Lloyd’s Lab 10th cohort applications open – Insurtech – Insurance News
Lloyd’s Lab 10th cohort applications open
30 January 2023
Applications are open until February 12 for the 10th cohort of the Lloyd’s Lab, this year concentrated on the themes New Products, Data & Models, and European Cyber & Climate Solutions.
A Lloyd’s Lab Virtual Open House will be hosted on January 31 for applicants to meet the Lloyd’s Lab team and Lloyd’s market members. Shortlisted applicants will pitch their ideas on March 23, the 2023 program starts April 24, and teams will showcase their progress at Demo Day on July 5.
“Participants can work out of Lloyd’s in London or wherever best fits their business,” Lloyd’s says. “We are looking for fresh ideas to challenge how we do things and help the Lloyd’s market better serve its customers.”
The Lloyd’s Lab program gives start-ups, scale-ups and sometimes mature companies 10 weeks to work with market experts to shape their innovation. Concepts can be tested with the support of experts from the world’s largest insurance and reinsurance market.
The program, which runs twice a year, offers access to expert mentors and potential partners and investors.
“New Products” themed submissions could include: technologies to help insurers quantify exposure to new types of risk such as intangible assets or the transition to a low-carbon economy; technologies to help predict when clients might be about to experience a loss; bundled products; parametric products, or products based on smart contracts.
“Offering new insurance products that help solve underinsurance or add significant improvements to existing coverages is vital for a sustainable future. We are looking for new insurance offerings that can help our customers become more resilient,” Lloyd’s says.
“Data & Models” themed submissions could include: new data sources that highlight high risk policies for more accurate underwriting; predicting future claims based on search engine trends; aggregating existing data to reveal hidden trends; solutions automating reconciliation and distribution of payments; documentation processing.
“Europe Cyber & Climate Solutions” themed submissions could include: insurance product or service to tackle European protection gaps; cyber solutions with embedded tracking and early warning solutions for ransomware risk; solutions to tackle increasing European flood and wind risk; products or services in support of green technologies.
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