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Science of risk prize

Now closed!

We are looking for the very best published research covering five areas of risk,

The themes are: Climate Change – Geopolitics – Cyber – Pandemics – Reputation

The top prize is £5,000.

Update – applications are now closed

Thank you to all those who have applied.

We are now in the process of shortlisting the applications and we will be in contact with all of those who submitted a paper.

 

The Prize

If you have carried out relevant research on key topics then we want to hear about it.

The Science of Risk prize is designed to help reward innovation and raise awareness of such work within the insurance community. Even if the intended audience was not originally the insurance industry, your research could still provide valuable insight within an insurance context.

All you have to do is write a 1000 word summary explaining why your research is relevant to insurers in general – and the Lloyd’s market in particular. Our team of judges will then review the applications and pick winners in several categories. The winners and runners up will receive a cash prize and the opportunity to present to senior leaders in the Lloyd’s market.

For more information see this brochure (please use Chrome or Safari).

For examples of past winners, see this conference booklet.

Stay informed

If you are interested in the prize and may consider applying later we would love to hear from you. We will keep your contact details on file and will keep you updated on the prize timetable. Please complete this form.

How to apply?

We hope our process is quite straightforward.

To submit your entry to the prize please email innovation@lloyds.com. The subject of the email should state: “Science-of-risk prize entry”.

In the body of your email, please include the following information:

  • Your full name
  • The institution at which you are based
  • The theme of the prize that you are submitting for (e.g. Pandemics or Geopolitics etc)

Within the email please attach:

  • The 1000 word summary of your paper
  • A copy of your actual paper

That’s it!

We will then review the applications and forward a shortlisted set for the judges to review.

Key Dates

  • Closing date for entries: 28 February 2021
  • Shortlisted entrants notified: Late March 2021
  • Winners notified:  Late April 2021
  • Awards conference and dinner date: 20 May 2021

Confused about whether you should apply?

The Science of Risk Prize is open to researchers worldwide. Research could be published in any journal, not just insurance specific publications, as it is often the case that research conducted for a non-insurance purpose can still have valuable applications to the insurance industry. Entry is also permitted if the paper is yet to be published, as long as evidence is provided that publication is scheduled, and permission is obtained from the relevant journal.

Examples:
Social science – social media and company reputation

A social scientist may have published a paper on the increasing role of social media in creating and affecting company reputation. Their initial audience may have been in the social sciences, or perhaps aimed at marketing firms as a sector. However, for an insurer looking to insure a firm’s reputation this paper could be highly relevant in assessing social media as an emerging risk for intangible assets such as reputation. Research such as this could help us to better predict the frequency and severity of claims – or help us design services that we could offer to deal with the issue, allowing better insurance protections for customers.

Biology – infectious diseases

A biologist may have conducted research into estimations of reproduction rates for infectious disease outbreaks. The intended audience of this research may have been health and biological scientists as well as medical practitioners, however, as covid-19 has underscored, infectious diseases also have relevance for the insurance industry. Data on the transmission potential of diseases can help inform insurers on the vulnerability of society to future epidemics and pandemics, and any mitigation opportunities that could reduce the risk of spreading viruses and thus the claims that accompany this. Research such as this can assist the insurance industry in calculating the frequency and severity of claims, as well as aiding the design of new insurance services related specifically to pandemics, increasing the ability of the insurance industry to support customers in times of pandemic.

Political science – emerging geopolitical trends

A political scientist may have published a paper on a topic such as the geopolitics of energy, the fragmentation of political and economic blocks, or the refugee crisis. The initial audience may have been other political scientists; however, such analysis of changing state power dynamics provides valuable insight for the insurance industry on emerging risks and highlight areas that may cause large losses, as well as areas of opportunity.

Frequently Asked Questions

 

Is there a time frame of when the paper should be published by?

Any time after the 1st of Jan 2019.

Is it possible to submit more than one publication?

Yes, there is no limit to the number of submissions a person can enter.

 

What format should I submit the paper on?

Whatever version you have available, the summary is the main part of the submission.

 

Can I cite other papers I have written in the accompanying summary?

Yes, you can cite papers that support your explanation; however, we will only judge the main paper you are submitting.

 

Can I submit a paper if it’s still under review?

Unfortunately not, the peer review process is important to us.

 

Are policy conference papers eligible?

Yes they are, however this is limited to conference papers that have a peer review process.

 

What kind of evidence should I provide to show that my paper has been accepted by a journal?

Evidence such as an email you have received from the journal showing it’s been accepted.

 

What scale of data are you looking for?

More granular data is usually better, but this depends on the quality of the data. If the downscaling data is less high quality, then perhaps higher-level information would be better.

 

One of the topics is climate change, how broad is the term?

We are looking for research relating to the implications of anthropogenic climate change on the current climate and weather systems.

 

How can I show the importance of my work to insurers?

Discuss the nature of your work, what is the nature of the change you’re seeing, what are the effects of this change, and if possible, relate to some societal or economic impacts.
How society or the economy will be damaged will show how insurance will be affected in many cases; population statistics could also be useful here.
We would also be interested in views on how you could mitigate the risk.

Past examples of winning entries can be found on our webpage to exemplify this.

 

What do you mean by ‘’accompanying open models will score well’’?

If your paper includes a model that shows how the paper works that would score well, for example if your paper discusses coding, an ability to share the code with us would add to its attractiveness by allowing the market to put it into practice.
Note, however, that this is not an absolute necessity and it is possible for your paper to score well without this.

 

Do the topics change year to year?

They have changed, we have found there are some topics we include most years, but we vary some as well.

 

How can I find more information if I have further questions?

Please see the attached brochure, and email any further questions to innovation@lloyds.com