Lloyd’s Lab, the global insurance market’s new innovation sandbox, is launching a global search for tech talent to partner with the Lloyd’s market and develop solutions for its unique and rapidly changing needs.
In order to support its digital evolution, Lloyd’s is opening its doors for the first time to the global tech start-up and entrepreneur community. Applications for the chance to win a place in the first cohort of the Lloyd’s Lab close on July 22, 2018. The most promising applications will be put forward to pitch to Lloyd’s senior leadership and market representatives on Sept. 3, with the inaugural Lloyd’s Lab cohort starting on Oct. 8.
The Lloyd’s Lab global talent search, led by applied corporate innovation specialist and early stage investor L Marks*, is looking for applications from entrepreneurs, alongside early and growth stage companies operating in the insurtech space worldwide. This tech talent will help deliver innovative solutions to some of the key challenges the Lloyd’s market faces and make a real impact on the market’s performance.
Over 10 weeks, selected start-ups will be given the unique opportunity to work with Lloyd’s market experts to shape the next big innovation. Start-ups will be given access to a state-of-the-art co-working space located in the Lloyd’s building in London, potential funding and the chance to develop products, platforms and processes that will help transform Lloyd’s into an increasingly technology-driven market.
Lloyd’s described the innovation sandbox as “a fast-track, fast-fail environment.”
It will be fast-track, because the tech partners that “Lloyd’s chooses will be given unprecedented access to both Lloyd’s resources and technology, and also the Lloyd’s market,” explained a Lloyd’s representative in an emailed statement.
On the other hand, “fast-fail” indicates a quick decision. After the 10-12 week development period, the tech partners will then presented directly to the market who will quickly decide the value of these innovations, the representative said. “In a very brief period, these partners will be given a great amount of resources, and then have the market decide if [their ideas] are worth moving forward on.”
The Lloyd’s Lab will initially focus on four key themes, developed with the Lloyd’s market with support from The Boston Consulting Group, together with a wildcard category. These include:
- enhancing the customer experience,
- building a relationship-driven culture for the digital age,
- powering data-driven underwriting, and
- creating smart insurance products.
“The Lloyd’s Lab will contribute towards a more sustainable and competitive insurance market by providing a dynamic environment where start-ups can come in with different ways of thinking and fresh ideas,” said Lloyd’s CEO Inga Beale in a statement.
“We want to challenge how we do things and we are looking for entrepreneurs that can help Lloyd’s redefine how we use technology to better serve our customers in this hyper-connected world,” she added.
“We’re looking for solutions that can create true commercial value for the Lloyd’s market. Whether by reducing acquisition expenses, helping make better underwriting decisions, making operations more efficient or improving the policyholder experience, we want to see ideas that make a real impact on market performance,” commented Trevor Maynard, Lloyd’s head of Innovation.
Interested start-ups, entrepreneurs and businesses interested in applying for the Lloyd’s Lab should visit www.lloydslab.com.
The Lloyd’s Lab complements a program of innovation projects that are focused on driving improved market performance and enhancing access to Lloyd’s through technology, said Lloyd’s in a statement.
In line with its program of innovation, Lloyd’s said it will launch a new digital coverholder matching portal pilot in July 2018 across the UK, Australia and New Zealand. The online portal will seek to quickly and easily match new binder, or coverholder, business with Lloyd’s underwriters. The aims is to further enhance the market’s ability to quickly, easily and cost effectively attract new business by accessing coverholders in both established and fast growth markets.
* Founded in 2012 by entrepreneur Stuart Marks and led by Chief Executive Daniel Saunders, L Marks works to build bridges between corporates seeking to innovate and young companies looking to build scale with disruptive tech. The company helps nurture opportunities “into innovative solutions to sustain the future longevity of business.”
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