Market opens its doors to the global tech start-up and entrepreneur community for the first time in 330 years.

Lloyd’s of London has launched a new InsurTech innovation sandbox, Lloyd’s Lab.

The global insurance market stated it is now searching for tech talent to partner with and develop solutions for its rapidly changing needs, in a “fast-track, fast-fail” environment.

Lloyd’s noted this is the first time in 330 years that it’s opening its doors to the global tech start-up and entrepreneur community.

The Lloyd’s Lab global talent search, which is led by applied corporate innovation specialist L Marks, is looking for entrepreneurs, alongside early and growth stage companies operating in the InsurTech space worldwide.

Challenges
The aim is for this tech talent, over the course of ten weeks, to help deliver innovative solutions to some of the key challenges the Lloyd’s market faces.

According to Lloyd’s, selected start-ups will be given access to a co-working space in its 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.

The Lloyd’s Lab will initially focus on four key themes:

enhancing the customer experience;
building a relationship-driven culture for the digital age;
powering data-driven underwriting; and
creating smart insurance products.

Competitive
Lloyd’s CEO Inga Beale said: “The Lloyd’s Lab will contribute towards a more sustainable and competitive insurance market by providing a dynamic environment where start-ups can come in with different ways of thinking and fresh ideas.

“We want to challenge how we do things and we are looking for entrepreneurs that can help Lloyd’s redefine how we use technology to better serve our customers in this hyperconnected world.”

Lloyd’s head of innovation, Trevor Maynard, added: “We’re looking for solutions that can create true commercial value for the Lloyd’s market.

“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.”

Lloyd’s stated that applications close on 22 July 2018, with the first Lloyd’s Lab cohort starting on 8 October.

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