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OPTIMIZ Claims – our journey to the Lloyd’s Lab

Tue 28 May 2019

Making the decision to apply to the Lloyd’s lab was a no brainer for us. With a controlling capacity of over 8% of global marine insurance, Lloyd’s presents an opportunity we could not miss out on.

So we crafted our application and pitch day came. For me personally, it was surreal. Back in my uni days, I would pass by the Lloyd’s building and wonder what it was like working for such a prestigious institution that shaped marine insurance as we know it. I had learned of Edward Lloyd’s coffee house and all the stories that came with it: scratching the slip, ringing the bell, the Titanic policy etc. Here we were, on the fourth floor of THE Lloyd’s building about to pitch to a room full of market experts.

Many weeks passed, and then we got the email… Congratulations, we are pleased to inform you that you have been awarded a place on cohort 2, the email read! To us, that marked the beginning of another era in our entrepreneurship journey. Given the nature of our solution: a digital platform connecting cargo insurers to shipping lines, freight forwarders and other cargo carriers with the goal of fostering AI enabled claims resolution, we started out liaising with two global shipping lines to validate our concept and our business proposition. But as is the case with most ecosystems, we were faced with the chicken and egg problem. Lloyd’s Lab presented the perfect opportunity for us to validate our value proposition for managing agents and the wider insurance industry.

To kick things off, we were allocated the perfect team of mentors. A cargo underwriter, a cargo claims adjuster, a claims operations specialist! To top things off, we also onboarded one of the leaders of the Lloyd’s Agency Network and a host of external mentors! Thank you guys for the immense support!

John Neal made the announcement. Lloyd’s was ready to change, and he had a clear vision of how to digitally transform the Lloyd’s market to reconfirm its leading position! Could there be a better time to be at the Lab?

Kingsly Kongnyuh, Kwalar