Lloyd’s Lab, the 10-week InsurTech innovation accelerator, has opened its applications for its 13th cohort.
The programme offers a platform for testing new concepts, ideas, and products with support from experts in the world’s largest insurance and reinsurance market.
Lloyd’s Lab aims to challenge conventional approaches and enhance the market’s ability to serve its customers effectively.
The current call for applications focuses on three key themes: ‘New Products’, ‘Data, Models & Processes’, and ‘Building resilience and supporting the transition in a rapidly changing Middle East & Africa landscape’.
The accelerator provides participants with access to expert mentors, advisors, potential trading partners, and investors. Additionally, the programme offers workspace options at Lloyd’s in London or remote locations to accommodate diverse business needs.
Applicants should align their submissions with Lloyd’s market focus, catering primarily to large, specialist risks. The lab is particularly interested in innovative solutions that address underinsurance, enhance risk assessment, and support the transition to a more sustainable future.
Key innovation themes that the lab will look for include:
- New Products: Lloyd’s Lab seeks novel insurance offerings that address underinsurance and enhance existing coverages. Submissions may include technologies to quantify exposure to new risks, predict potential losses, or integrate insurance with existing services.
- Data, Models & Processes: The efficiency of Lloyd’s underwriting relies on advanced tools for risk assessment and claims handling. Innovations in this theme may involve new data sources for accurate underwriting, predictive analytics for claims forecasting, or automation of payment processes.
- Building resilience and supporting the transition in a rapidly changing Middle East & Africa (MEA) landscape: With a dedicated focus on MEA, Lloyd’s Lab aims to develop solutions that mitigate risks arising from climate change, energy transition, and natural disasters. Submissions may include (re)insurance products, sustainable energy solutions, or advanced data models for risk management.
Rosie Denée, Lloyd’s Lab facilitator, issued a statement on LinkedIn regarding the latest call for applicants. She stated, “We’re thrilled to announce that applications for Cohort 13 of the Lloyd’s Lab accelerator are now open! This is your chance to join a dynamic 10-week program where groundbreaking ideas and products can be tested and refined with guidance from leading experts in the insurance and reinsurance market.
The application timeline spans from July 14 to September 30, with Pitch Day scheduled for September 10 and Demo Day for December 11.
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