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Our second cohort

Our second cohort is now live and running until Demo Day, on 3 July.

Here is a brief intro to each team, followed by an overview of the themes.

Meet our teams

This cohort we have 12 teams with us in the Lab. Two of them are working with the Lloyd’s Corporation, the rest are focussing on market challenges as per the themes listed below.

ClauseMatch

Real-time collaboration software that helps firms effectively manage and comply with internal governance documentation (standards, procedures, controls).

Locations: UK & Singapore

CoVi Analytics

Help CEOs of regulated businesses who want to monitor, measure and achieve operational efficiencies through a technology solution that simplifies and automates internal processes. 

Location: UK

Describe Data

A solution using new data sources and AI that gives underwriters a superior understanding of risk.

 

Location: Ireland

Field Pros Direct

An on-demand adjuster platform that utilizes AI, machine learning, predictive analytics, and a network of over 4,000 licensed adjusters to reduce a claim’s time in process, increase quality and improve the customer experience. 

Location: US

ImageFast

A solution for improving contract quality and for the sharing of such quality checks with the brokers and follow market.

Location: UK

miBroker

Creators of miCtrl, a digital insurance brokerage providing on demand insurance for gig economy workers.

Location: Canada

OPTIMIZ Claims

A platform connecting cargo underwriters to cargo carriers with the aim of fostering AI enabled claims resolution, while providing deeper insights into risk exposures.

Location: UK

RequirementONE

Reduces regulatory compliance costs by 50% using a unique automated compliance lifecycle management platform which provides actionable insights from 1,000s of sources of regulatory intelligence.

Location: UK

Retechnica

Makers of Ingenia, an advanced natural language processing solution, designed to create end-to-end solutions with focus on process automation, and content intelligence.

Location: UK

RYSKEX

A hedging platform for emerging risks embedded in a B2B ecosystem and driven by AI bringing together risk management, captive units and institutional investors.

Location: Germany

Sustema

A tool to analyse publicly available data of over 17,000 listed companies and apply behavioural analytics to improve underwriting performance.

Location: Switzerland

Tremor Technologies

A marketplace for the reinsurance industry that uses auction and optimisation technology to ensure that trade happens at fair market prices extremely efficiently.

Location: US

Themes

Powering data-driven underwriting with new insights

For the Lloyd’s market, profitable underwriting depends on continually improving the tools and techniques used to select and assess risks, manage risk portfolios and optimise the claims handling process. Data is the lifeblood of the underwriting process and, with an ever-increasing range of sources available, we want to make sure we’re looking beyond our core data sets to power smart decision-making in the market.

We’d like to hear from start-ups who can find and help us tap into alternative data sets to paint a more accurate picture of risk and help the market underwrite more profitably. Ideas could range from finding new data sources that highlight high risk policies for more accurate underwriting, to predicting future claims based on search engine trends, or aggregating existing data sets in new ways to reveal hidden trends.

We are also interested in how new algorithms, models, and statistical techniques can help us to create a more bespoke experience, gain a deeper understanding of risk, and address the protection gap. Rather than just seeking new insights from new data, we are also seeking new insights from existing data.

Enhancing customer experience

Lloyd’s is famed for its promise to pay all valid claims and we want to build on this reputation by supporting our customers with new solutions that have their best interests at heart. For example, providing post-disaster advice or helping them understand and mitigate their risks before undertaking an activity.

In a truly digital world, customers expect centralised, easy access to their policies and access to faster payments.  We are also looking for solutions that help us offer this. Examples could include platforms to manage the administration of on-demand insurance or faster ways of modifying coverage mid-policy.

Finally, we would like to support the critical risk management function within organisations from SMEs to large corporations. We want to see dashboards that interface with our customers systems and help them manage risk as cost effectively as possible, including risk transfer where appropriate. In this respect, we would be happy to hear from technology solution providers working in other industries to partner with them in the Lab.

Enabling back-office efficiencies

Lloyd’s, and the insurance industry as a whole, is working to reduce the cost of doing business. To help with this we want to hear ideas which promote operational efficiencies across a broad range of areas and solve problems faced by multiple managing agents.

For example, data errors cause problems throughout the insurance lifecycle and can be expensive to resolve – how could we use automation or artificial intelligence help to either prevent or quickly rectify them? Or how might we reduce the burden of regulatory reporting, reserving, and payment processing?

Creating next-gen insurance products or services

With fixed coverage periods and defined schedules of cover, traditional insurance products are static in nature. However, the risk needs of policyholders can be dynamic and, in an on-demand era, expectations are shifting.

We are seeking ideas that help Lloyd’s lead the way with next-generation insurance products that meet the constantly evolving risk transfer needs of policyholders. These could include automating claims payments based on verified event triggers or developing tools to help insurers quantify exposure for new types of risk products including space weather, the impacts of urbanisation or reputational damage. We are also interested in products relevant to intangible assets such as IP and reputation, or the transition risks of de-carbonisation.

Established products are well within scope too. We’d like to see solutions that enhance our understanding of how megatrends might impact and evolve traditional policies – from the effect of population growth on food security and agriculture to the implications of geopolitics on terrorism.

03 February 2019

Applications Close

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

20 March 2019

Pitch Day

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

29 April 2019

Programme starts

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

03 July 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.