The Lloyd’s Lab encourages innovation in the insurance sector by supporting startups and scaleups in developing groundbreaking solutions. Over 10 weeks, participants have the opportunity to validate their ideas and bring new products to market with the support of Lloyd’s extensive network and resources.
The Lab provides a unique opportunity for innovators to test new concepts, ideas, and products with the guidance of experts from the world’s largest insurance and reinsurance market. Lloyd’s Lab is seeking fresh, disruptive ideas to enhance Lloyd’s market and better serve its customers.
Lloyd’s Lab facilitator, Rosie Denée said: “Participants will benefit from access to expert mentors, key advisors, potential trading partners, and investors. Additionally, participants can choose to work from Lloyd’s in London or wherever best suits their business needs.”
Application Themes for Cohort 13
- New Products: Lloyd’s Lab is looking for innovative insurance products that address underinsurance or significantly improve existing coverages. Submissions may include technologies that help insurers quantify new types of risk, predict potential losses, bundle insurance with existing services, or develop parametric products and smart contract-based offerings.
- Data, Models & Processes: Efficient underwriting at Lloyd’s relies on advanced tools and techniques for risk assessment, portfolio management, and claims handling. The Lab seeks submissions that introduce new data sources for accurate underwriting, predict future claims, aggregate data sets to uncover trends, automate payment processes, or improve documentation processing.
- Building Resilience and Supporting Transition in the Middle East & Africa (MEA): As the MEA region faces challenges from climate change, energy transition, and natural catastrophes, the Lab is focused on solutions that enhance resilience and support sustainable development. Submissions should target commercial lines of business and may include innovative disaster response products, sustainable insurance solutions for the energy transition, and advanced catastrophe modeling tools.
Program Benefits:
- Expert Mentorship: Participants will receive guidance from industry mentors, including specialists focused on the MEA region.
- Networking Opportunities: Access to key advisors, potential trading partners, and investors.
Flexible Workspace: Participants can work from Lloyd’s in London or any location that suits their business needs.
Source: Lloyds
