10 Lloyd’s Lab Impact Report 11 L A unique environment l The Lloyd’s Lab was launched in 2018 to modernise Because the Lloyd’s Lab is a shared asset for the whole market, the individual investments of time and o the commitment required are both reduced, which gives existing market leaders a better way to the insurance industry and harness the opportunities access various avenues of innovation, and a low-cost window to test ideas before committing to them, encouraging participation across the market. y presented by insurtechs. For five years and 10 Lloyd’s uses its unique leadership position to attract We are lucky to work with so many key d cohorts, the Lloyd’s Lab Accelerator has seen over start-ups into the Lloyd’s Lab and Lloyd’s market individuals who can give us unprecedented 100 insurtechs, start-ups and innovation-focused 昀椀rms input expertise to re昀椀ne start-up products and access and insights to the London market ideas into market-ready customer solutions. In ’ - this would not have been possible without s L companies go through the Lloyd’s Lab and bring their practical terms, the format of the Lloyd’s Lab allows Lloyd’s market 昀椀rms to collaborate, sharing the Lloyd’s Lab. innovative solutions to the market. knowledge in a safe environment. Alexis Renaudin, Head of Data Science, Artificial Labs a The Lloyd’s Lab embodies an important part of the A global success purpose of Lloyd’s in its creation of a structure and The Accelerator is the most established Lloyd’s Lab programme, attracting insurtechs from across the b – a globe. Every six months the Lloyd’s Lab receives over 200 applications to 昀椀ll 10 places in the physical space in which innovation risk is shared and programme. The successful applicants work with insurers and brokers in the market to develop new products or services that enhance the way the Lloyd’s market does business. Unlike other reduced, in turn allowing start-ups to bring new ideas, Accelerators, which have just a single pool of expertise and set of risk appetites, the Lloyd’s Lab and helping market firms to partner with them to build Accelerator is supported by a market of 93 syndicates and over 300 brokers with deep expertise in di昀昀erent areas with varying risk appetites. out customer solutions. The Accelerator now has over 100 alumni, of which 95% are still growing or have had a successful sale, and 71% are still working with the Lloyd's market. The Lloyd’s Lab is the best places for t a g companies to take their insurance solution or use their existing data and technology to develop insurance relevant products and insurance use cases. A key element of the programme’s success is the wide network of mentors, made up of market practitioners that collectively provide a huge pool of insurance knowledge and expertise. The mentors engaging with the programme help the Accelerator cohort to deliver on the ‘Lab Goals’ they proposed when applying – which are one of the three selection criteria for the Accelerator (along with ‘Product’ and ‘People’). Once accepted, the insurtechs get an opportunity to work closely with the insurance l market, understand their product-market 昀椀t, and gauge the market appetite for their o昀昀ering. a n A long-term project After graduation, all the Accelerator participants As insurers, things have been done the same c become a part of the Lloyd’s Lab alumni network. way for a while. It’s dicult to find pockets The Lloyd’s Lab provides them with extensive marketing and networking opportunities that help the of innovation, and especially hard to find e companies to build a global presence and develop the inspiration to think bigger. Mentoring at relationships with international markets. Lloyd's Lab shows you what’s possible when The Lloyd’s Lab recently added geographical themes novel technology meets lingering problems, to the Accelerator to help address insurance product gaps globally and better connect the insurtechs with and encourages you to apply these fresh local expertise. This enables a deeper understanding perspectives. of local challenges which in turn generates the most suitable solutions. At the core of these themes are Akash Bharadia, Customer Experience the Lloyd’s regional teams with established networks & Digital Transformation Lead - Global Cyber of clients, insurers and brokers who provide help in & Technology, Axis canvassing the companies developing solutions tailor-made to close regional protection gaps. © Lloyd’s