Enhancing customer experience
One powerful intelligence asset the market has is data which contains a wealth of insight waiting to be uncovered. We are looking for innovative digital solutions to help unlock this knowledge and improve the flow of information between underwriters and insureds.
These insights might be used to better match policyholders needs to products, improve the claims experience, identify new types of cover, inform better underwriting decisions or inform any type of initiative that delivers commercial benefit.
Building a relationship-driven culture for the digital age
The relationships and trust built through the unique culture of the Lloyd’s market is one of its greatest strengths.
While broker-underwriter interaction in the market benefits from the unique face-to-face trading environment, there is an opportunity to explore how the Lloyd’s market can harness digital communications and platforms to encourage more efficient information sharing and decision making. For example, it is normal at Lloyd’s to queue to see an underwriter or share policy information on paper, in person.
From making queueing more efficient, to developing new communication tools or channels, we would like start-ups to present solutions which can help streamline trading processes, while preserving our strong relationship-based, face-to-face culture.
Powering data-driven underwriting with new insight sources
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 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.
Creating smart insurance products
With fixed coverage periods and defined schedules of cover, traditional insurance products are static in nature. However, the risk needs of policyholders can be dynamic and, in an on-demand era, expectations are shifting, with consumers seeking solutions that can adapt to fit their changing requirements.
To help the Lloyd’s market retain competitiveness and lead the way with the next generation of insurance products, we are seeking ideas that help us identify product opportunities and support syndicates in offering smart insurance solutions. From platforms that manage the administration of on-demand insurance, to faster ways of modifying coverage mid-policy or automating claims payments based on verified event triggers, we are looking for solutions that will help the market meet the constantly evolving risk transfer needs of policyholders.
We don’t know what we don’t know, but we do want to stay open to out-of-the-box ideas. The wildcard is a start-up’s chance to show us something we didn’t even know we needed.
This category is intended to capture any innovations that don’t fit within one of our key themes but could make a powerful difference to the way we do business and our bottom line.