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Blog: Week two with Layr

Fri 19 Oct 2018

It’s been nearly two weeks since landing in London and working from the beautiful new Lloyd’s Lab within the iconic Lloyd’s of London building. As part of the first cohort, Layr is thrilled with the opportunity to create positive change for the global commercial insurance industry. True innovation in one of the world’s oldest and most regulated industries will take time, but I’m committed to creating real change not the least of which is evident by my daily attire.

My apologies to anyone offended by my jeans and untucked shirts…

Our experience in the Lab thus far has been nothing short of fantastic. The Lab itself is a juxtaposition against the rest of the Lloyd’s building that stimulates alternative thinking and challenges the status quo. The open layout, bright colors, modern furniture, and delicious coffee (a must for the inevitable all-nighters Lab participants will be pulling) are inspiring.

Combined with direct access to the brightest minds in insurance, Lloyd’s of London has created an incredible platform for the entrepreneurs and teams steadfastly working to make insurance better.

I didn’t expect insurance professionals working out of the Lloyd’s building to welcome us with such open arms. We are, after all, a bunch of startups trying to reshape their industry with a “millenial-esk” approach that contrasts the traditional culture of insurance. However, I quickly discovered that I was wrong. Every person I have encountered has been interested in the Lab and the excitement about the innovation that will come out of it is real.

The mentors that have made themselves available to us have been overwhelmingly helpful with their support, guidance, and access to resources. We were fortunate to spend an entire day with Hiscox London Market learning about their approach while shadowing their underwriters and a pricing specialist.

Chaucer was generous enough to allow us to engage with their Head of Distribution and Innovation as we explore avenues to bring their products to market more efficiently and we look forward to meeting with Talbot’s team to better understand the subjective aspects of underwriting. The market access we are gaining and the data we are collecting is unprecedented and we continue to be encouraged as we witness so many insurance veterans champion change and modernization.

Finally, I can’t say enough about the Lloyd’s Lab team who have been fantastic about making sure we maximize all the resources the Lab offers, open doors to the market and ensure we have access the right organizations and people.

Phillip Naples,

Founder, CEO. Layr