1. Operational Efficiency in the Lloyd's Market
Why this matters
The Lloyd's market success requires modernising core processes to reduce expense ratios and stay competitive. The market faces critical bottlenecks in claims processing, delegated authority, and financial operations due to fragmented data and manual workflows.
The key areas demanding transformation are:
- Claims Friction: Lack of a prioritised, unified view of claims workload, leading to duplication and over-reliance on email and shared IT infrastructure.
- Document Data: Manual data extraction from unstructured documents like the Market Reform Contract (MRC), Statements of Value (SOV), and Borderaux (BDX) used across the market.
- Payment Bottlenecks: Market-wide aged debt issues caused by decentralised payment chasing and a lack of shared intelligence for Credit Control.
We are seeking solutions that transform market operations, this can include (but is not limited to):
- AI/Copilot technology for claims workload prioritisation and process management.
- Advanced document intelligence for extraction, summarising, and comparing unstructured data.
- Cross-market coordination tools providing transparency and payment intelligence to resolve aged debt and streamline transactions.
Examples of current market gaps that your solution could address:
- Intelligent summarisation of loss adjuster reports identifying changes between versions.
- Automated extraction and standardisation of data from documentation.
- A centralised data framework for Credit Control/Aged Debt management.
- Automation of complex, manual processes.
2. New Products for the Lloyd's Market
Why this matters
The insurance market must respond to rapidly evolving risks, especially those driven by advanced technology and global instability. The latest Own Risk and Solvency Assessment (ORSA) analysis identifies Artificial Intelligence (88%) and Geopolitical Risk (95%) as top concerns, requiring innovation beyond traditional coverage.
We need new products to address:
- Technological Liability: Complex risks from Artificial Intelligence (e.g., algorithmic bias, "Affirmative AI" exposures) and the spread of misinformation.
- Modernising Traditional Lines: Ensuring legacy products (Marine, Casualty, Specialty) remain relevant against evolving customer demands and new risk realities (e.g., social inflation, autonomous vessels, digital asset coverage).
- Energy Transition & New Assets: New exposures driven by the decarbonisation and energy transition pathway, including utility-scale Battery Energy Storage Systems (BESS) fire risk, carbon credit integrity, and carbon removal technology failures.
- Modern Property Risk: The need for enhanced predictive modelling for evolving natural catastrophe threats, incorporating climate change impacts and better data sources for traditional property exposures.
- Systemic Exposure: The growing risks associated with Litigation, autonomous technologies (Industry 4.0), and long-tail perils like Hazardous Chemicals.
- Wildcards: Bold, innovative ideas that push the boundaries of what insurance can do - if you're exploring new market opportunities that don’t fit neatly into existing categories but could transform the Lloyd’s market, we want to hear from you.
We are seeking solutions that deliver novel products and advanced risk insights, this can include (but is not limited to):
- Next-generation liability structures for "Affirmative AI" and other emerging tech risks.
- Enhanced coverage structures for established insurance classes (e.g., Marine, Casualty, Specialty).
- Data and technology-driven solutions for property risk mitigation, particularly for new energy assets, BESS, and renewable infrastructure.
- Insurance and parametric products covering the integrity, performance, or failure of carbon credits and carbon removal technologies.
- Advanced risk assessment models for autonomous mobility and robotics (Industry 4.0).
- Products designed to cover or quantify long-tail exposures such as Hazardous Chemicals and Trade Conflict vulnerability.
Examples of current market gaps that your solution could address:
- Underwriting and risk mitigation solutions for Lithium-ion Battery Energy Storage Systems (BESS).
- Products protecting against the invalidation or underperformance of verified carbon removal projects.
- Advanced catastrophe modelling incorporating localised climate change impacts.
- Insurance structures to address the liability and risk scoring of autonomous systems.
- New risk models for emerging geopolitical and supply chain risks.
3. Ireland Theme: Resilience and capital to support growth
Why this matters
Ireland is a key European market for Lloyd’s. In 2024 it was Lloyd’s largest in the EU. It is an open, export focussed economy, providing an EMEA base for tech and pharma multinationals, a strategic hub for global reinsurance, and underling economy with industry leaders in food, aviation, e-commerce and tech.
Its geographic location ensures that it is exposed to its fair share of Atlantic storms and severe weather events. Access to flood insurance is a key priority for the Irish government in their “Action Plan for Insurance Reform 2025-2029”.
This theme, in partnership with Department of Finance, Ireland, is designed to align with key national priorities and support the development of this open economy.
Key strategic focuses include:
- Flood Resilience & Coverage: Developing ways to link investment in flood defences and climate adaptation directly to improved insurance availability and certainty for policyholders.
- Cyber & AI: Supporting Irish business’ resilience in the face of growing cyber threats and a growing protection gap. Developing products and risk management solutions that allow Irish based companies to grow with confidence. Building on Ireland’s position as a hub for digital and tech solutions.
- Export Growth in a Complex World: From covid, to subsequent supply chain interruptions, to recent geopolitical uncertainty, it has been a complex risk landscape for exporters. Ireland’s exporters from SMEs to large corporations are a key part of the economy. Developing risk transfer products and ancillary services to allow Irish based exporters to navigate geopolitical and associated risks.
We are seeking solutions that enhance Ireland's insurance ecosystem, this can include (but is not limited to):
- Parametric or index-based insurance products that reference climate adaptation and flood defence investments.
- Aggregating existing data sets and climate adaptation actions in new ways to reveal hidden trends and support more accurate underwriting.
- Cyber solutions with embedded tracking and early warning solutions for ransomware risk assessment and mitigation, test intrusion detection systems, etc.
- Technologies which can help our insurers quantify the exposure to new types of risk, such as emerging cyber and AI risks
- Specialty products that deal with emerging risks in cyber and AI.
- Innovative models for efficient deployment of global reinsurance capital, driving export-oriented insurance solutions.
- Specialty products and risk models to support export focused (cyber, AI, geopolitical, cargo).
Examples of current market gaps that your solution could address:
- Parametric structures that link the official completion of flood defence projects to coverage availability.
- New financial models for deploying global reinsurance capital that mitigate geopolitical risk.
- Underwriting tools and data sources specific to the Irish cyber risk landscape.
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lloydslab@lloyds.com