's as we shift our market to a digital ecosystem, powered by data and technology under our Future at Lloyd's strategy."
Lou Smith, Chief Digital Officer
The FinTech Pledge principles
By signing up to the Pledge, Lloyd's has committed to working in line with the five principles:
- Provide clear guidance to technology firms on how the onboarding process works through a dedicated online landing page
- Provide clarity to tech start-up firms on their progress through the onboarding process
- Provide a named contact, guidance and feedback
- Encourage good practice and improvement
- Commit to implementing this process 6 months from signing this pledge and providing bi-annual feedback in the first year
FinTech start-ups and scale-ups will form a key part of the future of the Lloyd's insurance market
Lloyd's is a 330 year old insurance marketplace, but behind this history is a network of FinTech solutions, large and small, which underpin the market. It is a large and complex network with unique challenges - challenges which open a wide range of opportunities for FinTechs. We know that we can't solve all our problems through internal innovation, so, at Lloyd's, we are actively looking outsider our business to find and engage with new ideas and solutions which could benefit our market, customers, and all of our stakeholders.
This page shows some of the ways in which you can get involved at Lloyd's, whether it be through our award winning InsurTech accelerator, the Lloyd's Lab, or our market-wide transformation programme, Future at Lloyd's.
Lloyd’s work with FinTech start-up, Optalitix
How Lloyd’s engages with third parties
Lloyd’s is always seeking the best-in-class providers. Our aim is to deliver an effective and sustainable approach to all third-party sourcing and supplier management whilst achieving maximum value, minimising risk and driving efficiencies to invest in the future. Our Supplying Lloyd’s section provides information on working with Lloyd’s, outlines your responsibilities as a supplier including our Supplier Code of Conduct and details how to register your interest in becoming a supplier. The Fintech Pledge places no additional responsibilities on the supplier and is our commitment to you.