Blog: Week 5 with iCedeMon 12 Nov 2018
We’re pleased to have been invited to write the Week 5 blog as the first cohort of start-ups reach the mid-point of the inaugural Lloyd’s Lab programme.
Although some of the team at iCede have been involved with the insurance market for a long time, Lloyd’s of London was a bit of a mystery to us prior to joining the Lab. It has been a great experience learning about the nuances of Lloyd’s and trying to understand how our system might fit into this truly unique environment. In our short time here, it’s become clear that there are already lots of innovative and positive thinkers within the market itself. Hopefully the amazing space that is the Lab will be a focal point for all those stakeholders that have an interest in technology as part of the future success of Lloyd’s.
iCede is a platform that helps insurance companies manage the placement of locally admitted policies internationally, either as part of a multinational insurance programme or as one-off fronting placements.
Our journey to getting to the Lloyd’s Lab started way back in 2012 when the concept of iCede was born. We realised that the way most insurance companies managed their global business was inefficient with most activities being done manually. We believed there was an opportunity to digitalise these processes to provide greater control, transparency and compliance.
As a self-funded start-up, it has been a lot a late nights and elbow grease to create the software system that is iCede which we launched last year. There are lots of ups and downs to being a small start-up that’s trying to offer services to large insurance companies, but the challenge is generally an enjoyable one. Being recognised as one of the first start-ups that’s been invited into Lloyd’s is a fantastic opportunity for us, and reinforces our belief in what we’re aiming to achieve with iCede.
Our brief for the Lloyd’s Lab programme is to explore demand within the Lloyd’s market for locally admitted policy placements (beyond the existing Lloyd’s licences) and how iCede could support such demand using our system. Additionally, we are also engaging with other IT projects across Lloyd’s to explore possible synergies between our system and those projects (we are definitely keeping busy!).
As we progress through the programme, we are extremely grateful for the support that our mentors, innovation advisers and everyone that we’ve come across so far has offered – so a big thank you from us!
If any readers wish to learn more about iCede or provide feedback on our project goal for global business at Lloyd’s, please don’t hesitate to get in touch.
Andy Porter & Peter Brennen – iCede Co-founders