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Lloyd’s Lab seeks innovators to join cohort 6

Applications are open until 22 February 2021. Apply here.

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Find out more at our Open House

Join us on 4 February to find out more about the Lab programme. You’ll hear from our Alumni and a mentor, and we’ll answer any of your questions.

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A focus on product simplification

Our customers are seeking simpler products that respond quickly when disaster strikes. Proposals that offer strong clarity over what’s insured, clear triggers, and fast claims payments will be welcome in the Lab.

When reading the themes below, please also consider how your solution might help to simplify insurance products for our customers.

We are seeking applications from companies who think they can help the Lloyd's market with any of the following challenges:

Climate change/ decarbonisation

Lloyd’s has been at the forefront of highlighting the risks of climate change for well over a decade, and has recently launched its first ESG report.

In 2020 we published papers focussing on the transition risks of decarbonisation and the opportunities that renewable energy will bring.  We are seeking companies that:

  • Are offering insurance products to transfer decarbonisation risks
  • Respond to the increasing threat of climate events – either through traditional insurance response or through provision of services
  • Offer tools to understand the changing nature of climate risks – from live forecasting services to longer term modelling of natural processes or their economic and social impacts

We are also keen to meet companies who can help the Lloyd’s insurers understand the carbon footprint of the clients that they cover. We would like to see solutions which can make this simple and frictionless for the underwriter, embedding into existing systems where possible, such as PPL.

Geopolitics

Lloyd’s will be exploring the changing nature of geopolitical risk in 2021 including the tension between globalism and localism; rivalry between the major world powers, the potential for a technological, cyber and new tech arms race; social discontent and local conflicts; the impact on migration and demographics; armed conflict & terrorism and the Impact of covid-19 on geopolitical relationships.  We are seeking companies that offer:

 

  • New insurance products to help our clients manage and transfer these risks
  • Tools to better forecast and model the risks
  • Services to manage live events and contain the negative consequences
  • Index proxies that could form the basis of new parametric triggers

Data and models

This has been a theme in every cohort so far because we always get so many interesting applications. The scope is intentionally broad, but we have given some details below, and you can also refer to our cohort 5 page for a case study and further examples.

For the Lloyd’s market, profitable underwriting depends on continually improving the tools and techniques used to select and assess risks, manage risk portfolios and optimise the claims handling process. Data is the lifeblood of the underwriting process and, with an ever-increasing range of sources available, we want to make sure we’re looking beyond our core data sets to power smart decision-making in the market.

We’d like to hear from start-ups who can find and help us tap into alternative data sets to paint a more accurate picture of risk and help the market underwrite more profitably. Ideas could range from finding new data sources that highlight high risk policies for more accurate underwriting, to predicting future claims based on search engine trends, or aggregating existing data sets in new ways to reveal hidden trends.

We are also interested in how new algorithms, models, and statistical techniques can help us to create a more bespoke experience, gain a deeper understanding of risk, and address the protection gap. Rather than just seeking new insights from new data, we are also seeking new insights from existing data.

Future at Lloyd's Theme - Claims Support Services

The ambition of the Future at Lloyd’s programme is to create the most advanced insurance marketplace in the world.

As a marketplace, we serve our stakeholders across the insurance lifecycle from getting covered to recovering from a loss. To help our customers recover effectively from a loss, we are focussing on the ability to respond quickly and openly to claims while delivering a high-quality experience from claim notification to payment. To enable this, we plan to deliver a new claims platform that will replace the existing platforms (ECF and CLASS), and we also plan to deliver an ecosystem of value-adding support services to the marketplace. These services are aimed at improving stakeholder experience, claims performance and the overall attractiveness of the London market.

Based on the consultations we have held with the market, we are seeking InsurTechs for cohort 6 of the Lloyd’s Lab programme to help with the following services:

1. Adjustment automation tools
2. Claims surge management tools
3. Compliance and escalation / dispute management tools
4. Customer experience insights
5. Data analytics and reporting tools (for customised and regulatory reporting)
6. Essential wording and document translation services
7. Fraud detection and investigation
8. Innovation and change enablers
9. Smart policy, claim and expert report summarisation
10. Smart salvage and subrogation (opportunity identification and recovery)
11. Third-party data enrichment tools
12. Training and knowledge sharing tools

To learn more about the Future at Lloyd’s programme and claims support services, please visit https://futureat.lloyds.com/

Wildcard

We are always open to seeing innovative, new insurance products.

If you have an insurance product which doesn’t fit the Climate Change or Geopolitics themes, then we’d still like to hear about it under this wildcard category.

22 February 2021

Scouting closes

Scouting will close at midnight on 22 February.

31 March 2021

Pitch day - part 1

Pitch Day is your chance to present your idea to Lloyd’s senior leadership and market representatives for the chance to win a place in the Lab.

01 April 2021

Pitch day - part 2

Pitch Day is your chance to present your idea to Lloyd’s senior leadership and market representatives for the chance to win a place in the Lab.

26 April 2021

Programme starts

The 10-week intensive collaboration between you and the Lloyd’s Lab starts here, supported by market experts and external mentors.