Our third cohort

The teams have now been selected! 

Lloyd’s welcomed 13 InsurTech disruptors to join the global (re)insurance market’s innovation accelerator.

More than 130 applications were received from across the world for the third cohort of the Lloyd’s Lab. The thirteen successful teams were selected as part of a competitive process involving twenty-four shortlisted applicants who presented their ideas to experts across the market during pitch day.

Lloyd’s has recently committed to expanding the scope of the Lloyd’s Lab, as part of its bold new strategy for the future. The successful teams are aligned with this strategy. They began working in the Lab as part of a ten-week programme on September 2, 2019.

The full list of teams that will be working with Lloyd’s innovation accelerator as part of Cohort 3 is below. The start-ups are focused fully on finding solutions with the potential to contribute to the ecosystem of services as part of the future at Lloyd’s vision, including ways to enhance data sharing and provide new sources of risk insight; pricing and risk models to help Lloyd’s market participants better understand threat scenarios; and ways to reduce the cost of processing claims as well as the burden of compliance and regulation

Here are some examples of the type of services we were looking for:

Data sharing and new sources of insight

• A proprietary or aggregated data source(s) that could be of interest to help us understand risk for existing products or develop new ones.
• Data sharing platforms which would benefit a regulated market like ours.
• A way of capturing customer data at submission with the least amount of effort to enhance the customer experience.
• Economic or company data that would assist with rating and reduce the burden on customers to provide data to us.

Pricing, risk qualification and product development 

• Pre-competitive pricing and risk models for existing or new risks.
• Models to help us understand specific scenarios; such as extreme cyber attacks, natural hazards, liability exposures or damage to intangible assets.
• A platform to enable catastrophe models to be offered to the market in an interoperable way.
• Technologies that can help predict/forecast and perhaps prevent risks. From the dark web, to natural perils we are interested in helping our customers understand their live exposures and to mitigate the risks.
• A solution to make contract wording quicker and easier e.g. a contract creation tool, or on-tap advisory service.
• A way to standardise contract creation.
• A smart contract or parametric product that you would like to trial with supportive managing agents

Next Generation Claims

• Ways to reduce the cost of processing claims.
• Practical solutions that can help in the short-term, or a strategic solution that can be implemented in the long-run.
• Ways to make the claims payment process simpler and more efficient e.g. an improved transparent automated way to respond to customers in times of need.
• Sensors or other Internet of Things devices that could trigger claims in an automated way.

Reducing the burden of compliance and regulation

• Compliance tools to add value as part of our services ecosystem.
• Automated regulatory reporting solutions that can make us more efficient, e.g. a service for Syndicate-in-a-Box so entrepreneurs can focus on new product design and execution.
• An out of the box governance solution 

What else did the Prospectus make you think of?

We were also looking out for technologies that we didn’t capture in the descriptions above, but support the Prospectus. We don’t know what we don’t know!