For this cohort, two of their themes will be dedicated to these objectives specifically:

Grow the market:

SME

Since the last year has been challenging for many small and medium businesses and the changing business landscape is creating both new risks and opportunities, for this theme, they are keen to hear from startups that can help provide new products and solutions to cover those risks and avail of those opportunities.

These could relate to small to medium sized enterprises as well as micro-SMEs and within this theme, there will be an overall focus on automation.

Crypto

The huge rise and prevalence of cryptocurrencies can't be denied - yet the risks that they present are often not insured. For this theme, the Lloyd’s team are looking at this sector specifically.

They are actively seeking startups with ideas for innovative insurance products for cryptocurrencies. So, if that’s you, they’d like to hear from you!

Operate better:

Claims

Whilst innovation is key here too, this theme has a particular focus on improving things - in this case, Claims. Lloyd’s are seeking startups that can provide solutions which can significantly improve some aspect of the claims process. That could be anything from a more efficient pay out of claims to an innovative solution to a challenge that insurers typically face when handling claims.

If you’ve got an idea for a product or solution that would have a positive impact on some aspect of the claims process, they’re all ears!

Data & Models

As you'd expect, within this theme, the Lloyd’s team are keen to hear from startups that can provide new and effective ways of modelling data. In particular, for this cohort , they are interested in startups that have innovative Internet of Things (IoT) solutions.

That could be anything from using data to help improve how the underwriters understand and assess risk through to a new way of providing an ongoing risk service to customers.

Wildcard

Recognising that there are startups developing products and solutions which don't necessarily fall into one of these themes, there is once again a wildcard category. So, if you've got a startup that's doing just that, they want to hear from you!

Applications are now open and must be submitted before midnight on 27th June. A Pitch Day will take place on the afternoons of 28th and 29th July and then the programme itself will begin on 6th September. 

As always, throughout the programme, there’ll be intensive collaboration between you and the Lloyd’s Lab team and a host of market experts and external mentors. The programme will end with a Demo Day on 17th November 2021 when all the startups in Cohort 7 will showcase both their innovative products and solutions as well as all they have achieved whilst participating in the programme.

Interested startups can also reach out directly to Daniel Gasser, Scouting Manager at L Marks who is happy to chat - daniel.gasser@lmarks.com .

Best of luck to all who apply!