What is the Lloyd’s Lab?
The Lloyd’s Lab is a fast-track environment where new concepts, ideas and products can be tested with the support of experts from the world’s insurance and reinsurance market. The Lloyd’s Lab brings together InsurTechs, start-ups and ideas which support our market’s shared goal of sharing risk to create a braver world. Our main programme is an InsurTech accelerator which aims to help innovative ideas gain traction and success in our market. The accelerator gives InsurTechs access to a coworking space in the Lloyd’s building and the chance to develop their ideas alongside their target audience for a period of 10 weeks.
To help accelerate these products, the Lloyd’s Lab programme offers:
- Access to expert mentors and proximity to key advisors, potential trading partners & investors.
- Participants can work out of Lloyd’s in London or wherever best fits their business.
The Prize
Our award-winning accelerator attracts interest across the globe from InsurTechs and start-ups, of which roughly 200 apply per programme. The application process entails scouting, shortlisting, pitch day and then acceptance onto the programme for up to twelve companies. This process is highly competitive so this year we’re offering a fantastic opportunity for a start-up that really stands out.
The winner of the ITC Asia pitch day can fast-track through the application process straight to Pitch Day in August 2023 – and the chance to pitch their product in the Lloyd’s Lab to the industry leading experts and professionals who make up the Lloyd’s market. We will work with you on your application and provide pitch training.
The Lloyd’s market will vote on Pitch Day, who they would like to join the next Lloyd’s Lab programme. If you are successful at Pitch Day, you could be awarded a place in our next 10-week accelerator programme in September 2023.
What we are looking for
We are accepting applications for our Pitch Day during the ITC Asia Conference in Singapore. These are New Products, Data & Models and Asia-Pacific focused Climate Risk, Cyber and Sustainability.
1. New Products
Offering new insurance products that help solve underinsurance or add significant improvements to existing coverages is vital for a sustainable future. We are looking for new insurance offerings that can help our commercial customers become more resilient.
Submissions could include (but are not limited to):
- Technologies which can help our insurers quantify the exposure to new types of risk, such as intangible assets or the transition to a low-carbon economy
- Technologies that can help predict when our clients might be about to experience a loss
- Bundled products – adding insurance to an existing service
- Parametric products, or products based on smart contracts
2. Data & models
For the Lloyd’s market, efficient 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, we want to make sure we’re looking beyond our core data sets to power smart decision-making in the market.
Submissions could include (but are not limited to):
- New data sources that highlight high risk policies for more accurate underwriting
- Predicting future claims based on search engine trends
- Aggregating existing data sets in new ways to reveal hidden trends
- Payment solutions automating reconciliation and distribution of payments
- Documentation processing
3. Asia-Pacific Climate Risk, Cyber and Sustainability
For the first time the Lab is setting a dedicated theme for the Asia-Pacific region which will be focused on specifically developing solutions to address the challenges faced by extreme climate change, cyber threat and promote sustainable growth in the insurance industry. Lloyd’s is keen to explore insurance solutions that assist with mitigation & resilience for customers that are prone to and impacted by extreme weather events and/or cybercrimes and require protection, as well as finding innovative solutions in the area of sustainability.
Submissions could include (but are not limited to):
- Leveraging existing products and technologies in an innovative way to assist with disaster response following an extreme weather event in the region. This could include solutions for the mature markets or locations that are particularly prone to extreme weather events but are challenged in terms of affordability and availability of cover.
- Enhancing cyber security and preventing fraud. This could include solutions with embedded tracking and early warning solutions for ransomware risk assessment and mitigation, test intrusion detection systems, etc.
Promoting renewable energy, energy efficient and sustainable infrastructure. These solutions can help policyholders manage their climate risk exposure and support the decarbonisation transition journey.
Submit your application by Monday May 8th, 2023
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