Article: Lloyds Lab
So welcome to Lloyd’s Lab. Do you run, work for, or know of a business that has successfully identified new sources of reliable data or analytics that could be used to measure or reduce risk? If so, keep reading.
The Lloyd’s Lab is looking for companies that want to accelerate their businesses by joining one of the most dynamic insurance centres in the world for ten weeks starting on 26th September.
You could be based anywhere in the world, or in any industry – the main requirement is a great idea and a scalable solution that benefits the insurance sector.
Applications for the Lab’s ninth cohort end on 10th July. Here’s what you need to know.
An innovation hub at the heart of it all
The Lloyd’s Lab was launched by Lloyd’s in 2018. If you are not familiar with Lloyd’s, it’s the global marketplace that provides insurance cover for some of the most complicated and unusual types of risks in the world.
In 2021, the Lloyd’s market was represented by 76 insurance syndicates covering over 200 business lines and it wrote £39 billion premium.
The Lab, operating within the Lloyd’s Building in London, describes itself as “dedicated to accelerating and fostering new products and solutions fit for the needs of our customers around the world”.
I do believe it really is unique. It’s the only accelerator programme offering access to many different insurance companies and sector experts in one place. It offers dedicated mentors, many of whom are working in the Lloyd’s market.
In the last three years, many of the Lab’s alumni have supported the launch of new insurance products and better risk analysis by existing insurers.
Wanted: Solutions for a data-driven world
Lloyd’s is now looking for the next group of companies to welcome into the Lab for cohort 9.
Since the launch of the Lab, each cohort has had a slight change in focus to reflect lessons from prior cohorts and the evolving needs and experiences of Lloyd’s insurers.
For cohort 9 the scope of solutions being considered is wide, but the focus is on analytics to support developing and launching innovative insurance products.
The term “insurance products”, by the way, means the cover that will be providing payout for losses. Within Lloyd’s these can cover risks including property, liability, cyber, people, ships, terrorism and much more.
A track record of market success
Nearly 100 companies have gone through the Lab in cohorts 1 – 8. Covid meant companies had to work remotely but engagement from everyone remained high.
Participants in cohort 9 can still attend remotely, although we recommend spending time in London to get the best results. Close to a thousand companies have applied since the launch of the Lab.
At InsTech we are helping bring together insurers and companies from around the world with innovative and practical technology and data. We offer events, reports, advice and quite a bit more.
Since 2018 we’ve helped share the stories of over half of the companies that have been through the Lab on our podcasts or at our events. We also work closely with 40 insurers and brokers that are active in Lloyd’s.
This means that we see first-hand the benefits for the participants and the mentors. Our InsTech members include 16 companies that have been through the Lloyd’s Lab and all of them have secured commercial contracts with insurers in Lloyd’s or the broader London Market.
The buyers of technology, and supporters of insurance capacity for companies that have participated in the Lab, include Atrium, Aegis, Ascot, Beazley, Chaucer, Greenlight Re, Fidelis, Munich Re, Tokio Marine, Liberty and Swiss Re.
Not every participant in the Lab stays in insurance – and as with all ground-breaking innovation, not every idea succeeds. But many alumni have raised investment rounds, expanded to new markets or been acquired at reputedly healthy valuations since participating in the Lab. And every company that goes through the Lab benefits from the chance to build, test and refine their applications.
Free and unfettered
Unlike some accelerators there is no fee to attend and Lloyd’s takes no equity stake. Participants can use the Lloyd’s Lab facilities in the heart of the City of London, or attend remotely.
Insurance experience is not required – just those great ideas and scalable solutions that could benefit the sector.
The mentoring and coaching provided by people working at the insurers in the Lloyd’s market has been one of the high points for many past alumni.
It’s not uncommon for these relationships with mentors to develop into commercial relationships extending well beyond the relatively short duration of the Lab itself.
Tell me more
Of course, we are biased at InsTech. We’ve loved talking to those that participated on stage and sharing their enthusiasm with our global audience.
We are supported by companies that have participated in the Lab, and, full disclosure, the Lloyd’s Lab itself. But our enthusiasm is founded on facts and the testimonies of many of those involved in the Lab who have told us how valuable it has been.
If you’d like to learn more, the Lloyd’s Lab held a virtual event describing what it looks for from applicants, and the experience of people that have worked with the Lab. You can register here and download the recording.
If you are curious about what the application process looks like then go straight to registration.
You’ve read this far so why not take a look – or share this with someone you think could be interested?
That’s my five-minute pitch. Coming next, 10 success stories from the Lloyd’s Lab.