Lloyd's Lab recognised as a top UK accelerator
The Lab, which has been open for over a year, has hosted 35 InsurTechs and led to a series of investments from our market.
We’re delighted to report the business tracking platform Beauhurst has recognised the Lloyd’s Lab as one of the UK’s best corporate accelerators supporting fast-growing business.
Beauhurst praised the Lloyd’s Lab for giving businesses in the InsurTech space the chance to present a ‘long-term opportunity’ for our market. During the 10 weeks that start-ups take part in the Lab, they are partnered with mentors and they work with Lloyd’s market experts who give advice and help develop the solutions.
Beauhurst highlighted FloodFlash, a Lab participant from cohort three, as an example of the accelerator model working by bringing the market and the Lloyd’s Lab together to build innovative solutions. FloodFlash use a new type of event based insurance trigger to provide fast claims payments for flooded homes and businesses. Customers select a trigger depth, which a tailored quote is based upon. A mobile connected sensor is then installed and as soon as it detects the trigger depth has been reached, an instant, predetermined pay-out is made.
About the Lab
The Lloyd’s Lab opened in early 2018 and has since seen hundreds of applications from all over the world with 35 InsurTech start-ups come through its doors on our fourth floor in our iconic London home. We’ve seen a number of investments and an additional Product Innovation Facility set up to support further investment outside of the Lab programme.
Lloyd’s wants to share its centuries of collective experience and knowledge with game changing start-ups who have new ways of thinking. We give start-ups access to the market, so they can develop products, platforms and processes helping transform Lloyd’s into a digital data-driven market.
We’ll be opening applications for our fourth cohort in 2020. Learn more about the Lloyd’s Lab.