Lloyd’s Lab selects 10 tech teams to help transform the market

Lloyd’s Lab, the global insurance market’s new innovation accelerator, has opened its doors following  a global search for technology talent that drew more than 200 applications from 36 countries.

The launch event on Tuesday September 4 was attended by the Economic Secretary to the UK Treasury, John Glen MP, and Lloyd’s CEO Inga Beale. Some 20 teams pitched their ideas for the chance to develop products, platforms and processes that will help  transform Lloyd’s into an increasingly technology-driven market.

Start-ups, entrepreneurs and businesses from as far afield as the US, Canada, Israel, the Netherlands, Ireland and the UK, presented ideas ranging from live-streaming drones for fast risk and disaster assessment, to harnessing the Internet of Things for live cargo tracking, to on-demand insurance for the gig economy.

Following the process, Lloyd’s selected ten teams that will be offered a spot in the founding Lloyd’s Lab cohort. These included: Layr, an AI powered insurance platform providing faster access for small businesses buying liability insurance; CargoSnap, a mobile transportation inspection app connected to a powerful online platform to collect, analyse, and share information in the supply chain, speeding up claims; and DropIn, an on-demand live video streaming platform to streamline insurance inspections and catastrophe response assessment using mobile phones and drones.

Some of the others selected included Insurercore, a digital-based risk appetite directory for those seeking to place and write risks quickly and conveniently; BelMead Tech, a claims support platform using blockchain and other technologies, to improve the insured’s claim journey whilst also improving efficiencies for the claim handling team; Parsyl, a platform that uses data and predictive analytics, allowing insurers to better anticipate risk and improve the claims process; and Geollect, creators of proprietary intelligence software for businesses to improve efficiencies, safety and security.

The final three were: ZASTI, an AI technology platform built using proprietary Deep Learning algorithms to provide predictive and diagnostic solutions to solve multiple business problems; Qnity, a digital insurance that allows individuals to design their own insurance solutions; and iCede, a cloud-based platform that enables large insurance companies to interact across borders in order to arrange insurance cover for multinational corporations.

The teams joining the Lab will gain access to the world’s largest market for specialist insurance and reinsurance, in support of its digital evolution. This tech talent will help deliver innovative solutions to some of the key challenges the Lloyd’s market faces.

Over the ten weeks, the selected Lab teams will have access to a co-working space located in the Lloyd’s building in London, potential funding and the chance to develop products, platforms and processes that will help transform Lloyd’s into an increasingly technology-driven market.

Glen said: “InsurTech is booming. There was $724 million of InsurTech investment globally in the first quarter of 2018 and the UK attracted 12 percent of that funding, placing it second only behind the US. We’re doing everything we can to maintain this momentum and cultivate innovation in the sector, but ultimately, it is down to firms like Lloyd’s to take the lead, and that’s exactly what they’re doing with their Lab.”

Beale added: “Lloyd’s has always been at the forefront of innovation - the launch of our new innovation accelerator is an important step forward into our technology-driven future and we’re excited to see how the ideas develop. The Lab is an important part of our future focused strategy which will further strengthen our position as the global centre for insurance innovation.”

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