With global insurtech investment booming, we take a look at the recently opened Lloyd's Lab
Lloyd's Lab -- the global insurance market's new innovation accelerator -- has opened its doors, following a global search for technology talent that drew more than 200 applications from 36 countries.
Startups, entrepreneurs and businesses from the US, Canada, Israel, the Netherlands, Ireland and the UK, presented ideas ranging from live-streaming drones for fast risk and disaster assessment, to harnessing the internet of things for live cargo tracking, to on-demand insurance for the gig economy.
The teams joining the lab will gain unparalleled access to the world's largest market for specialist insurance and reinsurance, in support of its digital evolution. This tech talent aims to help deliver innovative solutions to some of the key challenges the Lloyd's market faces and make a real impact on the market's performance in a fast-track, fast-fail environment.
The selected lab teams have access to a dynamic co-working space located in the Lloyd's building in London, potential funding and the chance to develop products, platforms and processes that will help transform Lloyd's into an increasingly technology-driven market. They will be supported by the Lloyd's market, which will offer its insight and expertise to help develop the ideas for their unique needs.
MAINTAINING MOMENTUM
Speaking about the significance of the Lloyd's Lab as a hub for global insurtech excellence, John Glen, economic secretary to the treasury, said: "Insurtech is booming. There was $724m of insurtech investment globally in the first quarter of 2018 and the UK attracted 12% of that funding, placing it second only behind the US.
"We're doing everything we can to maintain this momentum and cultivate innovation in the sector but, ultimately, it is down to firms like Lloyd's to take the lead, and that's exactly what they're doing with their lab."
Inga Beale, Lloyd's CEO and CII past president, added: "Lloyd's has always been at the forefront of innovation -- the launch of our new innovation accelerator is an important step forward into our technology-driven future and we're excited to see how the ideas develop.
"The lab is an important part of our future-focused strategy, which will further strengthen our position as the global centre for insurance innovation."
Applications for the second Lloyd's Lab cohort will open later this year, for an early 2019 start.
Startups, entrepreneurs and businesses interested in applying for the Lloyd's Lab should visit: www.lloydslab.com
CURRENT COHORT
Ten teams from across the globe joining the Lloyd's Lab:
Layr, an AI-powered insurance platform providing faster access for small businesses buying liability insurance.
CargoSnap, a mobile transportation inspection app connected to a powerful online platform to collect, analyse and share information in the supply chain, speeding up claims.
DropIn, an on-demand live video-streaming platform to streamline insurance inspections and catastrophe response assessment using mobile phones and drones.
Insurercore, a digital-based risk appetite directory for those seeking to place and write risks quickly and conveniently. BelMead Tech, a claims support platform using blockchain and other technologies, to improve the insured's claim journey while also improving efficiencies for the claim-handling team.
Parsyl, a supply chain data platform that combines low-cost sensing hardware and large-scale data mining to allow insurers to better anticipate risk and improve the claims process.
Geollect, creator of proprietary intelligence software for businesses to improve efficiencies, safety and security.
ZASTI, an AI technology platform built using proprietary deep learning algorithms to provide predictive and diagnostic solutions to solve multiple business problems.
Qnity, a digital insurance that allows individuals to design their own insurance solutions. iCede, a cloud-based platform that enables large insurance companies to interact across borders in order to arrange insurance cover for multinational corporations.