Lloyd’s has selected twelve new InsurTech sruptors to join the global (re)insurance market’s innovation accelerator, as part of Lloyd’s commitment to becoming the most technologically advanced insurance marketplace in the world.
More than 190 applications were received from across the world for the fourth cohort of the Lloyd’s Lab, which starts on 27 April 2020. The twelve successful teams were selected after presenting their ideas in a competitive process during a virtual pitch day on April 2. The start-ups will be focused on four key themes: data and models; new insurance products and markets; the future of transportation; and cyber.
The Lloyd’s Lab is the home of InsurTech and is a leading hub for technology-led innovation, with more than 500 international InsurTechs applying to join the Lab in its first two years.
Successful companies join the Lab for a ten-week programme, where they work with insurers in the Lloyd’s market to develop and test their ideas, using the expertise and experience of their mentors to add value to the Lloyd’s market.
In the first three cohorts, start-ups, entrepreneurs and businesses have presented ideas ranging from live-streaming drones to event-based parametric insurance solutions for catastrophic flooding and on-demand insurance for the gig economy.
In 2019, Lloyd’s invested in Layr, a cloud-based platform that helps small businesses buy liability insurance.
Other success stories include Parsyl, which provides an internet-of-things sensor that can help protect sensitive shipments; Flock, which uses real time weather, building density, and operating temperatures to understand the risks associated with drone flights; and ClimaCell, which uses micro-weather forecasting to help customers reduce their exposure to meteorological events.
Since the launch of the Future at Lloyd’s strategy, the Lab has expanded its scope to promote greater collaboration between Lloyd’s expert underwriters and brokers, customers and capital providers.
Trevor Maynard, Head of Innovation at Lloyd’s, said: “All twelve of the InsurTechs we have selected bring something different and unique. I am thrilled to be working with some of the brightest and best talent from the InsurTech sector to help the Lloyd’s Market develop new ideas that better serve our customers by developing solutions to the problems they face today.
