A couple of weeks ago Lloyd's highlighted that applications were open for the fifth intake of the Lloyd’s Lab - initially with a focus on short, medium and long-term COVID-19 challenges and responses.

Now, a second call for applications for Lloyd's Lab Cohort 5 is open, and this time the focus is on startups and tech companies that can find and help Lloyd’s tap into alternative data sets to paint a more accurate picture of risk and help the market underwrite more profitably.

Lloyd’s is the world’s specialist insurance and reinsurance market, and wants to work with some of the best tech startups that have ideas such as finding new data sources that highlight high risk policies for more accurate underwriting, or predicting future claims based on search engine trends, or aggregating existing data sets in new ways to reveal hidden trends.

For the Lloyd’s market, profitable underwriting depends on continually improving the tools and techniques used to select and assess risks, manage risk portfolios and optimise the claims handling process.

Data is the lifeblood of the underwriting process and, with an ever-increasing range of sources available, they are looking to make sure they are looking beyond their core data sets to power smart decision-making in the market.

They are also interested in how new algorithms, models, and statistical techniques can help them to create a more bespoke experience, gain a deeper understanding of risk, and address the protection gap. Rather than just seeking new insights from new data, they are also seeking new insights from existing data.

The Lab is equity-free, does not require you to relocate to London for the programme and selected companies will explore if their product could be used commercially by Lloyd's or if there is potential to jointly develop a project.

Lloyd's is also interested in new insurance products and solutions which open up new markets (e.g. parametric products, pricing techniques, technologies that can help predict/forecast risks).

Moreover, the Lloyd’s Lab is open to companies at all stages!

Applications for this round close on 26th June and good luck to all who apply!