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Our third cohort

The third cohort of the Lloyd’s Lab is focussed fully on the Future At Lloyd’s programme. We are looking for companies who can populate our ecosystem of services including services relevant to the Next Generation Claims Service and the Syndicate in a Box.

Do you have proprietary data which would be of value to the market, can you help with on-demand pricing models, or claims solutions which can quickly deliver benefits to the Lloyd’s market? If so, we want to hear from you.

The successful team

You are likely to be a later-stage company than we have previously targeted for the Lab – for example, you’ve probably completed your Series A funding round and have the beginnings of a track record. You have the team on hand to deal with the complexities of a global market, from legal expertise through to support. It goes without saying that your technical capability is modern, scalable, and continually being developed.

You want to join the Lloyd’s Lab to show off your solution, figure out how it will blend into our ecosystem, and work with Lloyd’s mentors from multiple managing agents to demonstrate how effective it can be through a proof of concept or pilot project. Our ecosystem of services will provide a platform for you, and many others, to easily access the Lloyd’s market and to grow your business.

We are keen to get started so have brought the Cohort 3 start date forward to 3 September.

 

Here are some examples of the type of services we are looking for:

Data sharing and new sources of insight

  • – A proprietary or aggregated data source(s) that could be of interest to help us understand risk for existing products or develop new ones.
  • – Data sharing platforms which would benefit a regulated market like ours.
  • – A way of capturing customer data at submission with the least amount of effort to enhance the customer experience.
  • – Economic or company data that would assist with rating and reduce the burden on customers to provide data to us.

Pricing, risk quantification and product development

  • – Pre-competitive pricing and risk models for existing or new risks.
  • – Models to help us understand specific scenarios; such as extreme cyber attacks, natural hazards, liability exposures or damage to intangible assets.
  • – A platform to enable catastrophe models to be offered to the market in an interoperable way.
  • – Technologies that can help predict/forecast and perhaps prevent risks. From the dark web, to natural perils we are interested in helping our customers understand their live exposures and to mitigate the risks.
  • – A solution to make contract wording quicker and easier e.g. a contract creation tool, or on-tap advisory service.
  • – A way to standardise contract creation.
  • – A smart contract or parametric product that you would like to trial with supportive managing agents

Next Generation Claims

  • – Ways to reduce the cost of processing claims.
  • – Practical solutions that can help in the short-term, or a strategic solution that can be implemented in the long-run.
  • – Ways to make the claims payment process simpler and more efficient e.g. an improved transparent automated way to respond to customers in times of need.
  • – Sensors or other Internet of Things devices that could trigger claims in an automated way.

Reducing the burden of compliance and regulation

  • – Compliance tools to add value as part of our services ecosystem.
  • – Automated regulatory reporting solutions that can make us more efficient, e.g. a service for Syndicate-in-a-Box so entrepreneurs can focus on new product design and execution.
  • – An out of the box governance solution.

What else did the Prospectus make you think of?

What else is out there… If you don’t fit in with any of the above areas but are working on a technology that we haven’t thought of yet that supports the Prospectus then please apply. We don’t know what we don’t know, so surprise us!

04 July 2019

Applications close

Applications will be reviewed from this date, and we’ll let you know if you have been shortlisted within three weeks.

31 July 2019

Pitch day

Pitch Day is your chance to present your idea to Lloyd’s senior leadership and market representatives for the chance to win a place in the Lab.

02 September 2019

Programme starts

The 10-week intensive collaboration between you and the Lloyd’s Lab starts here, supported by market experts and external mentors.

13 November 2019

Demo day

Where you’ll show us what you have achieved over the previous 10 weeks and present your proposal for future engagement with the Lloyd’s market.