Lloyd’s launches eighth cohort of insurtech start-ups

Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has announced eleven InsurTech start-ups that will join the eighth cohort of the Lloyd’s Lab in its ten-week programme, which brings together insurtechs, insurers, and brokers to test out new, innovative solutions. The teams will be working to create insurance products to address the issues and challenges facing the Lloyd’s market.

The global programme received over 150 applications, from which 11 successful teams were selected to form the next cohort of the Lloyd’s Lab, beginning on 25 April 2022. Each of the selected teams impressed an expert panel of Lloyd’s and market stakeholders when presenting their innovative insurance product ideas in a competitive pitch process.

For the eighth cohort, the insurtechs have been selected based on solutions geared towards four key themes: decarbonisation and climate change; supply chains; data and models; and claims. For the third time, the Lloyd’s Lab also accepted wildcard entrants who presented solutions outside of the core themes, such as space safety and contract review.

Ed Gaze, senior manager, Lloyd’s Lab, said: “It’s really exciting to be welcoming the eleven successful teams to the Lloyd’s Lab for our eighth cohort. We’ve invited InsurTechs to address some of the most pressing issues the Lloyd’s market faces, from supporting the transition to a low carbon economy to getting better at dealing with business interruption claims. We’re delighted to be working with some of the most innovative InsurTechs in the world and look forward to seeing how they help our market, customers and society progress.”