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Blog: Week one done

Fri 12 Oct 2018

Well, after months of preparation cohort one of the Lloyd’s Lab are finally with us – cheers all round from everyone involved!

We had a packed first day, with tours of Lloyd’s and lunch with the Chairman, Bruce Carnegie-Brown, where each team gave a three minute introduction to explain their business and objectives for the ten-week programme. We were also joined by Justin Balcombe and Daniel Saunders from, BCG and L Marks, part of the team supporting the Lloyd’s Lab, to round up the welcome session.

Both Bruce and Justin emphasised the need to improve the customer experience and they set the challenge to the Lab participants of helping the market to adapt and grow in a profitable, sustainable way. Bruce went on to speak about the need to use innovative technology to reduce the cost structure of the market so we can pay more back to customers while maintaining profitability, thereby reducing the number of businesses and individuals who are underinsured. This was a great opener and scene-setter for the coming cohort.

The rest of this week will saw us hold various events for the teams, such as an introduction to the Lloyd’s market, third party service provider sessions, and of course the first mentor meetings. We’ve got more than 40 mentors from over 20 managing agents; a great sign of engagement from the market.

InsurTech outside the Lab
Outside the Lab there has been a lot going on in the InsurTech space. Although the Lab team were hard at work in Lime Street, we still had representation at the InsurTech Connect event in Las Vegas – Inga Beale was a speaker and highlighted what we’re doing; and it was also the venue for the stealth launch of Parsyl, one of our cohort – congratulations to them. Next up was the Digital Insurance World conference on Tuesday, where I joined Shirine Khoury-Haq, Alison Dove, and Nick Blewden on stage to talk about what we’re doing at Lloyd’s in terms of the Data Lab, and the Lloyd’s Lab.

We’ve probably had around a dozen start-ups, not including the cohort, come in over the past few weeks to tell us about their solutions – some of which hopefully will apply for cohort 2 (see below for timings). This included insurance solutions for millennials, blockchain solutions, and a couple of satellite / geospatial start-ups working in a similar space to Geollect, another from our cohort – this seems to be a popular area at the moment due to the technology getting better and cheaper.

Cohort 2 – submit your ideas
Planning for cohort 2 has already started, so look out for announcements right here on lloydslab.com. The first step is for us to gather ideas for the new themes from the market – that will launch on Monday afternoon, so please do submit your ideas! We’ll be working with representatives of the market to bring all your ideas into a prioritised list which will inform the scouting -due to start in December.

Well, that’s all for now, but check back for further blogs soon!

Ed Gaze
Lloyd’s Lab Manager