InsurTech Futures: Lloyd's Lab launches with first cohort

Lloyd's of London building

Ten start-ups chosen as Lloyd's opens its doors to the global tech start-up community for the first time in 330 years.

Lloyd’s of London’s new innovation sandbox, Lloyd’s Lab, has picked ten InsurTech start-ups to join its first cohort.

At an event in London on 3 September, 20 teams pitched their ideas to the Economic Secretary to the Treasury, John Glen MP, and Lloyd’s chief executive officer Inga Beale.

The aim of the programme is for start-ups to develop products, platforms and processes that will help transform Lloyd’s to a technology-driven market.

The corporation noted that the 20 start-ups presented ideas ranging from live-streaming drones for fast risk and disaster assessment, to harnessing the Internet of Things for live cargo tracking, to on-demand insurance for the gig economy. 

Culture
Lloyd’s head of innovation Trevor Maynard has previously told Insurance Age that Lloyd’s Lab, will “stimulate the culture of innovation and invite talent from outside of the market in”.

This is the first time in 330 years that Lloyd’s is opening its doors to the tech start-up and entrepreneur community, and Maynard explained that the initiative had been driven by the pace of technological change.

According to Lloyd’s the sandbox has received more than 200 applications from 36 countries, including the United States, Canada, Israel, the Netherlands, Ireland and the UK.

Cohort
The first cohort kicks off on 8 October and includes the following start-ups:

  • Layr, an AI powered insurance platform providing faster access for small businesses buying liability insurance.
  • CargoSnap, a mobile transportation inspection app connected to a powerful online platform to collect, analyse, and share information in the supply chain, speeding up claims.
  • DropIn, an on-demand live video streaming platform to streamline insurance inspections and catastrophe response assessment using mobile phones and drones.
  • Insurercore, a digital-based risk appetite directory for those seeking to place and write risks quickly and conveniently.
  • BelMead Tech, a claims support platform using blockchain and other technologies, to improve the insured’s claim journey whilst also improving efficiencies for the claim handling team.
  • Parsyl, a platform that uses data and predictive analytics, allowing insurers to better anticipate risk and improve the claims process.
  • Geollect, creators of proprietary intelligence software for businesses to improve efficiencies, safety and security.
  • ZASTI, an AI technology platform built using proprietary Deep Learning algorithms to provide predictive and diagnostic solutions to solve multiple business problems.
  • Qnity, a digital insurance that allows individuals to design their own insurance solutions.
  • iCede, a cloud-based platform that enables large insurance companies to interact across borders in order to arrange insurance cover for multinational corporations.

Applications for the second Lloyd’s Lab cohort will open later this year.

Momentum
Glen commented: “InsurTech is booming. There was $724m [£564m] of InsurTech investment globally in the first quarter of 2018 and the UK attracted 12% of that funding, placing it second only behind the US.

“We’re doing everything we can to maintain this momentum and cultivate innovation in the sector, but ultimately, it is down to firms like Lloyd’s to take the lead, and that’s exactly what they’re doing with their Lab.”

Innovation
Beale added: “Lloyd’s has always been at the forefront of innovation - the launch of our new innovation accelerator is an important step forward into our technology-driven future and we’re excited to see how the ideas develop.

“The Lab is an important part of our future focused strategy which will further strengthen our position as the global centre for insurance innovation.”

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