Lloyd’s of London has begun the global search for the second cohort to its InsurTech accelerator programme.
The Lloyd’s Lab is targeted at entrepreneurs and startups which are designing and developing products, platforms and processes that are technology-driven and aid challenges faced by the global insurance company.
With this new troop, Lloyd’s is looking for companies which impact four areas after it consulted members in the market. These topics are, powering data-driven underwriting with new insights, enhancing customer experience, enabling back-office efficiencies and creating next-gen insurance products or services.
An application deadline has been set at 3 February 2019, and the most ‘compelling’ will be invited to present on 20 March. Representatives from across the market will be asked to choose the 10 finalists to take part in the accelerator.
The lab will commence on 29 April and they will have 10 weeks to develop their ideas. During this period they will access Lloyd’s co-working building in London, potential investments, and the chance to build products for Lloyd’s in future. All companies will be provided with advice and insights.
Lloyd’s of London head of innovation Trevor Maynard said: “The Lloyd’s Lab’s first global talent search drew in almost 220 applications from 36 different countries. Start-ups, entrepreneurs and businesses presented ideas ranging from live-streaming drones for fast risk and disaster assessment, to harnessing the Internet of Things for live cargo tracking, to on-demand insurance for the gig economy.”
The first cohort is coming to the end of its programme, with it culminating on 12 December with an opportunity for the startups to present their products to potential investors. Decisions on investment or collaborations will be made by January.
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