Global insurance market Lloyd’s of London has announced the launch of Lloyd’s Lab, a ‘global insurtech sandbox’ that will seek out innovative new talent in the realm of insurtech. Chosen entities will partner with Lloyd’s to develop technological solutions for the market’s rapidly evolving needs.
Lloyd’s will be granting the global startup community unprecedented access, as part of its plans to fully embrace digital innovation and keep its fingers on the pulse of technological change. The talent search will be spearheaded by applied corporate innovation specialist L Marks; entrepreneurs and early and growth-stage insurtechs are the order of the day. The lab will focus on four core themes: enhancing customer experience; building ‘a relationship-driven culture’ for the digital age; powering data-driven underwriting; and creating smart insurance products.
“We’re looking for solutions that can create true commercial value for the Lloyd’s market,” said Trevor Maynard, Head of Innovation at Lloyd’s. “Whether by reducing costs, helping make better underwriting decisions, making operations more efficient or improving the policyholder experience, we want to see ideas that make a real impact on market performance.”