13 InsurTechs selected for Lloyd's Lab's third cohort
The 13 selected teams began in the Lab as part of a ten-week program that kicked off on Sept. 2.
Lloyd’s welcomed 13 new teams of InsurTech disruptors to join the global reinsurance market’s innovation accelerator. The selected start-ups are focused on finding solutions with the potential to contribute to the ecosystem services as part of the future of Lloyd’s vision, including ways to enhance data sharing and provide new sources of risk insight; pricing and risk models to help Lloyd’s markets participants better understand threat scenarios; and ways to reduce the cost of processing claims as well as the burden of compliance and regulation.
More than 130 applications were received from across the world for the third cohort of the Lloyd’s Lab. The 13 selected teams began in the Lab as part of a ten-week program that kicked off on Sept. 2.
Over the next 10 weeks, teams will get time to network, focus on their product design and development, meet their mentors and much more, says Trevor Maynard, head of innovation at Lloyd’s. But the work doesn’t conclude at the 10-week marker, as there is still much work to be done. For example, Lloyd’s did a further proof of concept project with Zasti, one of the teams from the first cohort, to use their neural network to predict claims frequencies. Maynard says “part of the function of the lab is to create relationships and that is why outputs keep happening after the formal cohort finishes.”
The benefits of innovation
The Lloyd’s Lab was first formed in 2017 when Maynard and Helen Crooks, chief data officer, brought the idea of a lab to the executive committee.
“Lloyd’s is well-known for product innovation, but we wanted to add to that in sort of technological innovation as well,” says Maynard. “[We] wanted to cover a whole manner of different things like claims, product development, reducing costs, reducing expenses, automating processes.”
He says they also recognized other benefits like talent, whether it was attracting new talent to the market or allowing the talent at Lloyd’s to express itself, and brand recognition so Lloyd’s is seen as modern and digital in addition to its institutional history.
Maynard says results from the first cohort have been successful — Layr received an investment from Lloyd’s, and Parsyl received subscriptions from six Lloyd’s syndicates — while the big picture for teams from the second cohort is still being developed.
The third cohort will focus on next-generation claims, pricing, risk quantification and product development, data sharing and new sources of insight, and more. The fourth cohort’s application timetable and focus have yet to be determined.
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