Lloyd's Lab

Applications for Cohort 13 are now open

Applications close 14 July 2024 11:59pm GMT

Lloyd's Lab Sønr

The Lloyd’s Lab is a 10 week fast-track, fast fail programme where new concepts, ideas and products can be tested with the support of experts from the world’s largest insurance and reinsurance market. We are looking for fresh ideas to challenge how we do things and help the Lloyd’s market better serve its customers.

We are accepting applications for Cohort 13 under 3 themes, these are ‘New Products’, ‘Data, Models & Processes’ and ‘Building resilience and supporting the transition in a rapidly changing Middle East & Africa (MEA) landscape’.

 To help accelerate these products, the Lloyd’s Lab programme offers:

  • Access to expert mentors and proximity to key advisors, potential trading partners & investors. ‘Building resilience and supporting the transition in a rapidly changing Middle East & Africa (MEA) landscape’ theme participants will have access to Middle Eastern and African focused specialists.
  • Participants can work out of Lloyd’s in London or wherever best fits their business.

Please note that the Lloyd’s market is for large, specialists risks. Therefore please do not apply for the Lloyd’s Lab programme if your product or service is not suitable for the Lloyd’s market, such as it being for the health insurance, pet insurance, travel insurance, life insurance, etc, space (unless it is a true innovation and first in this space).

1. New Products

Offering new insurance products that helps solve underinsurance or add significant improvements to existing coverages is vital for a sustainable future. We are looking for new insurance offerings that can help our customers become more resilient.

Submissions could include (but are not limited to):

  • Technologies which can help our insurers quantify the exposure to new types of risk, such as intangible assets or the transition to a low-carbon economy
  • Technologies that can help predict when our clients might be about to experience a loss
  • Bundled products – adding insurance to an existing service
  • Parametric products, or products based on smart contracts

2. Data, Models & Processes

For the Lloyd’s market, efficient 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.

Submissions could include (but are not limited to):

  • New data sources that highlight high risk policies for more accurate underwriting
  • Predicting future claims based on search engine trends
  • Aggregating existing data sets in new ways to reveal hidden trends
  • Payment solutions automating reconciliation and distribution of payments
  • Documentation processing

3. Building resilience and supporting the transition in a rapidly changing Middle East & Africa (MEA) landscape

The world and more acutely MEA, is facing challenges arising from extreme climate change, energy transition and natural catastrophes, therefore developing relevant and innovative forms of insurance has never been more critical.

The Lab has set a dedicated theme for the MEA. We are looking to explore solutions that help build resilience and protect people, businesses and communities particularly impacted by extreme weather events and/or cybercrime and/or other technological exposures, which also support our society’s transition to a more sustainable future.

Submissions should be focused on commercial lines of business and could include (but are not limited to):

  • (Re)Insurance products and services that leverage existing solutions and technologies in an innovative way, to assist with disaster response following an extreme weather or catastrophic event in the region. This could include parametric solutions for geographies that are particularly prone to extreme weather events, but are challenged in terms of affordability and availability of cover.
  • Develop innovative sustainable insurance solutions to support (re)insurers and their clients through their energy transition journey, promoting renewable energy and energy-efficient and sustainable infrastructure. These solutions or tools can help policyholders measure and demonstrate their transition, manage their climate risk exposure and support the decarbonization transition journey.
  • Data, Models & processes supporting resilience, advanced catastrophe modelling and mitigation, solutions to support the energy transition journey.

Each company is scored against 3 criteria; Team, Product, & Programme. Please see our scoring guidance here.

Further details about the Lloyd’s Lab can be found here.

The Lloyd’s Lab will host 2 Virtual Open House events to cover all time zones. They will be hosted on 12 June 2024 at 10:00 – 11:00 BST and 27 June 2024 at 16:00 – 17:00 BST. The Open House is an opportunity for applicants to meet the Lloyd’s Lab team as well as members of the Lloyd’s market, to see how the Lloyd’s Lab programme can benefit your company. Please sign up here.

Key Dates

Applications close: 14 July 2024
Applicants will be told if they have got through to Pitch Day: by 7 August 2024
Pitch Day: 10 September 2024
Programme starts: 30 September 2024
Demo Day: 11 December 2024

Applications close 14 July 2024 11:59pm GMT