Lloyd’s Lab starts search for second insurtech cohort

The Lloyd’s Lab has launched a new global search for the next cohort of insurtech innovators.

The accelerator’s first cohort programme started last October and will finish on December 12 when the teams will have the opportunity to showcase their products to potential investors.

The programme targets entrepreneurs and startups able to develop products, platforms and processes that offer technology driven solutions to some of the challenges faced by Lloyd’s.

For the second cohort, the Lloyd’s Lab is looking for ideas around powering data-driven underwriting with new insights, enhancing customer experience, enabling back-office efficiencies, as well as creating next-gen insurance products or services.

The areas of focus have been chosen after consultation with the market.

Led by early-stage investors specialist L Marks the global search for applications will close on Feb. 3, 2019 with the most compelling invited to pitch their ideas on March 20.

Representatives across the market will be tasked to choose the ten final startups that will be part of the second Lloyd’s Lab cohort.

Beginning on April 29, the second Lloyd’s Lab cohort will have ten weeks to develop their ideas, with access to a dynamic co-working space located in the Lloyd’s building in London, potential investment and the chance to develop products, platforms and processes that will help shape the future of Lloyd’s, according to a corporate statement. Teams will be supported by experts in the Lloyd’s market who will offer advice and insight to help develop the ideas for their needs.

“The Lloyd’s Lab’s first global talent search drew in almost 220 applications from 36 different countries,” said Lloyd’s head of innovation, Trevor Maynard. “Startups, entrepreneurs and businesses 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.”

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