Lloyd’s Lab is a 10-week, fast-track, fast-fail programme where new concepts, ideas and products can be tested with the support of experts from the world’s largest insurance and reinsurance market. The programme is designed to source fresh ideas to challenge how the Lloyd’s market does things and help it better serve its customers.
With a deadline for applications of 9 July, Lloyd’s Lab is accepting applications for Cohort 11 under three themes: New Products, Data, Models & Processes and Asia-Pacific Climate Risk, Cyber and Sustainability.
Apply for Cohort 11 here
To help accelerate these products, the programme offers:
- Access to expert mentors and proximity to key advisors, potential trading partners and investors. ‘APAC Climate Risk, Cyber and Sustainability’ theme participants will have access to Asia focused specialists.
- Participants can work out of Lloyd’s in London or wherever best fits their business. Office space will be available at key locations around Asia for the ‘APAC Climate Risk, Cyber and Sustainability’ theme participants.
Lloyd’s Lab themes
- New Products
Offering new insurance products that helps solve underinsurance or add significant improvements to existing coverages is vital for a sustainable future. We are looking for new insurance offerings that can help our customers become more resilient.
Submissions could include:
- Technologies which can help our insurers quantify the exposure to new types of risk, such as intangible assets or the transition to a low-carbon economy
- Technologies that can help predict when our clients might be about to experience a loss
- Bundled products – adding insurance to an existing service
- Parametric products, or products based on smart contracts
- Data, Models & Processes
For the Lloyd’s market, efficient underwriting depends on continually improving the tools and techniques used to select and assess risks, manage risk portfolios, and optimise the claims handling process. Data is the lifeblood of the underwriting process and, with an ever-increasing range of sources available, we want to make sure we’re looking beyond our core data sets to power smart decision-making in the market.
Submissions could include:
- New data sources that highlight high risk policies for more accurate underwriting
- Predicting future claims based on search engine trends
- Aggregating existing data sets in new ways to reveal hidden trends
- Payment solutions automating reconciliation and distribution of payments
- Documentation processing
- Asia-Pacific Climate Risk, Cyber and Sustainability
For the first time the Lab is setting a dedicated theme for the Asia-Pacific region which will be focused on specifically developing solutions to address the challenges faced by extreme climate change, cyber threat and promote sustainable growth in the insurance industry. Lloyd’s are keen to explore insurance solutions that assist with mitigation & resilience for customers that are prone to and impacted by extreme weather events and/or cybercrimes and require protection, as well as finding innovative solutions in the area of sustainability.
Submissions could include:
- Develop solutions that leverages existing products and technologies in an innovative way to assist with disaster response following an extreme weather event in the region. This could include solutions for the mature markets or locations that are particularly prone to extreme weather events but are challenged in terms of affordability and availability of cover.
- Innovative solutions to enhance cyber security and prevent fraud. This could include solutions with embedded tracking and early warning solutions for ransomware risk assessment and mitigation, test intrusion detection systems, etc.
- Develop sustainable insurance solutions that promote renewable energy, energy efficient and sustainable infrastructure. These solutions can help policyholder’s manage their climate risk exposure and support the decarbonization transition journey.
