The award-winning accelerator Lloyd's Lab is back and on the look-out
Lloyd’s Lab is once again seeking applications from innovative start-ups with solutions for the insurance industry – this time with an extra focus on decarbonisation and supply chain.
Lloyd's are looking to identify new products that can be launched alongside the Lloyd’s Product Launchpad in these and other areas. They are also interested in startups which can provide the market with new sources of data and types of modelling data or which can improve the claims process.
They are seeking solutions that can help them address the following specific challenges:
Decarbonisation and Climate Change
Within this theme, they are interested in new insurance products that they can offer to their customers and which can also support industry in the transition to a low carbon economy. This could range from an insurance product aimed specifically at businesses who are experimenting with carbon capture technologies, a new approach to data which can be used to help build a parametric insurance product or an insurance product which helps alleviate some of the risk for businesses who are decarbonising their manufacturing processes. Innovative insurance products which can help their customers manage risks which are caused by or exacerbated by climate change would also be of interest for this theme.
Within this theme, the focus is on finding new insurance products that can help Lloyds support their customers in dealing with the range of problems that can arise from supply chain disruption.
So, if you’ve got a solution that can help customers to de-risk their businesses when the protections built into their supply chains fail or a product that can indemnify businesses against loss as a result of supply chain disruption, they want to hear about it. If you can improve how businesses understand and measure the risks in their supply chains or have created a solution to help businesses respond to increased costs and timelines or the non-damage business interruption effects caused by supply chain pressures, that will be of interest. Or if you’re working on an innovative solution or product that can be used to help understand, manage or protect supply chains and the effects of their disruption, they’re all ears!
Recognising that there are innovative products and solutions which don't necessarily fall into one of the Cohort’s core themes, there is once again a wildcard category. So, if you've got an insurance product that has the potential to make a real difference in the market, they want to hear from you!
Data & models
As always, they are keen to hear ideas that can help improve how they use data - to enable everything from more accurate underwriting to predicting future claims based on search engine trends. So, if you’re working on new algorithms, models, or statistical techniques that can help, this is the theme for you.
This theme aims to identify solutions to some of the common challenges faced by the claims teams in the Lloyd's market, in two specific areas, namely, Operational Efficiency and Customer Experience. That could be anything from addressing the double keying of data within the organisation through to improving the overall customer experience or the development of a centrally approved database of InsurTech vendors.
Applications are now open and must be submitted before midnight GMT on 20 February. A Pitch Day will take place in March and then the programme itself will begin in April.
As always, throughout the programme, there’ll be intensive collaboration between participants, the Lloyd’s Lab team and a host of market experts and external mentors. The programme will end with a Demo Day on 4 July 2022 when all participating startups in Cohort 8 will have the opportunity to showcase their innovative products and solutions and all they have achieved whilst participating in the programme.
If you’re interested in finding out more about what it all entails before you apply, you can now book free tickets for the Lloyd's Lab Open House which is due to take place on 26 January. During this, you’ll have the opportunity to find out if your startup or scaleup is relevant to the Lloyd’s insurance market as well as ask questions directly to the Lab team, potential mentors and Lloyd’s Lab alumni.
Best of luck to all who apply