Applications are all reviewed by multiple people against our scoring criteria:
Team - Do they have the skills and commitment they would need to excel at what they claim to do?
Product - Does the product solve a problem or create opportunities for the Lloyd’s market? Do they have a specific use-case, rather than being tech in search of a problem?
Programme - Would their plan for the programme work at the Lloyd’s Lab; does it hinge on having data we know is highly unlikely to be available? Are they applying just for the sales opportunity?
Applications which are written clearly will tend to do better as it is easier for the team to understand the opportunity. Including a short video (less than 5 minutes), and/or pitch deck (broadly 10 or fewer slides) is normally beneficial.
We generally target 10-12 companies per cohort, but this number is based on the quality of applications and which companies will benefit from being in the cohort together.
We like to keep the cohorts intimate to foster cohort cohesion and good relationships with mentors.
We have built a large pool of over 100 mentors from across the Lloyd’s market.
Many of these will attend pitch day, where they vote on the InsurTechs and indicate which they would be interested in mentoring.
Once the votes are counted and the teams have been picked, the Lloyd’s Lab team will contact these mentors and confirm their selection. We also contact others from across the market, and help them to decide which team would be best for them.
In other words, the mentors decide themselves which teams they’d like to mentor, ensuring they end up working with teams best suited to their experience and interests.
We also have what we call ‘external’ mentors. These are people who are typically outside the Lloyd’s market, but have had significant relevant experience, such has founding and successfully exiting their own Tech start-up, and are a valued part of the mentoring programme.
We introduce these external mentors to the InsurTechs and allow them to decide themselves which relationships are worth progressing.
Mentors are not allocated, but decide themselves which teams they would like to mentor.
We typically end up with between 3-8 mentors with each InsurTech, all from different insurers within the Lloyd’s market.
|Lloyd's Lab||The home of innovation and InsurTech at Lloyd's. Best known for the 10-week InsurTech accelerator programme, but also the home of all things innovation at Lloyd's.|
|Lloyd's Product Launchpad||The Launchpad is the place to bring new insurance product ideas at Lloyd's. It is a group of 27 Lloyd's insurers who are keen to see new, innovative insurance product ideas, to help develop them, and ultimately to launch them in the market. The Launchpad and the Lloyd's Lab work hand in glove.|
Operations Innovation Facility. A group of occasionally like-minded Lloyd’s managing agent representatives seeking to create value for their clients by working together to solve common operational problems.
|Insights Hub||The Insights Hub is our next generation data analysis platform for the Lloyd’s market. This site will save you time and money in producing common Lloyd’s market analysis and provide powerful data visualisations and benchmarks never shared before to drive performance. It is free for Lloyd's syndicates and teams who are in the Lloyd's Lab programme.|
|Managing Agents||For those unfamiliar with the Lloyd's market, you might wonder what we mean when we talk about managing agents. To the lay person, consider these as being the insurance companies who operate in the Lloyd's market. |