The teams have now been selected!
Lloyd’s welcomed 13 InsurTech disruptors to join the global (re)insurance market’s innovation accelerator.
More than 130 applications were received from across the world for the third cohort of the Lloyd’s Lab. The thirteen successful teams were selected as part of a competitive process involving twenty-four shortlisted applicants who presented their ideas to experts across the market during pitch day.
Lloyd’s has recently committed to expanding the scope of the Lloyd’s Lab, as part of its bold new strategy for the future. The successful teams are aligned with this strategy. They began working in the Lab as part of a ten-week programme on September 2, 2019.
The full list of teams that will be working with Lloyd’s innovation accelerator as part of Cohort 3 is below. The start-ups are focused fully on finding solutions with the potential to contribute to the ecosystem of services as part of the future at Lloyd’s vision, including ways to enhance data sharing and provide new sources of risk insight; pricing and risk models to help Lloyd’s market participants better understand threat scenarios; and ways to reduce the cost of processing claims as well as the burden of compliance and regulation.
Bruce Carnegie-Brown, Lloyd’s Chairman, said:
“Times are changing, and we are building a new vision for the future at Lloyd’s. The third cohort of the Lloyd’s Lab will be fully aligned with this strategy. We see a huge opportunity to partner with the brightest and best talent from the technology sector to develop new ideas, new ways of working and of serving our customers. Nowhere is this more keenly felt than in the Lloyd’s Lab, where talent, technology and capital intersect so creatively. We want to harness this creative spirit to help us build a new Lloyd’s, which is nimbler, more customer focused, faster and more efficient than ever.”
In addition to the twelve teams listed below we also welcomed Experian to the Lab. Experian is a data, analytics and software company delivering actionable insights, risk-adjusted decisions, advanced machine learning and artificial intelligence capabilities to our clients throughout the world. As a global technology leader, Experian powers an insurers workflow from policy submission through the claims process.