Lloyd’s welcomed 11 new teams of insurtech disruptors to join the 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 11 teams were selected as part of a competitive process involving 24 shortlisted applicants who presented their ideas to experts across the market.
Lloyd’s has recently committed to expanding the scope of the Lloyd’s Lab as part of its new Future at Lloyd’s strategy. The 10 successful teams are aligned with this strategy and will begin working in the Lab as part of a 10-week programs that kicks off on Sept. 2.
The start-ups are focused on finding ways to enhance data sharing and provide new sources of risk insight as well as pricing and risk models to help Lloyd’s market participants better understand threat scenarios. They also will be developing methods to reduce the cost of processing claims as well as the burden of compliance and regulation.
“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,” said Lloyd’s Chairman Bruce Carnegie-Brown.
“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,” he said. “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.”