Lloyd’s of London launches lab for insurtech innovation
Lloyd’s of London has unveiled its new lab as it looks out for insurtech innovation in an “increasingly digital, data-driven world”.
Coming in the second half of 2018 the Lloyd’s Lab will focus predominantly on designing technology-driven solutions.
As you guessed, the lab will enable new concepts, ideas and products to be tested in a “fast-track, fast-fail environment with the support and active involvement of Lloyd’s market participants”.
It’s located in Lloyd’s building (i.e. Lime Street, in London’s main financial district).
Lloyd’s names some specific areas where it welcomes ideas. These include reduced expenses, improved premium retention, improved claims experience, brand awareness and reduced cost of change
The bank’s partners in the lab are investment firm L Marks and Boston Consulting Group.
It is open to applications from entrepreneurs, early and growth stage companies operating in the insurtech space worldwide.
There are no specifics at present, but participants will receive mentorship and guidance with the chance to trial and integrate their technologies, products or solutions.
You can apply here.